DTN Early Word Opening Livestock 07/11 05:54
11 Jul 2017
DTN Early Word Opening Livestock 07/11 05:54 Meat Futures Staged For Mixed Opening Live and feeder futures should open with uneven prices Tuesday thanks to follow-through selling and short-covering. Similarly, lean hog contracts are likely to open on a mixed basis tied to further bear spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $145.08 - .46* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $110.44 - .03** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: It would be surprising to see the cash cattle trade show life as early as Tuesday. Rather, bids and asking prices are likely to stay hidden until Wednesday or later with both sides closely monitoring futures and wholesale business for clues regarding cash potential. Our guess is that initial asking prices may start out around $120 to $122 in the South and $190 to $192 plus the North. Live and feeder futures seem set to open on a mixed basis thanks to extended long liquidation and short-covering.