DTN Early Word Opening Livestock 07/24 06:03
24 Jul 2017
DTN Early Word Opening Livestock 07/24 06:03 Cattle Futures to Face Pressure on Opening Thanks to Bearish on Feed News Live and feeder futures are set to open significantly lower, pressured by larger than expected June placement and larger July 1 feeder cattle supplies. Lean hog contracts seem staged to begin at least moderately lower, checked by slowly shifting fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 100-200 LR Live Equiv $138.89 - .41* Hogs: $1 LR Futures: 50-100 LR Lean Equiv $108.35 -1.16** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle-feeding country will be typically quiet Monday as buyers and sellers focus exclusively on the distribution of new showlists. We expect the last month's offering to be somewhat larger than last week. Live and feeder futures should open significantly lower, primarily pressured by the larger than expected June placement confirmed by Friday's on feed report.