DTN Early Word Opening Livestock 07/25 06:04
25 Jul 2017
DTN Early Word Opening Livestock 07/25 06:04 Cattle Paper Likely to Open Mixed Live and feeder futures should open on a mixed basis tied to residual selling on one hand and short-covering on the other. Lean hog issues are also likely to begin with uneven price action in slow volume. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $139.90 +1.01* Hogs: .50-$1 LR Futures: Mixed Lean Equiv $107.78 - .57** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market should remain trapped in slow motion with bids and asking prices poorly defined. Significant trade volume will not surface until Wednesday or Thursday at the earliest. Our guess is that initial asking prices will be around $122 in the South and $192 plus in the North. Live and feeder contracts should open on a mixed basis thanks to follow-through selling and short-covering.