DTN Early Word Opening Livestock 07/27 05:59
27 Jul 2017
DTN Early Word Opening Livestock 07/27 05:59 Lean Hog Futures Staged For Softer Opening Look for hog futures to open under pressure thanks to long liquidation and lower carcass value. On the other hand, the cattle complex should open on a mixed basis thanks to residual buying and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: Mixed Live Equiv $139.80 - .44* Hogs: .50-$1 LR Futures: 50-100 LR Lean Equiv $106.15 -1.82** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although trade volume was limited on Wednesday, lower steer and heifer prices probably set the market for the balance of the week (i.e., $118 dressed/$117 live). Unsold cattle are priced around $120 in the South and $190 in the North. Look for trade volume to increase Thursday and/or Friday. Live and feeder futures seem set to open on a mixed basis thanks to a combination of follow-through buying and long liquidation.