DTN Early Word Opening Livestock 07/31 06:14
31 Jul 2017
DTN Early Word Opening Livestock 07/31 06:14 Livestock Futures Set to Open Week with Defensive Undertone The cattle complex seems likely to open lower, pressured by follow-through selling and nervousness regarding August fundamentals. Lean hog contracts should also open on the defensive, checked by faltering carcass value and lower cash expectations. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $138.94 + 0.08* Hogs: $1 LR Futures: 50-100 LR Lean Equiv $104.29 - $1.22** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Early week activity will be typically limited to the distribution of new showlists. We expect the early month offering to be somewhat larger than last week. While feedlot managers are likely to be cautious until Wednesday or later, look for asking prices to start out around $120 in the South and $190 in the North. Live and feeder futures to open moderately lower, pressured by residual selling interest and uncertain cash prospects.