DTN Early Word Opening Livestock 08/01 06:58
1 Aug 2017
DTN Early Word Opening Livestock 08/01 06:58 Meat Futures Staged to Open With Further Price Erosion Expect the cattle complex to open lower with live issues probably pressured more than their feeder counterparts. Lean hog futures seem set to begin with further losses tied to ideas of accelerating chain speed ahead. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $139.02 + .08* Hogs: $1 LR Futures: 50-100 LR Lean Equiv $105.20 + .91 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Tuesdays are usually quiet affairs in the cash cattle market, and Tuesday should be no exception. At this point, we assume feedlots will price ready cattle around $120 for live and $190 dressed. That said, specific market definition will probably be delayed until at least Wednesday or Thursday. Look for live and feeder issues to open moderately lower, stalled by follow-through selling and technical concerns.