DTN Early Word Opening Livestock 09/08 06:17
8 Sep 2017
DTN Early Word Opening Livestock 09/08 06:17 Cattle Futures Geared for Mixed Opening Ahead of Cash Biz Live and feeder contracts are likely to open on a mixed basis thanks to follow-through buying and long liquidation. On the other hand, hog futures should open moderately lower, pressured by spillover selling and defensive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: mixed Live Equiv $131.15 - 0.40* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 88.27 - 0.86** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle traders are about to run out of time for meaningless posturing. Look for light to moderate trade volume to surface today sometime between late morning and mid afternoon. Opening bids should be renewed around $102-103 in the South and $163 in the North. Asking prices are around $107-108 in the South and $168-170 in the North. Live and feeder futures seem set to open on a mixed basis thanks to residual buying interest and long liquidation.