DTN Early Word Opening Livestock 09/26 05:53
26 Sep 2017
DTN Early Word Opening Livestock 09/26 05:53 Livestock Futures Staged for Mixed Opening Look for the cattle complex to open mixed thanks to a combination of follow-through selling and short-covering. Lean hog contracts should also begin with uneven price action as traders position ahead of the quarterly inventory. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $131.88 +1.44* Hogs: $1 LR Futures: Mixed Lean Equiv $ 78.77 + .80** * 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 will stay poorly defined Tuesday with both buyers and sellers probably sitting on their hands until the second half of the week. All eyes will be on the board, eager to discover whether Monday's crash was just a one-day reaction to the Cattle on Feed report or something much more serious. Live and feeder futures are likely to open on a mixed basis Tuesday, shattered by a combination of follow-through selling and short covering.