DTN Early Word Opening Livestock 03/23 05:59
23 Mar 2018
DTN Early Word Opening Livestock 03/23 05:59 China's Retaliatory Tariffs on Pork to Further Pressure Lean Hog Futures Expect lean hog futures to open significantly lower Friday, pressured by retaliatory tariffs assessed on U.S. pork by China. Cattle contracts should open moderately higher, supported by more short-covering and corrective buying tied to oversold charts. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 50-100 HR Live Equiv $150.17 + .72* Hogs: Steady-$1 LR Futures: 100-200 LR Lean Equiv $ 75.81 - .71** * 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 trade is essentially done for the week, so feedlot country will be very quiet right before the weekend break. We might see a few clean-up deals here and there, but that's about it. Look for live and feeder futures to open moderately higher Friday, supported by short-covering/profit-taking and technical buying (i.e., tied to the correction of oversold charts).