DTN Early Word Opening Livestock 05/03 05:52
3 May 2018
DTN Early Word Opening Livestock 05/03 05:52 Livestock Futures Seem Set for Mixed Opening The cattle complex seems staged to open on a mixed basis thanks to residual selling on one hand and short-covering on the other. Lean hog issues should also begin with uneven price action with nearbys probably gaining on deferreds. By John Harrington DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $148.02 + .57* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv: $ 75.22 +1.09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light trading surfaced in parts of the North Wednesday with scattered deals covering a wide price range (i.e., $189 to 195 dressed). We could see more of a two-tier market through the end of delivery. The former type may be tightly held until sometime Friday. Live and feeder futures are expected to open on a mixed basis thanks to residual selling on one hand and short-covering on the other.