DTN Early Word Opening Livestock 05/10 06:24
10 May 2018
DTN Early Word Opening Livestock 05/10 06:24 Meat Futures Staged to Open On a Mixed Basis The cattle complex should open with mixed action, a combination of follow-through selling and pre-cash short covering. Lean hog futures are also set for uneven prices in the early rounds ties to light bull spreading and profit taking. By John Harrington DTN Analyst Cattle: Steady Futures: mixed Live Equiv: $149.85 - 0.20* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 77.04 + 0.74** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Trade volume could develop in cattle country today, but there are some signs that we are headed toward another Friday showdown. Look for packer bids to be renewed this morning at $190-192 in the North and $120 in the South. Siimilarly, asking prices should be restated around $195-plus in the North and $128-plus in the South. Live and feeder futures should open on a mixed basis thanks to a combination of residual selling and short covering.