DTN Early Word Opening Livestock 06/25 05:56
25 Jun 2018
DTN Early Word Opening Livestock 06/25 05:56 Cattle Futures Staged for Pressured Opening Thanks to Lower Cash and Large May Placement Look for live and feeder cattle futures to open significantly lower, checked by faltering feedlot sales, follow-through selling, and May's larger-than-expected placement activity. Hog contracts should open moderately lower on ideas the cash trade may be close to a seasonal top. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 100-200 LR Live Equiv: $142.67 -0.02* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 90.96 +0.65** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While feedlot managers successfully passed lower packer bids for one full week, they just couldn't keep shaking their heads through two. Country sellers finally had to come up for breath on Friday, selling moderate numbers $2 to $3 lower in the South (i.e., mostly $109) and $5 lower in the North (i.e., mostly $172).