DTN Early Word Opening Livestock 07/27 05:52
27 Jul 2018
DTN Early Word Opening Livestock 07/27 05:52 Hog Paper Staged For Lower Opening as Fundamentals Continue to Sour Lean hog futures should open moderately lower, pressured by eroding cash sales and imploding carcass value. Live and feeder contracts are likely to begin with mixed price action as traders cautiously monitor late-week cash potential. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv: $136.45 + .17* Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv: $ 80.70 -3.02** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buyers and sellers have reached yet another Friday with the seal on order books essentially unbroken. That will have to change sometime over the next few hours. Look for opening bids close to $110 live in the face of firm asking prices around $115 to $116. Live and feeder futures should open on a mixed basis thanks to follow-through selling on one hand and short-covering on the other.