DTN Early Word Opening Livestock 08/07 05:11
7 Aug 2018
DTN Early Word Opening Livestock 08/07 05:11 Meat Futures Set to Open With Mixed Prices Live and feeder futures should open Tuesday with uneven price action, chopped by both long liquidation and short-covering. Lean hog contracts are also expected to open on a mixed basis tied to follow-through selling on one hand and short-covering on the other. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv: $137.00 + .67* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 77.86 +1.13** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Tuesday's slow session in cattle country will be typically sleepy with both bids and asking prices poorly defined. Our guess is that cash potential will not take on much definition until Thursday or later. Live and feeder futures should open on a mixed basis thanks to long liquidation on one hand and short-covering on the other.