DTN Early Word Opening Livestock 08/13 06:03
13 Aug 2018
DTN Early Word Opening Livestock 08/13 06:03 Lean Futures Seem Staged to Open Moderately Lower Hog futures should open some lower, checked by eroding fundamentals and follow-through selling. On the other hand, the cattle complex should open on a mixed basis thanks to further long liquidation and cash premiums. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv: $137.17 + .11* Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv: $ 76.18 - .32** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade should be typically quiet Monday with packers focusing on the collection of new showlists. We expect the midmonth offering to be about steady with last week. Bids and asking prices are not likely to be well defined until Wednesday or later. Live and feeder cattle futures are likely to open on a mixed basis, tied to long liquidation interest on one hand and the reality of feedlot cash premiums on the other.