DTN Early Word Opening Livestock 08/22 05:55
22 Aug 2018
DTN Early Word Opening Livestock 08/22 05:55 Lean Futures Set to Open at Least Moderately Lower Hog contracts should open lower, pressured by plentiful offerings and uncertain pork demand. The cattle complex is likely to begin with mixed prices at midweek thanks to both short-covering and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $141.43 + .30* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 71.23 - .99** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for the potential of the cash cattle market to start taking on some definition in terms of preliminary bids and asking prices. The situation at midweek seems so balanced between bulls and bears that significant bids may not surface until Thursday or Friday. Live and feeder futures should open on a mixed basis with both sides reluctant to press their cases until someone gets a better handle on cash potential.