DTN Early Word Opening Livestock 08/29 05:56
29 Aug 2018
DTN Early Word Opening Livestock 08/29 05:56 Midweek Meat Futures Geared for Mixed Opening The cattle complex is likely to open Wednesday with uneven price action as traders await cash news to develop. Lean hog issues are also expected to begin with mixed prices thanks to bear-spreading and profit-taking strategies. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $141.34 - .53* Hogs: Steady Futures: Mixed Lean Equiv: $ 69.91 - .09** * 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 feedlot managers should start to give the cash market better definition. Opening bids should start out around $105 to $107 on a live basis with asking prices around $111. Live and feeder futures seem set to open on a mixed basis as traders cautiously anticipate the development of cash business.