DTN Early Word Opening Livestock 12/04 05:49
4 Dec 2018
DTN Early Word Opening Livestock 12/04 05:49 Meat Futures Staged to Open With Mixed Price Action The cattle complex seems likely to open mixed tied to follow-through selling on one hand and short-covering on the other. Lean hog issues are also expected to begin with uneven price action as traders cautiously access late-year cash potential. By John Harrington DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $139.80 + .37* Hogs: Steady Futures: Mixed Lean Equiv: $ 75.47 +1.53 ** * 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 will be typically quiet through Tuesday with bids and asking prices poorly defined. Carcass weights should be ready to trend seasonal lower, and the early arrival of winter in recent days may represent the starting flag in that regard. Live and feeder contracts should open on a mixed basis tied to a combination of residual selling interest and short-covering.