DTN Early Word Opening Livestock 05/16 05:58
16 May 2017
DTN Early Word Opening Livestock 05/16 05:58 Cattle and Hog Paper Likely to Open With Mixed Prices Look for the cattle complex to open mixed Tuesday thanks to an early combination of residual selling and short-covering. Lean hog issues should also begin with uneven prices tied in part to light bull spreading. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $162.59 + .60 Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 89.28 + .68 * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: We don't expect much cash action in cattle country Tuesday with bids and asking prices remaining poorly defined. Both sides will be carefully watching the board for signs of stability or further weakness. Our guess is that significant trade volume will be delayed until at least Wednesday or Thursday. Live and feeder contracts should open on a mixed basis with both follow-through selling and short-covering.