DTN Early Word Opening Livestock 01/08 05:54
8 Jan 2018
DTN Early Word Opening Livestock 01/08 05:54 Cattle Paper Likely to Open Week With Mixed Price Action The cattle complex seems set to open Monday with mixed price ideas, torn between residual selling and large cash premiums. Lean hog issues should also begin with uneven price action thanks to both technical buying interest on one hand and a discount of the cash index on the other. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $140.87 + .69* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 83.92 - .06** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: As cattle market watchers step into a new week, cash and futures seem to be pulling in opposite directions. Which side has more horsepower will be the big question to resolve. Yet it could remain in play until Thursday or Friday. At any rate, Monday's activity will be limited to the distribution of new showlists. Our guess is that the new offering will be steady to somewhat larger than last week. Look for live and feeder futures to open on a mixed basis thanks to follow-through selling on one hand and cash premiums on the other.