DTN Early Word Opening Livestock 07/25 05:56
25 Jul 2018
DTN Early Word Opening Livestock 07/25 05:56 Look for Cattle Futures to Open Mixed at Midweek The cattle complex should open mixed thanks to a combination of follow-through selling and pre-cash short-covering. Lean hogs are likely to begin moderately lower, checked by defensive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv: $136.41 - .09* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 83.47 -1.65** * 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 sellers are expected to renew the cash parameters suggested on Tuesday. More specifically, look for opening bids around $110 live/$177 dressed in the face of asking prices of $115 plus/$183 plus dressed. Our guess is that significant trade volume will not develop until Thursday or Friday. Live and feeder futures should open on a mixed basis thanks to follow-through selling on one hand and cash premiums on the other.