DTN Early Word Opening Livestock 08/31 05:57
31 Aug 2018
DTN Early Word Opening Livestock 08/31 05:57 Cattle Paper to Open Mixed as Traders Jockey Around Cash Potential Live and feeder futures should open on a mixed basis as traders await the surfacing of cash news. On the other hand, lean hog issues seem likely to start out moderately higher thanks to late-week short-covering and stronger carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $140.51 - .67* Hogs: Steady Futures: 50-100 HR Lean Equiv: $ 71.76 +2.07** * 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 surface sometime Friday with both sides running out of time before breaking for the long Labor Day weekend. Expect opening bids to be around $107 live and $170 dressed. Asking prices should be restated around $111 to $112 live and $175 plus dressed. Live and feeder futures should open on a mixed basis thanks to residual buying on one hand and long liquidation on the other.