DTN Early Word Opening Livestock 09/02 06:13
2 Sep 2015
DTN Early Word Opening Livestock 09/02 06:13 Cattle Paper Geared to Open Moderately Lower Live and feeder contracts should open moderately lower, pressured by follow-through selling and struggling cut-outs. Look for the lean hog market to start out out on a mixed basis thanks to various spreading strategies and midweek profit taking. By John Harrington DTN Analyst Cattle: Steady to $2 LR Futures: 10-30 LR Live Equiv $161.74 - 0.80* Hogs: Steady to $1 LR Futures: mixed Lean Equiv $ 90.99 + 0.33** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Needless to say, psychology in the cattle market is off to a rough start this week thanks to struggling live and feeder futures. Opening bids are likely to remain lackluster, probably around $143-144 in the South and $222-224 in the North. Showlists should be priced around $148 in the South and $230-plus in the North. Look for live and feeder to open moderately lower, checked by residual selling and nervous cash prospects.