DTN Early Word Opening Livestock 03/02 05:58
2 Mar 2016
DTN Early Word Opening Livestock 03/02 05:58 Look for Meat Futures to Open on a Mixed Basis at Midweek Live and feeder contracts should open cautiously mixed as traders position themselves ahead of cash news on Thursday and or Friday. Lean hog futures are also likely to move in a narrow price range on both sides of unchanged. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $146.77 + $0.47* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 79.17 - $0.14** * 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 buying interest should start to take on greater definition Wednesday but probably will not be great or pronounced enough to generate meaningful trade volume. Preliminary bids should be around $136 in the South and $210 to $212 in the North, well below asking prices of $140 to $142 in the South and $220 plus in the North. Significant trade volume will probably be delayed until Thursday or Friday. Live and feeder futures are geared to open with mixed prices tied to light bull spreading and pre-cash profit-taking.