DTN Early Word Opening Livestock 03/08 06:05
8 Mar 2016
DTN Early Word Opening Livestock 03/08 06:05 Meat Futures Geared for Mixed Opening Look for the cattle complex to open with mixed prices thanks to residual selling on one hand and short-covering on the other. Lean issues are also likely to begin with uneven price action with traders waiting for more consistent fundamentals to surface. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $148.21 +$0.61* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 80.23 -$0.62** * 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 no doubt remain untested Tuesday with both bids and asking prices poorly defined. Though packers appear to be quite short bought, significant trade volume may not surface until Thursday or Friday. We anticipate that feedlot managers will price ready cattle around $138 plus in the South and $218 plus in the North. Live and feeder futures are staged to open mixed thanks to follow-through selling and short-covering.