DTN Early Word Opening Livestock 04/12 06:07
12 Apr 2016
DTN Early Word Opening Livestock 04/12 06:07 Livestock Futures Set to Open With Mixed Prices Look for the cattle complex to open on a mixed basis thanks to residual selling on one hand and short-covering on the other. Lean hog futures should also trade unevenly in the early round as traders move cautiously to get a better handle on fundamentals. By John Harrington DTN Livestock Analyst Cattle: $1-3 HR Futures: Mixed Live Equiv $145.34 + 1.02* Hogs: Steady Futures: Mixed Lean Equiv $ 81.91 + .37** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Little action is expected in feedlot country Tuesday with neither bids or asking prices well defined. It almost goes without saying that producers will eventually price showlists significantly higher (e.g., $138 basis the South), but few may specifically put their foot on base until Thursday or Friday. Live and feeder futures are likely to open on a mixed basis with early interest torn between spillover selling and pre-cash profit-taking.