DTN Early Word Opening Livestock 05/24 06:01
24 May 2016
DTN Early Word Opening Livestock 05/24 06:01 Meat Futures Set for Follow-Through Selling Look for the cattle complex to open moderately lower, pressured by follow-through selling, technical worries, and signs of weakening carcass value. Lean hog futures should also begin on the defensive, checked by residual selling and uncertain cash potential. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $148.16 -.71* Hogs: Steady Futures: 50-100 LR Lean Equiv $ 89.34 +.75** * 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 market watchers should be prepared for a typically quiet Tuesday. We expect bids and asking prices to remain poorly defined until at least Wednesday or Thursday. Live and feeder issues seem geared to open considerably lower, pressured by follow-through selling and lackluster pre-holiday beef demand.