DTN Early Word Opening Livestock 06/08 05:55
8 Jun 2016
DTN Early Word Opening Livestock 06/08 05:55 Meat Futures Set for Mixed Opening at Midweek Lean hog contracts should open on a mixed basis tied to the further unwinding of bull spreads and profit-taking. Live and feeder futures are also likely to begin with mixed price action as traders position ahead of cash news. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $146.64 + .23* Hogs: $1-2 HR Futures: Mixed Lean Equiv $ 91.65 - .47** * 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 could take on greater definition at midweek. Look for opening bids to start out around $125 in the South and $204 to $205 in the North. On the other hand, asking prices should remain firm at $130 to $132 in the South and $210 plus in the South. Significant trade volume could easily be postponed until sometime Thursday or Friday. Live and feeder futures should open on a mixed basis thanks to a combination of follow-through selling and pre-cash short-covering.