DTN Early Word Opening Livestock 06/16 06:21
16 Jun 2016
DTN Early Word Opening Livestock 06/16 06:21 Look for Cattle Futures to Drift Further Live and feeder contracts should open moderately lower, checked by follow-through selling and technical defensiveness. Lean hog futures seem set to begin on a mixed basis with late-summer contracts gaining on the far deferreds. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-Weak w/Wed Futures 50-100 LR Live Equiv $148.62 -.68* Hogs: Cash Steady-$1 HR Futures Mixed Lean Equiv $92.76 - .43** * 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 buyers may be more evident Thursday morning, but we don't expect to see much better bids than were evident late Wednesday (i.e., $122 to $123 in the South, $197 to $198 in the North). Asking prices should be posted around $128 in the South and $208 plus in the North. Significant trade volume may not surface until sometime Friday. Live and feeder futures are staged to open moderately lower, pressured by follow-through selling and cautious cash prospects.