DTN Early Word Opening Livestock 06/29 06:01
29 Jun 2016
DTN Early Word Opening Livestock 06/29 06:01 Cattle Futures Staged for Mixed Opening at Midweek Live and feeder futures seem set to open on a mixed basis, torn between residual buying interest and beef demand concerns. Lean hog prices should begin moderately higher, supported by positive pork demand. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $139.61 - 1.14* Hogs: Steady-$1 LR Futures: 25-50 HR Lean Equiv $ 96.33 + 1.86** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although we could start to see a few preliminary bids surface in feedlot country, significant trade volume will probably be delayed until Thursday or Friday. Some showlists are priced around $120 in the South and $190 to $192 plus in the North. Live and feeder futures are geared to open on a mixed basis thanks to spillover buying interest on one hand and beef demand concerns on the other.