DTN Early Word Opening Livestock 07/20 05:59
20 Jul 2016
DTN Early Word Opening Livestock 07/20 05:59 Meat Futures Staged for Moderate Losses at Midweek Follow-though selling is set to moderately pressure the market as cattle futures trading begins Wednesday. Similarly, lean hog contracts should open lower, once again checked by residual selling and the eroding performance of cash. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 LR Live Equiv $136.28 + .20* Hogs: Steady-$1 LR Futures: 25-50 LR Lean Equiv $ 96.68 unch ** * 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 is expected to increase Wednesday, at least in terms of the numbers of bids on the table. Look for bids to start out around $115 in the South and $186 to $188 in the North. Scattered sales were reported at these price levels on Tuesday. Some showlists are priced around $118 to $120 on the South and $190 plus in the North. Live and feeder futures are geared to open moderately lower, pressured by follow-through selling and defensive fundamentals.