DTN Early Word Opening Livestock 08/11 09:36
11 Aug 2016
DTN Early Word Opening Livestock 08/11 09:36 Cattle Contracts Staged for Mixed, Pre-Cash Opening Cautiously waiting for cash activity to surface, live and feeder futures seem slated to open mixed Thursday in light trade volume. Lean hog contracts are also likely to begin with uneven pricing tied in part to positioning ahead of the late-week expiration of spot August. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $135.49 + .17* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 82.51 + .70** * 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 start to improve Thursday with bids possibly matching last week's market fairly early. On the other hand, asking prices are likely to hold firm (i.e., around $122 in the South; $192 plus in the North), perhaps firm enough to delay significant business until sometime Friday. Live and feeder futures should open on a mixed basis linked to a slow combination of short-covering and long liquidation.