DTN Early Word Opening Livestock 08/12 06:02
12 Aug 2016
DTN Early Word Opening Livestock 08/12 06:02 Look for Cattle Futures to Open Mixed in Cautious, Pre-Cash Action The cattle complex is geared to open on a mixed basis as specs and commercials position ahead of feedlot cash business. Hog futures should begin moderately lower, checked by spillover selling and softening product demand. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $135.98 + .49* Hogs: Steady Futures: 25-50 LR Lean Equiv $ 80.30 -2.21** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Time is running out for short-bought cattle buyers, and we expect to see at least moderate trading sometime between late morning and mid-afternoon. Asking prices should remain firm at $122 in the South and $192 in the North. Live and feeder futures seem set to open on a mixed basis as traders engage in follow-through selling and short-covering prior to the surfacing of feedlot cash trading.