DTN Early Word Opening Livestock 08/24 06:08
24 Aug 2016
DTN Early Word Opening Livestock 08/24 06:08 Livestock Futures at Midweek Likely to Open With Mixed Prices Look for the cattle complex to open on a mixed basis thanks to a slow combination of follow-through selling and pre-cash short-covering. Lean hog futures should also begin on both sides of unchanged tied to midweek profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $135.74 - .34* Hogs: Steady Futures: Mixed Lean Equiv $ 81.16 - .09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle buyers should soon start to show better inquiry, floating more preliminary bids around the circuit. Look for bids to open around $114 to $115 in the South and $183 to $184 in the North. Asking prices will be suggested around $120 in the South and $190 in the North. Yet active trade volume could easily be delayed until Thursday or Friday. Live and feeder futures seem set for a mixed opening as traders begin to position ahead of cash business.