DTN Early Word Opening Livestock 11/15 06:13
15 Nov 2016
DTN Early Word Opening Livestock 11/15 06:13 Meat Futures Set to Open on a Mixed Basis Cattle complex futures seem staged to open on a mixed basis, linked to a combination of follow-through buying and long liquidation. Similarly, lean hog contracts should begin with uneven price action, slowly scrambled by residual selling on one hand and short-covering on the other. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $123.76 - .27 * Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 79.74 + .56 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot country is likely to remain very quiet Tuesday with both bids and asking prices poorly defined. Our guess is that asking prices will start out around $107 to $108 in the North and $168 plus in the North. Yet we may not see anything concrete in this regard until Thursday or Friday. Live and feeder futures should open on a mixed basis tied to both spillover buying and long liquidation.