DTN Early Word Opening Livestock 11/29 06:11
29 Nov 2016
DTN Early Word Opening Livestock 11/29 06:11 Livestock Futures Staged for Mixed Opening The cattle complex seems likely to open on a mixed basis, split between follow-through selling and short-covering. Lean hog issues should also see uneven price action in the early going in light volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $126.36 + .46* Hogs: Steady-.50 HR Futures: Mixed Lean Equiv $ 79.88 + .78** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market will be little more than theoretical Tuesday morning with neither side likely to show much seriousness. Indeed, bids and asking prices could remain poorly defined until Thursday or Friday. Such a protracted schedule seems especially likely if the board stabilizes and/or strengthens. Live and feeder futures are set to open on a mixed basis thanks to a combination of residual selling and short-covering.