DTN Early Word Opening Livestock 12/23 06:08
23 Dec 2016
DTN Early Word Opening Livestock 12/23 06:08 Meat Contracts Staged for Mixed, Pre-Report Opening Look for cattle futures to open mixed Friday with prices tied to a combination of follow-through buying and pre-report profit-taking. The lean hog market should also begin with uneven price action in very slow trade volume. By John Harrington DTN Livestock Analyst Cattle: Steady w/Thurs Futures: Mixed Live Equiv $133.51 + .37 * Hogs: Steady-.50 LR Futures: Mixed Lean Equiv $ 85.73 + .31 ** * 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 trade seems to be essentially done for the week thanks to fairly active trade Thursday. We could see a few clean-up deals, but don't look for much. Live and feeder contracts should open on a mixed basis as traders position ahead of the Dec. 1 Cattle on Feed report. Average guesses call for on feed to be 1% to 2% smaller, placed in November to be 12% to 13% larger, and marketed in November to be 17% greater.