DTN Early Word Opening Livestock 01/09 06:24
9 Jan 2017
DTN Early Word Opening Livestock 01/09 06:24 Meat Futures Set to Open Week Moderately Lower Look for the cattle complex to open moderately lower, pressured by defensive cut-outs and long liquidation. Lean hog contracts should also start out some lower thanks to cash discounts and profit taking. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 25-50 LR Live Equiv $135.61 - $1.07* Hogs: Steady Futures: 25-50 LR Lean Equiv $84.29 - 0.48** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Today's activity in the cash cattle trade will be typically slow as packers limit efforts to the gathering of new showlists. We look for the offering to be somewhat larger than last week due in part to unsettled cattle from last week carries over. Our guess is that feedlot managers will start out pricing ready steers and heifers around $120 in the South and $190-192 in the North. Live and feeder futures should open moderately lower, checked by eroding cash cash value and long liquidation.