DTN Early Word Opening Livestock 02/14 06:20
14 Feb 2017
DTN Early Word Opening Livestock 02/14 06:20 Livestock Paper to Open Generally Mixed The cattle complex at the CME should open on a mixed basis, pushed and pulled by follow-through selling and short covering. Lean hog issues should also open on both sides of unchanged with nearby outperforming deferred. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: mixed Live Equiv $130.11 + 0.42* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 90.49 + 0.05** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for the cash cattle market to remain in dry dock this morning with neither buyers not sellers moving to define mid-month price potential. Indeed, it could be Wednesday or Thursday before even preliminary bids and asking prices get tossed on the table. Live and feeder futures seem likely to open on a mixed basis thanks to a combination of residual selling and short covering (oscillators do appear to be oversold).