DTN Early Word Opening Livestock 03/08 06:10
8 Mar 2017
DTN Early Word Opening Livestock 03/08 06:10 Meat Futures Staged For Mixed Action at Midweek Look for the cattle complex to open mixed tied to residual selling and pre-cash short-covering. Similarly, lean hog contracts should open with uneven price action in slow volume. By John Harrington DTN Livestock Analyst . Cattle: Steady to $2 HR Futures: Mixed Live Equiv $143.73 +1.17* Hogs: Steady Futures: Mixed Lean Equiv $ 87.10 - .82** * 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 should start to take on some definition both in terms of preliminary bids and asking prices (e.g., $128 South, $202 North). Market watchers will be focused on the FCE auction later Wednesday for clues of greater cash potential. Still, our guess is that significant trade volume will not surface until sometime Thursday or Friday. Live and feeder futures seem set to open on a mixed basis thanks to follow-through selling and midweek short-covering.