DTN Early Word Opening Livestock 03/21 06:04
21 Mar 2017
DTN Early Word Opening Livestock 03/21 06:04 Meat Futures Staged for Mixed Opening Look for cattle paper to open on a mixed basis, torn between long liquidation and large cash premiums. Lean hog futures should also begin with uneven price action thanks to residual selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $150.37 + .01* Hogs: Steady Futures: Mixed Lean Equiv $ 86.67 - .14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle market watchers are not likely to be very stressed Tuesday as bids and asking prices remain poorly defined. Our guess is that bullish-minded feedlot managers will start out pricing ready steers and heifers around $130 in the South and $212 to $214 in the North. Significant trade volume will probably be delayed until Wednesday or Thursday. Live and feeder futures should open on a mixed basis with traders ambivalent about immediate price prospects.