DTN Early Word Opening Livestock 04/19 06:04
19 Apr 2017
DTN Early Word Opening Livestock 04/19 06:04 Meat Futures Set to Open Mixed at Midweek Look for the cattle complex to open with uneven prices thanks to a combination of residual buying interest and profit-taking. Along the same lines, lean hog contracts should also begin on a mixed basis tied to follow-through selling and midweek short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $144.66 +1.23* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 80.83 + .52** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Preliminary cattle buying bids could start to surface Wednesday, but it seems quite doubtful that significant trade volume will develop before Thursday or Friday. Our guess is that asking prices will be around $130 plus in the South and $210 to $212 plus in the North. Live and feeder futures are geared to open on a mixed basis thanks to follow-through buying on one hand and profit-taking on the other.