DTN Early Word Opening Livestock 10/06 05:56
6 Oct 2017
DTN Early Word Opening Livestock 10/06 05:56 Look For Late-Week Livestock Futures to Open With Uneven Price Action The cattle complex seems set to open mixed thanks to a pre-cash combination of follow-through buying and profit-taking. Lean hog contracts should also begin on both sides of unchanged with nearby holding up better than their deferred counterparts. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $132.39 - .26* Hogs: $1-2 HR Futures: Mixed Lean Equiv $ 78.12 unch** * 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 buyers and sellers are running out of excuses, necessitating the development of light-to-moderate trade volume sometime between late morning and midafternoon. Early bids should be renewed at $106 live and $168 to $170 dressed, still well below asking prices around $110 to $112 in the South and $174 to $176. Live and feeder futures should open on a mixed basis with follow-through buying on one hand and late-week profit-taking on the other.