DTN Early Word Opening Livestock 03/29 06:03
29 Mar 2018
DTN Early Word Opening Livestock 03/29 06:03 Hog Traders Cautionaly Await Supply News via the Quarterly Inventory Lean hog futures seem set to jockey in a narrow price range as traders cautiously await the supply news of the March 1 H&P report. The cattle complex should also begin with uneven price action linked to residual buying on one hand and long liquidation on the other. By John Harrington DTN Analyst Cattle: Stdy w/ Wed Futures: mixed Live Equiv: $147.21 - 0.90* Hogs: Stdy-$1 LR Futures: mixed Lean Equiv: $ 75.15 + 0.48** * 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 trade volume turned moderate plus in several feeding areas yesterday as nervous feedlot managers moved to accept sharply lower packer bids ($121 in the South; $190 in the North). Assuming that both buyers and sellers would like to complete business by today, we look for another round of light to moderate trade by the end of the day with prices probably no better than those seen on Wednesday. Look for live and feeder futures to open mixed thanks to a combination of follow-through buying and long liquidation.