DTN Early Word Opening Livestock 07/03 05:53
3 Jul 2018
DTN Early Word Opening Livestock 07/03 05:53 Meat Futures Set for Mixed Open in Slow Pre-Holiday Trade The cattle complex should open on a mixed basis as traders slowly position ahead of the holiday break. Similarly, lean hog contracts are likely to show uneven price action in the early rounds with nearbys firmer than deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv: $139.66 + .02* Hogs: Steady Futures: Mixed Lean Equiv: $ 92.00 - .73** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Expect a typically quiet Tuesday, even though the holiday could put Thursday and Friday more on a fast track. We suspect bids and asking prices will remain poorly defined until after Independence Day. Look for live and feeder futures to open on a mixed basis with slow, lackluster trade volume.