DTN Early Word Opening Livestock 08/15 06:19
Meat Futures Set for Mixed Opening at Midweek
Look for the cattle complex to start out with mixed price action, torn
between cash premiums and short-covering. Lean hog issues seem staged to open
on a mixed basis as well thanks to light bull-spreading on one hand and
profit-taking on the other.
By John Harrington
DTN Livestock Analyst
Cattle: Steady Futures: Mixed Live Equiv: $139.17 + .84*
Hogs: $1 LR Futures: Mixed Lean Equiv: $ 74.85 -1.27**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle-buying interest could start to intensify Wednesday, but much may
depend on general psychology and late-summer price expectations. There were
some lower feedlot sales reported on Tuesday, but it's tough to tell whether
such bearishness will mushroom into larger, definitive trade-volume totals.
Asking prices should be around $112 to $114 live and $176 to $178 dressed. Live
and feeder futures should open on a mixed basis, thanks to long liquidation and
recent cash premiums.
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