DTN Early Word Opening Livestock 06/30 05:59
Hog Futures Set for Another Mixed Round of Trading
Look for lean hog futures to continue the trading pattern seen yesterday
with deferred contracts gaining more ground on nearbys. Live and feeder
contracts should open moderately higher, supported by follow-through buying and
ideas of cash stability.
By John Harrington
Cattle: Steady-$2 LR Futures: 10-30 HR Live Equiv $170.68 + 0.17 *
Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 87.92 + $1.18 **
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
The cash cattle trade should remain a slow affair with both bids and asking
prices poorly defined. Some asking prices are around $150-plus in the South and
$240-plus in the North. Significant trade volume will probably be delayed until
sometime Wednesday or Thursday. Live and feeder futures seem staged to open
moderately higher, supported by residual buying and short covering.
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