DTN Early Word Opening Livestock 09/22 06:02
Meat Futures to Launch New Week with Moderate Gains
Look for the cattle complex at the CME to open moderately higher this
morning, supported by following through buying and premium feedlot sales that
generally surfaced Friday, On the other hand, lean hog futures are likely to
begin on a mixed basis thanks to residual buying and early week positioning
ahead of the late-week H&P report.
By John Harrington
Cattle: Steady-$2 LR Futures: 25-50 HR Live Equiv $166.49 -$1.24*
Hogs: Steady-$1 HR Futures: mixed Lean Equiv $121.82 - 0.78**
* 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 will be typically slow in the initial rounds of the
week as packers limit efforts to the collection of new showlists. We expect
ready numbers to be about steady with the week before. Initial asking prices
could be around $162 in the South and $248-250 in the North. Live and feeder
contracts seem set to open moderately, higher, supported by follow-through
buying and the premium status of the country late last week.
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