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DTN Livestock Open: Moderate Cattle Strength

Ernst Undesser
By John Harrington DTN Livestock Analyst May 19, 2017

DTN Livestock Open: Moderate Cattle Strength

Live and feeder contracts should open higher, supported by follow-through buying and cash premiums. On the other hand, lean hog contracts seem likely to open on a mixed basis thanks to light bull spreading and late-week long liquidation.

 

 

Cattle: Steady w/Thurs Futures: 25-50 HR Live Equiv $160.65 – 0.54*
Hogs: Steady Futures: mixed Lean Equiv $ 92.31 – 0.26**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

The cash cattle trade turned light to moderate on Thursday at significantly lower prices. The best market test developed in the South at $134, roughly $3.50-4 lower than last week, In fact, we suspect business in Kansas and Texas is done for the week.

On the other hand, trade in the North seemed more limited (i.e., $133-135 live; $212-213 dressed), and we could see more action in this region today before buyers and sellers call it a week. Live and feeder futures seem set to open some higher, supported by spillover buying and the premium of feedlot sales.

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Ernst Undesser
By John Harrington DTN Livestock Analyst May 19, 2017