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DTN Livestock Open: Week Set to Start Mixed

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

DTN Livestock Open: Week Set to Start Mixed

Wheat that is no longer being grazed should be scouted for insects, according to a Texas A&M AgriLife Extension Service entomologist. (Texas A&M AgriLife Communications photo by Kay Ledbetter)

The cattle complex is staged to open on a mixed basis thanks to an early combination of short-covering and long liquidation. Lean hog futures are also set to begin with uneven price action with nearby gaining ground on deferred issues.

Cattle: Steady-$2 LR Futures: Mixed Live Equiv $161.43 – .15*
Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $101.12 + .75**
* 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 will be typically slow Monday with activity limited to the distribution of new showlists. We expect ready numbers to be generally larger than last week thanks to both unsold cattle carried over and an expanding supply of fed calves. Live and feeder futures should open on a mixed basis thanks to short-covering on one hand and long liquidation on the other.

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