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DTN Livestock Open: Futures Should Start Mixed

Ernst Undesser
By John Harrington DTN Livestock Analyst August 11, 2017

DTN Livestock Open: Futures Should Start Mixed

The late-week cattle complex at the CME should open on a mixed basis tied to residual selling on one hand and short-covering on the other. Look for uneven price action in lean hog futures as well, much as we’ve seen all through the week.

Cattle: Steady w/Wed Futures: Mixed Live Equiv $136.12 – .53*
Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $100.72 + .11**
* 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 appears to be essentially done for the week. It’s certainly possible that we could see isolated clean-up here and there. But even such scattered action would probably require feedlot managers accept lower bids than those seen on Wednesday.

Unsold steers and heifers are probably priced around $115 to $116 in the South and $185 plus in the North. Live and feeder futures should open with unseen prices thanks to residual selling and late-week short-covering.

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Ernst Undesser
By John Harrington DTN Livestock Analyst August 11, 2017