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DTN Livestock Open: Lean Hog Paper Moderately Lower

Ernst Undesser
By John Harrington DTN Livestock Analyst January 12, 2018

DTN Livestock Open: Lean Hog Paper Moderately Lower

Hog futures seem set to open moderately lower, pressured by follow-through and long liquidation. The cattle complex should open on a mixed basis with feeders losing more ground to their live counterparts.

Cattle: Steady/Weak w/Tues Futures: Mixed Live Equiv $141.03 – .31*
Hogs: Steady Futures: 25-50 LR Lean Equiv $ 84.23 – .41**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

Given the strange timing of this week’s cash cattle trade, we feel quite confident in saying that feedlot trade is done for the week. Isolated clean-up deals are possible, but price levels are certainly set. Live and feeder futures should open on a mixed basis with live issues likely to be better supported than feeder contracts.

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Ernst Undesser
By John Harrington DTN Livestock Analyst January 12, 2018