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
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.