Look for live and feeder contracts to open mixed this morning thanks to a combination of residual selling and late-week short-covering. Lean hog futures should also begin with uneven price action with deferreds probably gaining more ground on spot April.
Cattle: Steady-firm w/Tues Futures: mixed Live Equiv $149.73 + 0.12*
Hogs: Steady Futures: mixed Lean Equiv $ 77.85 + 0.51**
* 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 could be rather slow today, limited to clean-up deals in parts of the North. Frankly, we were surprised when mandatory reported more than 10,000 head traded on Thursday. That level of business flew under our radar. Whatever. Week-to-date trade volume in all areas may now be sufficient to essentially call it a week.
What unsold steers and heifers remain unsold seem to be priced around $128 to $129 live and $207-plus. Live and feeder futures should open on a mixed basis thanks to follow-through selling on one hand and late-week short-covering on the other.