Look for the cattle complex to start in slow gear as traders patiently monitor the development of late-week cash potential. Lean hog issues should open mixed, tied to short-covering and oversold charts.
Cattle: Steady Futures: Mixed Live Equiv: $139.84 + .29*
Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 73.58 – .35**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Sooner or later, Friday seems to be the day we trade cattle. Bids will be initially renewed around $109 to $112 in the South and $175 in the North. Look for some movement toward higher asking prices later Friday afternoon. Live and feeder futures are likely to open on a mixed basis with significant trade volume in the country waiting somewhere in the wings.