DTN Livestock Open: Lean Hog Futures Set for Mixed Start

Photo: United Soybean Board

Torn between lower cash sales and higher carcass value, lean hog futures seem likely to open on a mixed basis Thursday. Live and feeder contracts should open moderately higher, supported by follow-through buying and cash premiums.

Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: NA*
Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: NA**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

Cattle buyers could certainly become more active Thursday, but it will no doubt take higher bids than we saw Wednesday (i.e., $113 dressed in the North; $112 to $114 live in the South) in order to generate significant selling interest. In other words, firm asking prices of $119 in the North and $120 to $122 in the South are likely to stand tall until sometime Friday, which of course would mean yet another round of late-week cash business. Live and feeder futures seem set to open moderately higher thanks to residual buying interest and recent cash premiums.

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