DTN Early Word Opening Livestock 07/17 05:54
Meat Futures Set for Mixed Opening With Nearby Gaining on Deferreds
Live and feeder contracts should open unevenly with nearbys gaining on
deferreds. Lean hog issues should also start out on a mixed note with new spot
August supported somewhat by the premium status of the cash index.
By John Harrington
DTN Livestock Analyst
Cattle: Steady Futures: Mixed Live Equiv: $135.51 - .32*
Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 88.55 - .45**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Look for a typically quiet day in feedlot country with both bids and asking
prices poorly defined. We don't expect to see many hints of cash potential
before midweek. Live and feeder futures should open on a mixed basis with
nearby issues better supported than deferreds.
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