DTN Early Word Opening Livestock 11/16 05:54
Meat Futures to Tread Water on Open, Waiting for Cash News
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.
By John Harrington
DTN Livestock Analyst
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.
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