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DTN Early Word Opening Livestock       08/22 06:13
   Hog Paper Likely to Open Moderately Higher

   Lean hog contracts should open moderately higher, supported by
follow-through buying and late-week profit taking. The cattle complex seems set
to begin with mixed process as traders position ahead of cash news and the
August 1 on feed report.

By John Harrington
DTN Analyst



Cattle:  Steady w/ Thurs  Futures: mixed     Live Equiv $172.05 - 0.90*
Hogs:    Steady-$1 LR     Futures: 25-50 HR  Lean Equiv $114.88 - $1.07**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Given rather light WTD trade volume totals, it's a good bet that one final
round of light to moderate cattle trading will develop in the country sometime
today. Though yesterday's tight round of feedlot sales remained well below last
week, short bought packers did seem willing to pay a bit more here and there to
cover immediate kill needs. Unsold steers and heifers are probably priced
around $154-155 in the South and $244-245 in the North. The monthly on feed
report will be released this afternoon at 2:00 p.m. (CDT). Average trade
guesses look like this: on feed August 1, off 2-3%; placed in July, off 9-10%;
marketed in July, off 8-9%. Live and feeder futures are expected to open on a
mixed basis thanks to a cautious combination of spillover buying and profit
taking.
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