DTN Early Word Opening Livestock 08/20 05:53
Lean Hog Futures Seem Set to Open Moderately Higher
Hog contracts should open on a firm note that could lead to follow-through
buying and positive talk of potential progress in addressing the U.S./China
trade. The cattle complex seems likely to be moderately lower, pressured by
long liquidation and lower cash sales on Friday.
By John Harrington
DTN Livestock Analyst
Cattle: Steady Futures: 50-100 LR Live Equiv: $139.79 + .83*
Hogs: Steady-$2 LR Futures: 50-100 HR Lean Equiv: $ 71.81 - .93**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Activity in feedlot country will be typically limited to the distribution of
new showlists. We expect ready numbers to be mixed, smaller in the North and
larger in the South. Live and feeder futures should open moderately lower,
checked by softer feedlot sales on Friday (I.e., $110 to $110.50 in the South;
$173 in the North) and long liquidation.
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