Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
 
 
DTN Early Word Opening Livestock       05/29 06:03
   Livestock Futures Staged for Mixed Late-Week Opening

   Look for the cattle complex to open this morning on a mixed basis thanks to
follow-through buying on one hand and pre-cash profit taking on the other. Lean
hog futures should also begin with uneven price action with traders torn
between spillover bullishness from Thursday and product demand worries.

By John Harrington
DTN Analyst



Cattle:  Steady-$1 LR  Futures: mixed  Live Equiv $173.81 - $1.44*
Hogs:    Steady-$1 HR  Futures: mixed  Lean Equiv $ 89.47 -$2.65**

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:



   Between the short workweek, the short-bought status of cattle buyers, and
the slaughter needs of the first full slaughter week in June ahead, we were
foolish enough on Tuesday to think the cash trade just might develop a bit
earlier this week. When will we ever learn. Once again, packers have found a
way to hold their breath until the 11th hour. Yet buyers will find it necessary
to generate at least moderate country movement sometime between late morning
and early afternoon. Opening bids should be around $157-158 in the South and
$248-252 in the North. Firm asking prices should be restated near $163-164 in
the South and $258-260 in the North. Live and feeder futures should open on a
mixed basis thanks to both residual buying interest and late-week profit taking.
No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN