DTN Early Word Opening Livestock 10/18 05:55
Brace for Lower Price Action in Opening Hog Futures
Hog futures are staged to open substantially lower, checked by large country
offerings and struggling pork demand. The cattle complex should begin with
mixed price action as traders jockey ahead of late-week cash potential.
By John Harrington
DTN Livestock Analyst
Cattle: Steady-$1 LR Futures: Mixed Live Equiv: $134.59 - .37*
Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 83.55 -2.35**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle-buying activity could increase Thursday with opening bids around $172
to $174 in the South and $111 in the North. Asking prices should be restated
around $175 in the South and $114 plus in the North. Yet significant trade
volume could easily be delayed until Friday.
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