DTN Early Word Opening Livestock 03/24 06:18
Meat Futures Likely to Open with Mixed Prices
Look for the cattle complex to open on a mixed basis this morning as traders
position ahead of cash news and the March 1 on feed report. Lean hog issues
should also being with uneven price actions thanks to follow-through buying on
one hand and nervousness over pork demand.
By John Harrington
DTN Livestock Analyst
Cattle: $2-4 HR Futures: mixed Live Equiv $150.36 - 0.24*
Hogs: Steady-$1 LR Futures: mixed Lean Equiv $ 82.90 - $1.55**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
It's been weeks since cattle buyers and sellers have backed themselves into
the 11th hour. Yet here we are. Light biz surfaced in part of the North on
Thursday, but for the most part the country trade remains untested. Asking
prices this morning should be restated around $132-134 in the South and
$217-218 plus in the North. March 1 on feed report is set to be unveiled this
afternoon at 2:00 CDT. Average trade guesses anticipate the following: on feed,
100-101 percent; placed in February, 98-99 percent; marketed in February,
103-104 percent. Live and feeder futures should open on a mixed basis as bulls
and bears posturing before the development of feedlot cash and the release of
new on-feed data.
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