DTN Early Word Opening Livestock 02/27 06:09
Meat Futures Set to Open Late-Week Session with Mixed Prices
The cattle complex is likely to open moderately higher, supported by
follow-through buying and idea of cash stability/firmness. On the other hand,
the lean hog pit should begin somewhat lower,checked by residual selling
interest and softer carcass value.
By John Harrington
Cattle: Steady-$1 HR Futures: 10-30 HR Live Equiv $169.42 + 0.43*
Hogs: Steady-$1 HR Futures: 10-30 LR Lean Equiv $ 73.24 - $1.34**
Once again, beef packers and feedlot managers find themselves in the
market's eleventh hour with very little business transacted. Sometime over the
next few hours they'll have to come to terms, at least enough to trade light to
moderate numbers. Opening bids should be around $157 in the South and $252 in
the North, well below asking prices of $162 in the South and $260 in the North.
Live and feeder futures seem ready to open moderately higher, supported by
spillover buying interest and ideas of cash stability.
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