DTN Early Word Opening Livestock 11/26 06:06
Meat Futures to Open on Mixed Basis
The cattle complex seems likely to open moderately higher, supported by
short-covering and cash premiums. Hog contracts are set to begin some lower,
checked by spillover selling and defensive carcass value.
By John Harrington
Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $174.93 + 0.90*
Hogs: Steady-$1 HR Futures: 10-30 LR Lean Equiv $100.99 - $1.23**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle buyers and sellers will try hard to agree on price sometime today so
they can break for Thanksgiving and not worry about coming back to the arena on
Friday. Asking prices will be restated around $175 in the South and $272-274 in
the North. Live and feeder futures are set to open moderately higher, girded
by pre-holiday short covering and ideas of steady/firm feedlot sales.
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