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DTN Early Word Opening Livestock 10/17 05:53
Follow-Through Buying Expected Midweek
Lean hog futures are expected to benefit from follow-through buyer support
earlier in the week. This could spark additional underlying activity, although
initial volume is expected to remain light.
By Rick Kment
Cattle: Steady Futures: $1 Lower Live Equiv: $134.96 +0.10*
Hogs: $1 Lower Futures: $1 Higher Lean Equiv: $ 85.90 -0.63**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cash-cattle activity remains generally undeveloped with just a handful of
trades late Tuesday. This is muddying the waters going into the morning as both
sides seem to be more spooked by the downward shift in futures trade than any
fundamental market direction. With dressed trade scattered anywhere from $170
to $174 per cwt, it will be nearly impossible to establish a trend at this
point. Bids are likely to become more active through midweek, but most of the
needed trade is likely to be pushed off until sometime Thursday or Friday.
Cattle futures are expected to be mixed to mostly lower with the previous
pressure in feeder cattle futures likely to limit strong underlying support. A
combination of follow-through pressure, and short-covering is expected in early
trade, which may bring some needed stability to the entire complex.
Corn is down 1.25 cents, Chicago wheat is down 5.25 cents, beans are down 1.75 cents, meal is up 10 cents, and soy oil is up 7 points.