DTN Early Word Opening Livestock 07/24 06:03
Cattle Futures to Face Pressure on Opening Thanks to Bearish on Feed News
Live and feeder futures are set to open significantly lower, pressured by
larger than expected June placement and larger July 1 feeder cattle supplies.
Lean hog contracts seem staged to begin at least moderately lower, checked by
slowly shifting fundamentals.
By John Harrington
DTN Livestock Analyst
Cattle: Steady Futures: 100-200 LR Live Equiv $138.89 - .41*
Hogs: $1 LR Futures: 50-100 LR Lean Equiv $108.35 -1.16**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle-feeding country will be typically quiet Monday as buyers and sellers
focus exclusively on the distribution of new showlists. We expect the last
month's offering to be somewhat larger than last week. Live and feeder futures
should open significantly lower, primarily pressured by the larger than
expected June placement confirmed by Friday's on feed report.
DTN offers additional daily information available free through DTN Snapshot – sign up