DTN Early Word Opening Livestock 11/20 05:51
Meat Futures Set for Mixed Opening Until More Cash Potential Become Evident
Lean issues should open with uneven price action thanks to residual buying
on one hand and long liquidation on the other. Similarly, live and feeder
issues are likely to initially churn on both sides of unchanged until cash
potential becomes more real.
By John Harrington
DTN Livestock Analyst
Cattle: Steady Futures: Mixed Live Equiv: $140.03 + .43*
Hogs: Steady-$1 HR Futures: Mixed Lean Equiv: $ 66.00 + .63**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Beef packer inquiry could start to improve a bit Tuesday, but significant
trade volume may be delayed until at least midweek. Initial asking prices
should be around $116 to $117 in the South and $178 plus in the North. Live and
feeder seem geared to open on a mixed basis as both sides assess the need to
mark inventory before the Thanksgiving break.
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