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Latin America
Beef Futures Likely to Bounce Moderately Higher
DTN Early Word Opening Livestock 01/18 06:33
Beef Futures Likely to Bounce Moderately Higher
Live and feeder contracts should open some higher, supported by short
covering and ideas that Thursday's major sell-off. Lean hog futures are set to
start out moderately lower thanks to late-week profit taking.
By John Harrington
DTN Livestock Analyst
Cattle: Cash Stdy-$2 LR w/Wed Futures: 10-30 HR Live Equiv $132.64 -$1.08*
Hogs: 0.50-$1 HR Futures: 10-30 LR Lean Equiv $ 91.61 - 0.37**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
GENERAL COMMENTS:
This has turned into ugly week for the cattle market, one with crashing
futures, struggling beef cut-out, and now a crippling blow to slaughter
infrastructure (i.e., Cargill's decision to close its Plainview plant). All the
bearish confusion generated by these developments has made it very difficult
for buyers and sellers to agree on terms. As buyers keep backing up, feedlot
managers are naturally hesitant to chase lower and lower bids. Accordingly, WTD
trade volume totals remain quite limited. Both sides probably need to do more
business before calling it a week, but it asremains to be seen whether enough
dust can settle today for significant trading to surface. Look for opening bids
around $122-123 in the South and $195 in the North. Asking prices should be
around $125 plus in the South and $198-plus in the North. Live and feeder
futures should open moderately higher, supported by short covering and tech
buying related to oversold charts.
View All Market Commentary
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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