By DTN/The Progressive Farmer
Mon 19 Aug 2013 07:36:00 CT
DTN Early Word Opening Livestock 08/16 06:12
Cattle Futures Geared for Firmer Opening
The cattle complex should open generally higher with live contracts probably
opening on a firmer basis than their feeder counterparts. The late-week cash
hog market is likely to open this morning with steady/weak bids.
By John Harrington
DTN Livestock Analyst
Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $134.12 + 0.67*
Hogs: Steady Futures: mixed Lean Equiv $110.71 - 0.43**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
We reached another Friday when it's make or break time for the cash cattle
market. Opening bids should be around $119-121 in the South and $197-199 in the
North. If the board premium holds, asking prices will remain firm around $124
in the South and $198-200 in the North. CME officials announced Thursday
afternoon the posting of 12 delivery certificates, seven new ones and five
retendered for $1 (all at Dodge City). The five loads retendered were
reclaimed. The cattle complex should open generally higher with live contracts
probably opening on a firmer basis than their feeder counterparts.
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*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.