DTN Early Word Opening Livestock 09/18 06:42
Established Cash Bids, Offers Expected Wednesday
Nothing went on in the cash market Tuesday with no bids or offers being set.
The rally in cattle futures Wednesday likely will not have much influence on
opening bids as price increases have yet to change the trend. Hog futures
struggled all Tuesday with December closing limit down.
By Robin Schmahl
DTN Dairy Analyst
Cattle: Steady Futures: Mixed Live Equiv: $140.99 -0.99*
Hogs: Lower Futures: Higher Lean Equiv: $ 73.01 -0.45**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
The futures price rally Wednesday was not supported by higher cut-outs.
October and December live cattle futures have not been able to move into the
chart gaps while February and April contracts regained quite a bit of the
losses from the reaction to the Tyson fire. The strength in feeder cattle led
the market higher. There is an expected larger offering of cattle this week due
to light activity last week. Cash bids and offers will be established Wednesday
as buyers and sellers become a bit more serious.
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