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Thursday, January 17, 2019  
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DTN Early Word Opening Livestock       01/17 06:12
   Additional Hog Price Pressure Expected

   Market weakness in lean hog futures is expected to spill over into early
Thursday trade. This could add to additional pressure in all livestock markets.

By Rick Kment
DTN Analyst

Cattle: Steady   Futures: Higher   Live Equiv: $141.27 +0.17*
Hogs:   Mixed    Futures: Lower    Lean Equiv: $ 74.22 -0.69**

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Packer interest should start to become more evident through the day with
bids expected to redevelop during the morning in the similar range as seen
midweek in the north at $197 per cwt. So far, there has been little interest in
the South, although bids are likely to start at $120 and higher. This still
leaves a significant gap between asking prices and bids going into the last
half of the week. Cash business may not be inked until sometime Friday, with
another round of late-afternoon trade very likely. Futures trade is expected to
remain mixed. Even though firm support continues to hold in nearby live cattle
complex. The softness through the rest of the livestock market may start to
erode previous support.
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