DTN Early Word Opening Livestock 02/19 05:57
Limited Volume Focusing on Mixed Price Direction
Traders moving back into the complex following the long holiday weekend will
add some uncertainty to the market after price shifts late last week.
By Rick Kment
Cattle: Steady Futures: Mixed Live Equiv: $144.22 +0.55*
Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 67.48 +0.22**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cash cattle activity last week developed late Friday afternoon, going into
the evening, with prices steady with the week before. Live trade developed at
$125 per cwt in the South while dressed trade in the North was seen at $199 to
$200, mostly at $200, again fully steady with the previous week. Both sides
started over again Monday with showlists mixed, although bids and asking prices
are yet to develop, and will not likely develop until midweek or later. Futures
are expected to remain mixed in limited trade. The sharp pressure in feeder
cattle trade late last week will be watched in morning trade as traders are
expected to be focusing just as much or more on outside market direction than
any development in beef fundamentals.
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