DTN Early Word Opening Livestock 04/21 06:03
Meat Futures Likely to Open with Mixed Prices
The cattle complex seems set to begin on a mixed basis with contracts torn
between follow-through selling and short covering. Lean hog contracts should
also seem uneven price action in the early going as traders debate the
inevitability of more constructive fundamentals.
By John Harrington
Cattle: Steady Futures: mixed Live $175.29 + 0.82*
Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 72.75 - 0.13**
Look for the cash cattle market to remain in slow motion today with both
bids and asking prices poorly defined. Some show lists have been priced around
$163 in the South and $263-plus in the North. Yet feedlot managers are
understandable perplex and troubled by the recent crash in futures. Sellers
will be anxious to see if the board can pulled out of its nosedive fairly soon.
Live and feeder contracts should open on a mixed basis tied to spillover
selling and short covering.
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