DTN Early Word Opening Livestock 04/01 06:08
Meat Futures are Expected to Open Mixed at Midweek
The cattle complex is set to open on a mixed basis thanks to a combination
of spillover selling and midweek short covering. At the same time, lean hog
futures should begin this morning with uneven price action tied to
follow-through buying and profit taking.
By John Harrington
Cattle: Steady-$2 HR Futures: mixed Live Equiv $173.36 +1.17*
Hogs: Steady Futures: mixed Lean Equiv $ 70.31 - 0.03**
Cattle buying interest could start to develop this morning, but few expect
significant trade volume before Thursday or Friday. We've seen nothing so far
this week to shake the country's bullish psychology. Asking prices remain firm
at $167-168 in the South and $266-plus in the North. Live and feeder futures
are likely to open on a mixed basis linked to residual selling on one hand and
short covering on the other.
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