DTN Early Word Opening Livestock 03/30 07:38
Mixed Action to Open Lean Hog Pit
Look for lean hog contracts to open mixed this morning following the release
of the March 1 H&P with nearby contracts lower and their deferred counterparts
higher. The cattle complex is expected to begin with moderately strength thanks
to higher cash sales on Friday and follow-through buying interest.
By John Harrington
Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $171.60 - 0.06*
Hogs: Steady-$1 LR Futures: mixed Lean Equiv $ 70.30 - $1.77 **
Light to moderate trade volume finally surfaced in cattle county on Friday,
but you had to stick around late to participate. Live trade is the South was
marked at $165, $2 higher than the previous week. Dressed business in the North
ranged from $262-263, generally $3 better than the week before. Activity today
will be limited to the distribution of new showlists. We expect the early April
offerings to be about steady with late March. Preliminary asking prices will
probably be around $167-168 in the South and $266-268 in the North. Live and
feeder futures are set to open moderately higher, supported by follow-through
buying and the premium status of recent cash business.
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