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Wednesday, October 1, 2014  
 
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DTN Early Word Opening Livestock       10/01 06:17
   Livestock Paper Set for Mixed Opening at Midweek

   Expect the cattle complex at the CME to open on a mixed basis thanks to a
slow combination of follow-through buying and selling. The lean hog pit is also
likely to begin with uneven price action, linked to spillover buying and profit
taking.

By John Harrington
DTN Livestock Analyst



Cattle: Cash $2 HR           Futures Mixed       Live Equiv $163.50 - .06*
Hogs:   Cash Steady-$1 HR    Futures Mixed       Lean Equiv $130.18 + $1.29**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Cattle buying interest could start to take shape Wednesday morning, though
preliminary bids will no doubt begin far below asking prices of $162 in the
South and $253-plus in the North. Our sense is that packers find themselves
very close to the knife. Yet with so many steers and heifers being contracted
and formulated this fall, it's been tough to assess packer-owned live
inventories. Significant trade volume could probably be delayed until Thursday
or even later. Live and feeder futures seem set to open with mixed prices on
light volume.
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