February 17, 2020
 
Caledonia Feed & SupplyCaledonia Feed MillCaledonia AgronomyLake Odessa Feed & GrainLake Odessa Agronomy
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Caledonia, MI 49316
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Caledonia, MI 49316
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Caledonia, MI 49316
1018 3rd Avenue
Lake Odessa, MI 48849
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Lake Odessa, MI 48849
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DTN Early Word Opening Livestock       02/14 06:07
   Further Short-Covering Ahead of Weekend

   Cash cattle trading $3.00 lower this week does not make one feel warm and
fuzzy. More will be required to turn the trend higher than just a bounce due to
an oversold market and the three-day weekend ahead. Lean hogs were able to post
slight gains likely on spillover support from cattle and a three-day weekend.

By Robin Schmahl
DTN Dairy Analyst



Cattle: Steady   Futures: Higher   Live Equiv: $138.43 -0.33*
Hogs:   Higher   Futures: Higher   Lean Equiv: $ 68.01 -0.86**

*  based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   February live cattle futures finally put in a positive close after losses
the previous four days. April and later contracts extended the gains from the
previous day. There is anticipation that higher prices will again unfold
Friday, but traders may not be too excited about covering short positions or
establishing long positions just yet. Cash cattle trading $3.00 lower this week
does not make one feel warm and fuzzy. More will be required to turn the trend
higher than just a bounce due to an oversold market and the three-day weekend
ahead. Feeder cattle led the charge Thursday, posting triple-digit gains with
futures seemingly building a base. Futures have a long way to go to regain the
losses realized in the last half of January due to the coronavirus outbreak.
Lean hogs were able to post slight gains likely on spillover support from
cattle and a three-day weekend. Some support might stem from China cutting
tariff rates in half Friday on $75 billion of U.S. products. The hog industry
has long awaited a surge in pork demand from China, but there is no guarantee
this tariff cut will generate anything substantial. Traders may short-cover
Saturday just in case something develops over the weekend.
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