DTN Early Word Opening Livestock 09/30 06:05

DTN Early Word Opening Livestock 09/30 06:05 Cattle Contracts Staged for Further Losses Live and feeder futures seem likely to open under pressure, weighed by following buying, technical bearishness and long liquidation. On the other hand, hog paper should begin with a firm undertone thanks to supportive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady to $2 LR Futures: 50-100 LR Live Equiv $143.41 - $1.09* Hogs: Steady to $1 HR Futures: 25-50 HR Lean Equiv $ 89.49 - 0.06** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot psychology continues to struggle, no thanks to the inability of futures to stabilize. Sellers will try hard at midweek to draw a line in the sand a midweek, but defensive packers will no doubt be bidding lower. Feedlot managers may try to stall until Thursday or Friday, giving the board a chance to pull out of its nosedive. Some asking prices should be around $133 in the South and $202 plus in the North. Live and feeder futures are geared to open lower, pressed by spillover bearishness.