DTN Early Word Opening Livestock 10/01 06:13

DTN Early Word Opening Livestock 10/01 06:13 Live and Feeder Cattle Contracts Set for Further Losses Look for the cattle complex to remain under the gun, pressured by long liquidation and technical selling. Lean hog futures should open on a mixed basis with nearbys gaining on deferreds. By John Harrington DTN Livestock Analyst Cattle: Stdy/wk w/Wed Futures: 50-100 LR Live Equiv $142.12 - $1.29* Hogs: Steady to $1 HR Futures: mixed Lean Equiv $ 89.27 - 0.22** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While trade volume in cattle country was limited at midweek, the small sampling of sales was big-time disappointing. In Nebraska and Iowa, dressed deals ranged from $188 to $190, $13 to $15 below last week's weighted average basis Nebraska. A few thousand head were marked on a live basis in Kansas at $124 -- $6 lower than the prior week. Further development of light to moderate trade volume seems likely to surface today and/or Friday. Live and feeder futures are set to open significantly lower, checked by residual selling and eroding confidence in fundamentals.