DTN Early Word Opening Livestock 12/10 06:43

DTN Early Word Opening Livestock 12/10 06:43 Follow-Through Pressure Expected in Cattle Trade Cattle futures are expected lower Thursday as traders continue to grapple with sharply lower cash cattle trade as well as searching for long-term support for nearby and deferred contracts. Lean hog futures are expected higher, although light trade volume may limit buyer support. By John Harrington DTN Livestock Analyst Cattle: Lower Futures: Mixed Live Equiv $135.60 - 0.53* Hogs: Steady to $1 HR Futures: Mixed Lean Equiv $ 77.13 + ___FCKpd___0.56** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash trade through the country continues to develop through the week with prices sharply lower in both the North and South from last week levels. Prices are seen from $186 to $188 in the North And at $119 in the South. This is generally $4 to $6 per cwt lower than last week's average price average, with the aggressive losses on the futures market creating the potential that additional weakness still in store before the week is over. Packers are expected to show some additional interest through the day Thursday as some additional trade is expected to need to develop before the end of the week. Futures are likely to start out on the defensive once again after breaking below support levels midweek, as follow-through selling pressure is likely to develop. There is the potential of short covering trying to fill the gap, and limit the downward price push, but the weakness in the market seems too hard to fill at this point.