DTN Early Word Opening Livestock 01/08 06:10

DTN Early Word Opening Livestock 01/08 06:10 Meat Futures Likely to Open Lower on Follow-Through Selling The cattle complex should open moderately lower, pressed by follow-through selling and the threat of outside markets. Lean hog contracts also seem set to begin some lower, checked by spillover bearishness and the discount of the cash index. By John Harrington DTN Livestock Analyst Cattle: Steady/weak w/Thurs Futures: 50-100 LR Live Equiv $154.34 + $1.80* Hogs: Steady Futures: 50-100 LR Lean Equiv ___FCKpd___0nbsp; 73.86 - 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: Look for light to moderate business to surface in most areas of cattle feeding country between late morning and early afternoon. The cash ice broke in parts of Nebraska and Iowa Thursday thanks to the crashing board and the development of stronger basis levels. Dressed sales ranged between $210-212, steady to $2 lower. Some live deals were reported at $132-133, $1-2 lower. Asking prices this morning should start out around $134-136 in the South and $214 plus in the North. Yet country attitude may hinge a great deal upon the ability/inability to stabilize. In this regard, buyers and sellers will no doubt be focusing on outside market and the threat of further fall-out in the morning. Live and feeder futures are geared to open at least moderately lower, pressurd by follow-through selling and nervous regarding outside markets. Extended limits will be in play for both live (450 points) and feeder (600 points) futures.