DTN Early Word Opening Livestock 02/09 05:59

DTN Early Word Opening Livestock 02/09 05:59 Cattle Contracts to Open Under Pressure Live and feeder cattle futures seem set to open lower, pressured by follow-through selling and the uncertainty of outside markets. Hog paper is likely to trade on a mixed basis in the early rounds thanks to residual selling and stronger cash. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 LR Live Equiv $147.72 - .70* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 81.16 - .61** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market will remain in neutral Tuesday with little effort on display to define either bids or asking prices. Both buyers and sellers were stunned Monday by the complete collapse in futures and the ugly return of troubling outside markets. Needless to say, processors and producers are anxious to see how quickly cattle futures can be freed of non-fundamental considerations. CME officials announced on Monday afternoon that zero loads were posted on first notice day for February live futures. Live and feeder contracts seem staged to open moderately lower, pressured by follow-through selling and uncertain fundamentals.