DTN Early Word Opening Livestock 03/22 06:08

DTN Early Word Opening Livestock 03/22 06:08 Live and Feeder Issues Brace for Lower Opening The cattle complex should open moderately lower, pressured by spillover selling and uncertain cash potential. Look for lean hog contracts to play mixed in the early rounds tied to follow-through selling on one hand and short-covering on the other. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 LR Live Equiv $153.74 - $1.17* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 81.55 + $0.74** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle market watchers should expect a typically lazy Tuesday in feedlot country with both bids and asking prices poorly defined. Regarding the latter, feedlot managers will no doubt sit on their hands until they can better judge the resilience of the board's recent bearishness. If pressed to price cattle Tuesday morning, our guess is that producers would ask around $142 plus in the South and $228 plus in the North. Significant trade volume could easily be delayed until Thursday. Live and feeder futures seem likely to open moderately lower thanks to both residual selling and signs of softening demand.