DTN Early Word Opening Livestock 03/31 06:09

DTN Early Word Opening Livestock 03/31 06:09 Cattle Paper Braced for Follow-Through Buying Live and feeder futures should open moderately lower, further pressured by long liquidation and technical selling. On the other hand, lean hog contracts are set to open higher, supported by short-covering and improving pork carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 LR Live Equiv $148.68 - $2.34* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 82.31 + $1.27** * 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 psychology seems to be stumbling from discouraging to plumb ugly. Bullish expectations were smashed on Wednesday as aggressive long liquidation toppled live and feeder futures and beef cut-outs absolutely imploded. Light trade volume surfaced in parts of the North with dressed sakes marked at $214 to $216, $2 to $4 lower than last week's weight average basis Nebraska. Such a shake-up is causing feedlot managers to rethink asking prices Thursday morning. Steers and heifers will probably be priced this morning around $136 to $138 in the South and $218-plus in the North. Cattle buyers seem to be generally short-bought, but defensive tied to soft futures and wholesale action could delay significant trade volume until sometime Friday. Live and feeder futures should open moderately lower, pressed by residual selling and struggling boxed beef demand.