DTN Early Word Opening Livestock 04/19 06:15

DTN Early Word Opening Livestock 04/19 06:15 Look for Cattle Futures to be Further Pressured in the Opening Live and feeder futures seem likely to open significantly lower, pressured by follow-through selling, technical bearishness, and long liquidation. On the other hand, hog paper should open on a firm basis, supported by spillover buying and improving carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $150.78 + .07* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 85.03 + .91** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Talk about getting up on the wrong side of bed. Imploding cattle futures on Monday have clearly lower cash expectations. Having said that, feedlot managers will be in no hurry to price showlists this week (they look genially larger, especially in Kansas), understandably waiting for market smoke to clear following Monday's bearish explosion. If producers could somehow find an antidote to the board's crash (not an easy question), they might be encouraged by the short-bought and well-margined status of packers. Yet Monday's gloom may be hard to shake. While much is hanging in the air at this point, our guess is that significant cash volume will be delayed until Thursday or Friday.