DTN Early Word Opening Livestock 06/14 06:13

DTN Early Word Opening Livestock 06/14 06:13 Live and Feeder Contracts to Open With Follow-Through Selling The cattle complex should continue to struggle in the early rounds Tuesday, pressured by residual selling and technical bearishness. Lean hog issues are likely to open on a mixed basis linked to an uneven combination of bull spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $148.48 - .64 * Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 92.65 + .97 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: In the wake of such an ugly Monday, at least two big questions seem to dawn Tuesday: 1) Will bearish momentum in cattle futures continue to mount; and 2) How easily will board defensiveness translate into cash terms? Yet Tuesdays are typically slow, and nothing says that either question will be suddenly answered. Indeed, we expect bids and asking prices to remain poorly defined at least early on. Live and feeder futures should open at least moderately lower, pressured by follow-through selling, beef demand worries and technical concerns.