DTN Early Word Opening Livestock 06/27 06:00

DTN Early Word Opening Livestock 06/27 06:00 Meat Futures Staged for Lower Opening Lean hog contracts are likely to open moderately lower, checked by generally bearish implications of the June 1 Hogs & Pigs report unveiled on Friday and long liquidation. The cattle complex should also begin on the defensive, pressured by follow-through selling and faltering beef carcass value. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 LR Futures 25-50 LR Live Equiv $142.05 - .95* Hogs: Cash Steady Futures 50-100 LR Lean Equiv $94.74 +.40** * 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 trade should be typically quiet Monday morning as packers make their rounds collecting new showlists. We expect the last week of the month offering to be somewhat larger than last week's, thanks to limited trade volume totals. On the other hand, aggressive chain speed last week surely worked to promote general feedlot currentness. Our guess is initial asking prices will be around $118 to $120 in the South and $192-plus in the North. Needless to say, much will depend upon the ability of futures to stabilize. Uncertain extended reaction to the Brexit vote remains a potential dark cloud that few have a good handle on. Live and feeder contracts are likely to open moderately lower, checked by follow-through selling, outside market worries, and beef demand worries.