DTN Early Word Opening Livestock 07/12 06:00

DTN Early Word Opening Livestock 07/12 06:00 Follow-Through Selling to Pressure Meat Futures on Opening Look for the cattle complex to open moderately lower Tuesday, checked by residual selling and long liquidation. Lean hog contracts should also remain on the defensive in the early going thanks to follow-through selling and lackluster fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 LR Live Equiv $139.53 - .33* Hogs: Steady-$1 LR Futures: 10-30 LR Lean Equiv $ 95.03 + .06** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While cash cattle potential is almost always cloudy on Tuesday, Monday's board crash makes Tuesday's promise virtually impossible to assess. Look for bids and asking prices to remain poorly defined with both buyers and sellers hoping that futures will stabilize. Our guess is that significant trade volume will develop at least somewhat earlier than normal (e.g., before Friday) given last week's limited shopping by packers. Live and feeder futures seem staged to open moderately lower, pressured by spillover selling and uncertain cash prospects.