DTN Early Word Opening Livestock 08/25 06:04

DTN Early Word Opening Livestock 08/25 06:04 Livestock Futures Staged for Moderately Lower Opening Live and feeder futures should open moderately lower, checked by follow-through selling and lower feedlot business. Lean hog contracts are also set to open some lower thanks to residual selling and a general lack of buying interest. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 10-30 LR Live Equiv $135.67 -.07* Hogs: Steady-$1 LR Futures: 10-30 LR Lean Equiv $ 81.06 -.10** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: To the surprise of many market watchers, significant weakness surfaced in the cash cattle market as early as midweek. Moderate trade volume developed in most areas with live sales in Kansas and Texas as much as $3 lower (i.e., $115). While we could see a light round of clean-up action surface Thursday and/or Friday, country prices have no doubt been established for the week. Live and feeder futures are likely to open moderately lower, pressured by spillover selling and disappointing cash sales.