DTN Early Word Opening Livestock 08/29 05:58

DTN Early Word Opening Livestock 08/29 05:58 Meat Futures Set to Open Week With Mixed Price Action Look for the cattle complex to open moderately lower Monday, pressured by follow-through selling and bearish cash psychology. On the other hand, expect lean hog issues to begin moderately higher, supported by residual buying interest and the premium status of the cash index. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 LR Live Equiv $135.40 - .35 * Hogs: Steady-$1 LR Futures: 25-50 HR Lean Equiv $ 81.81 - .17 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Spot August live cattle futures expire in just a few days, but even at this date, show little interest in converging with the feedlot cash trade (at least not if it means moving toward the most recent country sales). Indeed, as the week starts, the nearby board continues to direct cash expectations lower. While futures could take a big swing one way or the other Monday, the cash arena will no doubt be typically quiet as packers and feedlot managers focus exclusively on the distribution of new showlists. We expect the pre-holiday offering to be about steady with last week. Our guess is that asking prices will start out around $118 in the South and $186 to $188 in the North. Live and feeder futures are likely to open moderately lower, pressured by follow-through selling and defensive cash prospects.