DTN Early Word Opening Livestock 08/30 06:10

DTN Early Word Opening Livestock 08/30 06:10 Livestock Futures Geared for Mixed Opening The cattle complex is likely to open on a mixed basis tied to follow-through selling on one hand and short-covering on the other. Lean hog futures also seem set to begin with uneven price action with nearby gaining on deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $134.68 -0.72* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 82.56 + .75** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although trade volume generated in Nebraska Monday was quite light, any level of country business on a Monday is noteworthy (especially when sharply lower prices are involved). Is the early crack in feedlot resolve enough to poison the greater cash trade through the week, or will it prove to be an isolated bearish spasm? Needless to say, only time will tell. At the very least, it seems safe to say that panic feedlot selling is less likely to surface in the near term if futures manage to display greater stability. Assuming the board can at least avoid free fall, bids and asking prices should be poorly defined Tuesday with significant trade volume probably delayed until Thursday or later. Live and feeder futures are set to open on a mixed basis linked to residual selling on one hand and short-covering on the other.