DTN Early Word Opening Livestock 09/02 06:09

DTN Early Word Opening Livestock 09/02 06:09 Spillover Selling Likely to Press Cattle Paper in Opening Rounds Live and feeder contracts seem likely to open solidly lower, pressured by follow-through bearishness and technical selling. On the other hand, hog futures should open moderately higher tied to residual buying interest and pre-holiday short-covering. By John Harrington DTN Livestock Analyst Cattle: Cash Stdy w/Thurs Futures 50-100 LR Live Equiv $132.67 - .59* Hogs: Cash Steady-$1 LR Futures 10-30 HR Lean Equiv $83.81 + .39** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Most cattle feeders will probably be happy to run up the white flag Friday morning, suing for a cease fire until after the Labor Day break. It's been a brutal week for both cash and futures. Hopefully, the long weekend will allow the runaway bearish psychology to cool. Light trade surfaced again on Thursday with prices once again around $110 in the South and $173 to $175 in the North. We could see a few scattered clean-up deals, but for the most part, business seems done for the week. Actually, trade volume totals don't look to bad, and it may not be necessary to carry too many cattle into next week. Live and feeder futures should open on the defensive, further checked by follow-through selling and technical bearishness.