DTN Early Word Opening Livestock 09/28 06:53

DTN Early Word Opening Livestock 09/28 06:53 Futures Expected Lower Midweek Late-day pressure Tuesday will carry into early Wednesday trade in the cattle futures. The lack of support in the cattle market continued to erode any support that had developed in hog markets. By Rick Kment DTN Analyst Cattle: $2 to $4 LR Futures: Lower Live Equiv $127.96 + 0.42* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 82.73 - 1.04** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Aggressive pressure across cattle futures Tuesday created panic selling in some areas of the North where light trade took place in Nebraska at $163 per cwt, which is $4 lower than last week's average. Packers remain short bought, but the bearish tone in the market may continue to pressure the market and create a bearish tone in the complex. Futures are expected to open defensively once again with Tuesday's limit losses giving way to expanded trading limits in both live cattle and feeder cattle markets. This could create a wide trading range through the Wednesday session and given the lack of direction in the market, it is anyone's guess as how it will play out.