DTN Early Word Opening Livestock 10/04 06:19

DTN Early Word Opening Livestock 10/04 06:19 Meat Futures Staged for Mixed Opening Look for the cattle complex to open on a mixed basis tied to follow-through selling and light short-covering. Lean hog contracts should also begin with uneven price action with further bear-spreading interest. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 LR Futures Mixed Live Equiv $126.69 - .50* Hogs: Cash Steady-$1 LR Futures Mixed Lean Equiv $78.58 - .43** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade should remain in slow gear Tuesday with both bids and asking pricing remaining poorly defined. Few would deny that both cash and futures markets are currently plagued by bearish momentum. What will it take to break these defensive patterns? No one seems to know. Yet, even the most persistent market trends eventually run out of gas. Significant trade volume may be delayed until Thursday or Friday. Live and feeder futures are staged to open on a mixed basis as traders nervously search for potentials of stability.