DTN Early Word Opening Livestock 10/06 06:06

DTN Early Word Opening Livestock 10/06 06:06 Meat Futures Set to Open Moderately Lower Live and feeder cattle futures should open moderately lower, pressured by long liquidation and struggling wholesale values. Lean hog contracts are also expected to begin on the defensive, checked by follow-though selling and general supply fears. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 LR Futures 25-50 LR Live Equiv $125.60 - $1.14* Hogs: Cash Steady-$1 LR Futures 25-50 LR Lean Equiv $ 77.55 + .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: Scattered sales were reported in parts of cattle feeding country at midweek, but not enough to constitute a meaningful market test. Several thousands were reported in Kansas at mostly $102 and in Nebraska at $102 to $103. Asking prices this morning should be around $106 on a live basis. Barring a major collapse in futures, significant trade volume may be delayed until sometime Friday. Live and feeder futures should open moderately lower, pressured by long liquidation, profit-taking, and eroding carcass value.