DTN Early Word Opening Livestock 10/12 06:13

DTN Early Word Opening Livestock 10/12 06:13 Meat Futures Set for Mixed Opening at Midweek. Look for cattle futures to open moderately lower, pressured by spillover selling and struggling carcass value. On the other hand, lean hog contracts should open on a firm basis thanks to residual buying and improving cash stability. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 LR Futures 25-50 LR Live Equiv $124.27 - .93* Hogs: Cash Steady Futures 10-30 HR Lean Equiv $78.15 - .33** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: So far this week, it looks like slumping futures continue to be determined to lead fed cattle sales lower and lower. Spot October plunged below last week's low, setting a new six-week low in the process. While this latest bearish shock essentially paralyzed buyers and sellers alike, a handful of dressed deals were reported in parts of the North at $155 to $156 (roughly $3 to $4 lower than last week). Does this small test represent a trend? Obviously it's too early to tell. Yet with the basis strengthening to $4-plus over, it could be extremely difficult for feedlot managers to resist lower bids. CME officials announced six loads posted for October delivery Tuesday afternoon, all retendered at Worthing for $1. Live and feeder futures are staged to open moderately lower, pressured by follow-through selling and defensive action in the wholesale beef trade.