DTN Early Word Opening Livestock 08/21 06:10

DTN Early Word Opening Livestock 08/21 06:10 Meat Futures Primed to Open Week Moderately Lower Look for live and feeder futures to resume trading Monday at least moderately lower, pressured by further long liquidation and struggling carcass value. Lean hog contracts are also likely to begin on the defensive in the face of growing supplies and softening pork demand. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $132.71 - 1.15* Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv $95.64 - 1.86** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Earlier this spring, midday darkness tied to a total eclipse of the sun might have spooked bullish psychology in cattle country. But given how gloomy cash and futures have been in recent weeks, the early-week market may not give Monday's solar totality much notice. Of course, even if the sun was scheduled to put in a normal day's work, feedlot country would be typically slow with the distribution of new showlists about the only thing on the agenda. We believe the fed offering will be about steady with last week. Cattle feeders would probably like to price steers and heifers steady to $2 higher than last week to start the week (e.g., $110 to $112 on a live basis), but much will depend upon the stability of futures and beef cutouts. Live and feeder futures are expected to open lower Monday, pressured by residual selling interest, technical concerns and uncertain product demand.