DTN Early Word Opening Livestock 08/28 05:41

DTN Early Word Opening Livestock 08/28 05:41 Hog Futures Staged to Open Week with Further Price Pressure Look for lean hog futures to open moderately lower, pressure by negative fundamentals and technical selling. The cattle complex should open on a mixed basis thanks to a combination of early week short covering and cash uncertainty. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: mixed Live Equiv $130.46 - 0.36* Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv $ 91.76 - 0.92** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot managers will be looking for a way to stabile the cash cattle trade this week. So far, the late summer market has been a rough ride. Frankly, late August just before Labor Day tends to be a tough time to find cash brakes. At any rate, the question won't be seriously framed today as packers limit efforts to the distribution off new showlists. We suspect the late month offering will be about steady with last week. Our guess in that asking prices will start out around $108-110 in the South and $173-175 in the North. Live and feeder futures should open on a mixed basis tied to short covering on one hand long liquidation on the other.