DTN Early Word Opening Livestock 03/01 05:50

DTN Early Word Opening Livestock 03/01 05:50 Hog Futures Staged to Open Lower Lean futures should open on the defensive, pressured by follow-through selling and eroding carcass value. Look for the cattle complex to begin with mixed price actions thanks to residual selling on one hand and short-covering on the other. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: Mixed Live Equiv $148.01 + .27 Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 82.49 -2.09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle psychology took it on the chin Wednesday as lower futures and cash fed on each other. Further action Thursday will depend on actual trade volume totals generated at midweek, and it will be important to check Mandatory summaries, which will be released later Thursday. It's possible that business is already done for the week in some regions. Our guess is that unsold steers and heifers are priced around $128 live and $205 dressed. Live and feeder futures should open on a mixed basis thanks to follow-through selling and short-covering.