DTN Early Word Opening Livestock 04/03 06:05

DTN Early Word Opening Livestock 04/03 06:05 Hog Paper Likely to Remain on the Defensive Tuesday Lean hog futures seem staged to open lower, further pressured by follow-through selling, additional worries over the impact of Chinese tariffs and faltering cash sales. Look for the cattle complex to continue to struggle in the face of bearish momentum, technical concerns and cash uncertainty. By John Harrington DTN Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv: $146.20 - .06* Hogs: Stdy-$1 LR Futures: 50-100 LR Lean Equiv: $ 76.16 + .54** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While we typically don't expect significant trade volume in cattle country to develop as early as Tuesday, it's certainly possible if attractive basis opportunities develop (e.g., short-bought packers bidding well above April's deep discount). Needless to say, it's tough to price cattle when the board keeps falling like a lead anchor. If the board can stabilize, our guess is that initial asking prices will be around $122 live and $184 dressed. Live and feeder futures should open moderately lower, checked by residual selling and further technical selling.