DTN Early Word Opening Livestock 04/04 05:56

DTN Early Word Opening Livestock 04/04 05:56 Meat Futures Expected to Open with Further Price Pressure The cattle complex is likely to remain under pressure Wednesday, checked by lower feedlot sales and further long liquidation. A similar bearish momentum should sponsor another wave of early selling in lean hog futures. By John Harrington DTN Analyst Cattle: Stdy/wk w/Tues Futures: 50-100 LR Live Equiv: $145.86 - .34* Hogs: Stdy-$1 LR Futures: 50-100 LR Lean Equiv: $ 76.16 Unchg** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Most major cattle-feeding states saw the development of light trade volume on Tuesday as some feedlot managers (either hedgers seizing strong basis levels or simply producers unnerved by ever-deepening board discounts) moved to accept significantly lower bids (i.e., $117 to $118 in the South; mostly $188 dressed in the North). Excuse the broken record, but the timing of further cash business this week will depend a great deal upon what the board does Wednesday and through the end of the week. Live and feeder futures should open at least moderately lower, pressed by further long liquidation, technical selling and defensive fundamentals.