DTN Early Word Opening Livestock 03/12 07:01

DTN Early Word Opening Livestock 03/12 07:01 Hogs Futures May Run Out of Strength Live cattle futures were lower Monday, but at least they did not fall out of bed. Feeders came under greater pressure eliminating the gains of Friday. Hogs exhibited strength posting triple-digit gains for the second consecutive day. By Robin Schmahl DTN Dairy Analyst Cattle: Steady Futures: Lower Live Equiv $150.35 +0.68* Hogs: Steady Futures: Higher Lean Equiv $ 70.91 +1.38** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: A general disappointment by the trade about the Cattle on Feed report took the pre-report strength out of the market. Traders will settle down to following market fundamentals, which do not look too promising given the expectations for cash trading this week. Showlists were distributed, but nothing more than a repeat of last week. Business will wait until late in the week as packers and feedlots wait to see who will blink first. Beef production last week totaled 489.1 million pounds, down 0.5% providing nothing for market direction. June live cattle chart put in a double-top based on price action Friday and Tuesday. Double-tops are meant to be broken, and if this holds true, new contract highs may be a possibility in the near-term.