DTN Early Word Opening Livestock 11/17 06:24

DTN Early Word Opening Livestock 11/17 06:24 Futures Pressure Expected to Continue Limit losses in live cattle futures have created additional widespread concerns of increased pressure through the rest of the livestock market early in the week. Even though the entire market is extremely bearish, there remains the chance of widespread short-covering activity due to light trade volume early in the morning, which could create increased price volatility. By Rick Kment DTN Livestock Analyst Cattle: Lower Futures: $2 LR Live Equiv $139.69 - 0.62* Hogs: Steady to $1 LR Futures: $1 LR Lean Equiv $ 79.18 + $1.33** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The early limit market move in live cattle futures Monday morning set an extremely bearish tone for the week across the entire cattle complex. The market remains in that weaker tone, although there may be some opportunities for short-covering if liquidation slows through morning trade. Live cattle futures will have expanded trade limits Tuesday of $4.50 per cwt, although feeder cattle futures did not close limit lower Monday, and will not see expanded trade limits. Cash markets at this point are undeveloped and are likely to remain that way until futures trade stabilizes a bit.