DTN Early Word Opening Livestock 06/14 06:07

DTN Early Word Opening Livestock 06/14 06:07 Further Weakness Expected on Cattle Futures Opening Live and feeder futures should open lower at midweek, pressured by signs of cash weakness, long liquidation and follow-through selling. Lean hog contracts are set to begin with higher prices as summer contracts gain further on deferred. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $162.62 - .50* Hogs: $1-2 HR Futures: 50-100 HR Lean Equiv $100.44 +1.83** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Bearish cracks started to surface late Tuesday in the cash cattle trade as some feedlot managers suddenly decided to use lower, early-week bids to move cattle. Light trade volume developed in parts of Kansas and Texas at $132 to $133, $4 to $5 lower. Some dressed deals in parts of the North ranged mostly from $215 to $217, generally $3 to $5 lower. It was tough to get a good handle on trade volume given the relatively late hour, so we will be eager to see Mandatory totals later Wednesday. Live and feeder futures seem set to open under pressure thanks to cash weakness, technical selling and further long liquidation.