DTN Early Word Opening Livestock 06/15 05:56

DTN Early Word Opening Livestock 06/15 05:56 Cattle Futures Staged For Further Defensiveness Live and feeder futures should open sharply lower, pressured by follow-through selling, cash market worries and long liquidation. Lean hog issues are likely to play mixed on the opening with summer months higher and deferred some lower. By John Harrington DTN Livestock Analyst Cattle: Lower Futures: 100-200 LR Live Equiv $162.10 - .52* Hogs: $1-2 HR Futures: Mixed Lean Equiv $100.54 + .10** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: This week's cash cattle trade has turned into a real mudslide. Although we didn't see a great deal of volume (a few large strings in Nebraska at $130), bids were significantly lower than the major price break evident on Tuesday. Feedlot managers will try hard to find the brakes Thursday and Friday, but that may be tough if the board can't pull out of its nosedive. Asking prices Thursday seem likely to start out around $132 in the South and $212 to $213 in the North. Live and feeder futures seem staged to open substantially lower again, pressed by long liquidation and technical selling.