DTN Early Word Opening Livestock 06/28 05:54

DTN Early Word Opening Livestock 06/28 05:54 Look For Cattle Futures to Open Under Pressure at Midweek Live and feeder contracts are likely to open substantially lower, pressured by residual selling, long liquidation and struggling wholesale prices. Lean hog issues should open on a mixed basis as specs and commercials position ahead of Thursday's June Hogs & Pigs report. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 100-200 LR Live Equiv $154.51 -2.37* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $107.84 + .96** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although the cattle market seemed to start the week on a renewed note of optimism, psychology has quickly soured thanks to crashing futures and imploding beef cutouts. Such a false start could make it tough for feedlot managers to hold the cash line over the next several days. FCE internet business later this month could spark country trade volume in one direction or the other. Live and feeder futures are expected to open significantly lower, checked by residual selling interest, long liquidation and signs of struggling beef demand.