DTN Early Word Opening Livestock 08/30 05:59

DTN Early Word Opening Livestock 08/30 05:59 Livestock Contracts Geared for Lower Opening The cattle complex should open moderately lower, checked by follow-through selling and long liquidation. Lean hog issues are also set to remain on the defensive in the early going, pressured by residual bearishness and negative fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $131.26 + .65 * Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv $90.22 - $1.23 ** * 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 cash cattle trade should begin to take on some definition at midweek. The FCE internet business could push in one direction or the other (look for results posted on the cash cattle page later Wednesday morning). Yet its limited volume hasn't been too significant in recent weeks. Our guess is that asking prices will start out around $108 plus in the South and $175 plus in the North. It's possible that significant trade volume will be delayed until Thursday or Friday. Live and feed futures should open moderately lower, pressured by follow-through selling and pre-holiday long liquidation.