DTN Early Word Opening Livestock 11/09 06:03

DTN Early Word Opening Livestock 11/09 06:03 Livestock Paper Seem Geared to Open Moderately Lower Live and feeder contracts are likely to open moderately lower, checked by residual selling and technical concerns. Lean hog futures should also set at moderately lower, pressured by further cash pressure and uncertain chart support. By John Harrington DTN Livestock Analyst Cattle: Steady w/midweek Futures: 50-100 LR Live Equiv $140.89 + 0.57* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 85.87 - 0.37** * 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 development of moderate to active trade volume generating on Wednesday could mean the feedlot cash trade is essentially done for the week. Scattered clean-up activity is certainly possible today and/or tomorrow. But we will be surprised if late-week prices are much different than those seen so far (i.e., $124 in the South, $192 in the North). Live and feeder futures seem likely to open moderately lower, pressure by follow-through selling and further long liquidation.