DTN Early Word Opening Livestock 11/15 05:57

DTN Early Word Opening Livestock 11/15 05:57 Meat Futures Likely to Remain on the Defensive at Midweek The cattle complex seems set to open lower, pressured by follow-through selling and technical bearishness. Lean hog contracts should also remain on the defensive in the early rounds, checked by further long liquidation and fundamental worries. By John Harrington DTN Livestock Analyst Cattle: $1-3 LR Futures: 50-100 LR Live Equiv $138.74 - .92* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 87.00 + .42** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Though generally quiet, the cash cattle trade on Tuesday did report a few lower deals in parts of Nebraska (e.g., $119 live, $3 to $4 lower than last week's weighted average). Such isolated bits of business may have been tied to basis opportunities. It remains to be seen if feedlot managers can successfully dig in somewhat close to last week's market. But until the board shows greater stability, bids and asking prices may be slow to surface. Live and feeder futures are expected to open at least moderately lower, pressured by spillover selling, further long liquidation, and cash uncertainty.