DTN Early Word Opening Livestock 05/15 08:48

DTN Early Word Opening Livestock 05/15 08:48 Livestock Futures Staged for Mixed Opening with Cattle Lower and Hogs Higher The cattle complex should open moderately lower, pressured by follow-through selling and technical defensiveness. Lean hog issues are geared to begin moderately higher thanks to residual buying interest and improving fundamentals. By John Harrington DTN Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv: $150.21 + .54* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv: $ 78.63 + .08** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle-market psychology is in a state of flux, scrambled between sharply lower futures and further appreciation in carcass value. Such early-week confusion should result in poorly defined bids and asking prices, possibly delaying significant trade volume until the second half of the week. It's possible that some business could develop earlier if there are attractive basis opportunities. Live and feeder futures seem set to open moderately lower, checked by follow-through selling and ideas that cash sales are set to slide down the back side of the seasonal top.