DTN Early Word Opening Livestock 02/20 08:15

DTN Early Word Opening Livestock 02/20 08:15 Hog Pressure Leaves Markets Moves Uncertain Early-week market hog market losses test trader support following technical losses. Continued fundamental pressure is likely to develop through the week. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $145.02 +0.09* Hogs: Steady to $1 Lower Futures: Lower Lean Equiv: $ 64.36 -1.67** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited cash market trade is expected early Wednesday morning with additional uncertainty of follow-through moves through the end of the week. At this point, asking prices are still poorly defined, but may start to develop through the day. Bids are also not expected to be readily available until the second half of the week. The strong support in futures trade Tuesday is likely to keep most feedlot managers on the sidelines through the end of the week. Most trade is likely to be delayed until Thursday or Friday. Futures trade is expected to remain sluggish at the opening bell with moderate-to-strong underlying support from Tuesday expected to create follow-through buying. A remnant of position-taking is also expected in the early minutes of trade, but the direction of the market through the rest of the day will be heavily influenced by outside market direction.