DTN Early Word Opening Livestock 02/26 05:47

DTN Early Word Opening Livestock 02/26 05:47 Renewed Hog Market Pressure Develops Triple-digit pressure Monday in lean hog trade is setting the complex up for additional follow-through losses early Tuesday morning. Traders are focusing on renewed fundamental pressure and potential contract lows in hog trade. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv: $146.05 +0.62* Hogs: Steady to $1 Lower Futures: Lower Lean Equiv: $ 65.37 +1.91** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Sluggish trade is expected early Tuesday morning following lackluster and directionless moves in all cattle trade Monday. Sharp early-week losses in corn, wheat and lean hog trade have diverted the focus away from fundamental and technical moves that may develop in the cattle complex, keeping prices hovering in a narrow range. The direction Tuesday is not expected to change as traders continue to focus on outside market direction while assessing end-of-month demand for beef. Cash markets are undeveloped with bids and asking prices still quiet. This is expected to continue through the next couple of days with active trade likely to be pushed off until late in the week.