DTN Early Word Opening Livestock 04/26 06:13

DTN Early Word Opening Livestock 04/26 06:13 Further Aggressive Selling Likely Friday Market bearishness has swept through the cattle and hog futures this week, which could lead to additional sharp losses in most contracts. By Rick Kment DTN Analyst Cattle: Steady Higher Futures: Lower Live Equiv: $152.31 -0.24* Hogs: Steady Higher Futures: Lower Lean Equiv: $ 88.61 -3.26** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle trade developed early in the week in all areas with Southern trade steady to $1 per cwt higher, while trade in the North developed Thursday steady to $3 per cwt lower in both live and dressed markets. It is possible that additional trade may develop in the North during the day Friday, although the tone of the market has already been set. Trade in the South is likely to be wrapped up for the week, although the possibility of clean-up trade at the end of the week before month end is always a possibility. This may spark some additional cash market movement. Futures trade is expected to remain bearish following the aggressive two-day sell-off through the entire complex. Nearby futures have fallen nearly $6 per cwt the last two trading sessions, breaking through short-term support levels, and adding additional liquidation potential at the end of the week.