DTN Early Word Opening Livestock 03/09 06:32

DTN Early Word Opening Livestock 03/09 06:32 Intense Global Market Pressure Continues Another round of sharp losses are expected early Monday morning following widespread global market losses. Livestock futures are expected to continue to get caught up in the flurry of selling, focusing on potential limit losses. By Rick Kment DTN Analyst Cattle: Steady to Lower Futures: Lower Live Equiv $138.10 -0.65* Hogs: Steady to Lower Futures: Lower Lean Equiv $ 71.71 -0.21** * 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 activity is expected to remain quiet early in the week with packers and feeders coming back from the weekend to do normal business despite the aggressive outside market pressure developing across the complex. Typical showlist distribution and inventory taking is expected to be the main order of business with asking prices and bids unlikely through the day. Although the continued widespread pressure in the market may cause some panic selling, it is likely that both sides will likely wait until later in the week to see if overall stability can develop in the near future. The strong price pressure in cash and futures markets last week is creating expectations that additional softness may further develop in all livestock trade, leaving traders very nervous. Futures prices are expected lower, but with prices already at contract lows after Friday's sharp losses, there is little indication just how active losses will be at opening bell. Given the aggressive pressure in global markets and losses over 1,200 points in Dow Jones Futures trade early Monday morning, limit losses are not unlikely in live and feeder cattle. Continued fears of coronavirus has created panic selling as U.S. cases rose above 500 over the weekend. Monday slaughter is expected near 120,000 head.