DTN Early Word Opening Livestock 02/27 05:47

DTN Early Word Opening Livestock 02/27 05:47 Pressure Expected Early Tuesday Market weakness is expected to redevelop early Tuesday following the swift market pullback in month futures trade during initial early-week trade. This may limit additional buyer activity through most of the morning. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $146.43 +0.17* Hogs: Steady to $1 Lower Futures: $1 Lower Lean Equiv $ 84.53 +0.75** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Follow-through pressure is expected to slowly develop early Tuesday morning with traders focusing on the inability to bring any stability back into nearby contracts Monday. This continues to have more impact on nearby live cattle contracts and the entire feeder cattle market with April live cattle futures within striking distance of breaking through short-term support levels. Moderate early losses would break through February lows, and create some underlying pressure through the entire complex. This may limit the potential for follow-through buying as liquidation continues across the complex. Cash cattle markets are expected to remain undeveloped across the complex with traders looking for increased overall activity through the rest of the week. Bids and asking prices are still likely to remain overall sluggish with limited direction seen through the complex until later in the week.