DTN Early Word Opening Livestock 03/15 05:53

DTN Early Word Opening Livestock 03/15 05:53 Opening Hog Futures Likely to be Pressured by Defensive Fundamentals Expect lean hog futures to open mostly lower, checked by lower cash sales and struggling product demand. On the other hand, cattle futures may open no better than mixed with nearbys outperforming deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady-Firm w/Tues Futures: Mixed Live Equiv $149.61 + .21* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 77.34 -2.34* * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for the cash cattle to slowly open with bids near steady to those seen on Tuesday (i.e., $127 to $128 live/$204 to $205 dressed). Asking prices should be around $129 plus dressed and $207 plus dressed). Feedlot ideas could certainly regroup if the board starts moving back toward early-year lows. The South is probably done for the week, but the North needs to do more work (either Thursday or Friday). Live and feeder futures should open on a mixed basis with trading attitudes torn between large cash premiums and technical defensiveness.