CHICAGO (Dow Jones)--Deeply depressed equities markets and profit-taking after Chicago Mercantile Exchange hogs' modest bounce Monday will pressure futures early Tuesday.

Futures on the Dow Jones Industrial Average are down more than 200 points amid worries that Greece's dept problems will spread into other European countries which again boosted the U.S. dollar.

Domestic and foreign pork consumers may switch to less-expensive alternative meat protein as anxiety about their personal finances build. And, the surging dollar usually curbs U.S. exports for such products as pork.

Meanwhile, expectations for steady-to-lower cash hog prices is another negative market influence as packers curtail supply needs ahead of the Memorial Day holiday. And, Monday's wholesale pork price was unchanged due to tepid retail buying interest for fresh pork before the holiday.

Technical charts show June tucked between 81.37-cents 100-day moving average support and 82.75 10-day moving average resistance levels.

July's 81.14 100-day moving average serves as an area of support. The contract's 83.36 10-day moving average is a resistance target.

CME pork bellies are expected lower on profit-taking and likely spillover lean hog selling pressure.

Also a few traders will try to avoid accepting 18 deliveries that were posted by CME Monday against the spot-May contract that will expire at 1 pm. EDT Tuesday.

And some in the pit await the exchange's weekly belly storage report that will be available after 5 p.m. EDT Tuesday.

Cattle Complex

A lower floor-traded CME live cattle open is anticipated given leftover weakness from futures' declines Monday, cash cattle price uncertainty and financial sector fallout.

The fear among those in the cattle sector is that grocery shoppers would forgo high-end beef cuts the longer Europe's economic problems roil global financial markets.

From a fundamental live cattle market perspective, no cash-basis bids or asking prices were reported after cattle last week sold for $96 to $98 per hundredweight. Fed cattle the week before brought mostly $100.

Although packers have impressive margins on their side, they will be reluctant to pay more for cattle than they did last week because they require less supplies heading into the three-day holiday weekend.

Operating margin index for beef packers for Monday was plus $52.90 per head, compared with plus $40.00 Friday, as calculated by HedgersEdge.com.

Charts indicate June and August below 91.62-cents and 90.42 100-day moving average resistance obsticles.

CME feeder cattle will likely open negatively due to Monday's market selloff that should carryover into Tuesday, bearishness in the neighboring live cattle pit and lower cash feeder cattle values.

(To access the daily livestock market data recap report, keyword search for "Livestock Market Fundamental Data Recap.")


-By Theopolis Waters; Dow Jones Newswires; 312-347-4965; theopolis.waters@dowjones.com