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DTN Early Word Opening Livestock       02/12 06:03
   Livestock Futures Staged for Mixed Late-Week Opening

   Look for cattle contracts to open on a mixed basis Friday, pushed and pulled
by follow-through selling and short-covering. Lean hog issues should also
generate uneven price action in the early going, tied to residual buying and
late-week profit-taking.

By John Harrington
DTN Livestock Analyst



Cattle: Steady        Futures: Mixed     Live Equiv $146.47  - $0.29 *
Hogs:   Steady-$1 HR  Futures: Mixed     Lean Equiv $ 79.72  - $1.53 **

 * based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Moderate trade volume was generated in most cattle feeding areas Thursday as
Southern feedlots accepted bids $3 lower than last week on a live basis ($133)
and Northern operators accepted dressed bids generally $4 lower ($206). We
could see scattered clean-up business surface here and there through the day,
but it looks like the lion's share of cash trading is done for the week. With
the board still plowing major discounts to feedlot cash, we still haven't seen
any delivery interest. Live and feeder futures are expected to open on a mixed
basis thanks to a combination of spillover selling and late-week short-covering.
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