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DTN Early Word Opening Livestock       04/23 06:14
   Lean Hog Paper Staged for Moderate Price Pressure

   The lean hog pit should open moderately lower, pressed by struggling beef
demand and the bearish cold storage report. On the other hand, live and feeder
cattle contracts seem set to begin on a firm basis with the help of
follow-through buying and seasonally stronger beef demand.

By John Harrington
DTN Analyst



Cattle:  Steady-$1 LR   Futures: 10-30 HR   Live Equiv $158.66 + $1.18 *
Hogs:    Steady         Futures: 25-50 LR   Lean Equiv $124.95 - $2.33**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   The midweek cattle trade could start to assume some definition with at least
the surfacing of starter bids here and there (e.g., $143-144 in the South,
$232-233 in the North). Such preliminary efforts probably won't do much in
terms of selling interest. Asking prices should be restated around $148 in the
South and $238 plus in the North. While attractive basis opportunities could
spark scattered business, significant trade volume will likely be delayed until
Thursday or Friday. Cattle futures are expected to open moderately higher,
supported by residual buying interest and appreciating carcass value.
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