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DTN Early Word Opening Livestock       07/28 06:00
   Hog Paper Staged for Defensive Opening

   Lean hog futures are set to open lower, pressured by follow-through selling
and crashing pork carcass value. On the other hand, live and feeder contracts
should begin with moderate gains thanks to residual buying interest and the
premium status of expected cash sales.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR   Futures: 25-50 HR   Live Equiv $134.49  - .56*
Hogs:   Steady-$1 LR   Futures: 50-100 LR  Lean Equiv $ 88.04  -4.02**

* 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 cash cattle potential to start taking shape Thursday. That should
at least mean better definition in terms of both bids and asking prices. Our
guess is that bids will start out around $113 to $115 in the South and $183 to
$185 in the North. Showlists should be priced around $118 to $120 in the South
and $190 plus in the North. It's certainly possible that significant trade
volume will not surface until sometime Friday. Live and feeder futures should
open moderately higher, supported by spillover buying and cash optimism.
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