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DTN Early Word Opening Livestock       02/05 06:04
   Cattle Futures Staged for Firm, Late-Week Opening

   Live and feeder cattle should open higher Friday, supported by
short-covering and positive cash expectations. On the other hand, lean hog
contracts should open on a mixed basis tied to a late-week combination of
spillover buying and profit-taking.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR  Futures: 10-30 HR   Live Equiv $149.73  + .36*
Hogs:   Steady-$1 HR  Futures: Mixed      Lean Equiv $ 80.64  - .71**

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

GENERAL COMMENTS:

   If cattle buyers find it necessary to spend more on live inventory sometime
Friday afternoon, it will mark the third consecutive 11th hour of bullishness
seen in 2016. Packers are likely to start work Friday with bids of $136 to $138
in the South and $210 in the North. Asking prices will probably be posted
around $142 in the South and $215 plus in the North. Given their success in
recent weeks, feedlot managers may be encouraged to wait for higher bids
through late afternoon. Live and feeder futures are set to open moderately
higher, supported by follow-through buying and prospects for greater cash
premiums.
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