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DTN Early Word Opening Livestock       07/23 06:09
   Cattle Pits Staged for Firm Opening at Midweek

   Live and feeder contracts are likely to open moderately higher this morning,
supported by follow-though buying and constructive fundamentals. On the other
hand, look for the lean hog pit to begin on a mixed basis with prices pulled
between residual buying interest and midweek profit taking.

By John Harrington
DTN Analyst



Cattle:  Steady-$2 HR   Futures: 50-100 HR  Live Equiv $173.27 + $1.01*
Hogs:    Steady-$1 LR   Futures: mixed      Lean Equiv $142.61 - $1.15**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   We could start to see the first signs of beef packer inquiry this morning,
at least in terms of a few scattered bids across feeding areas. That could mean
initial calling cards marked at $153-155 in the South and $245-247 in the
North. Of course, such token efforts are not likely to turn many feedlot head,
especially not after the board's bullish explosion on Tuesday. Indeed, asking
prices seem to be even stouter than when the week began. Out guess is that
ready steers and heifers are now priced around $158-160 in the South and
$250-plus in the North. Given such expectations and determined resolved,
significant trade volume could easily be delayed until sometime Friday. Live
and feeder futures seem set to open moderately higher, supported by spillover
buying interest and encouraging signs of strong midsummer beef demand.
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