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DTN Early Word Opening Livestock       08/01 06:14
   Follow-Through Selling Likely to Pressure Cattle Futures Opening

   Live and feeder contracts seem set to open lower this morning, checked by
follow-through selling, beef demand worries, and pre-cash caution. Look for
lean hog contracts to begin with moderate strength thanks to late-week short
covering and the correction of oversold charts.

By John Harrington
DTN Analyst



Cattle:  Steady-$2 HR   Futures: 50-150 LR   Live Equiv $181.55 + 0.26*
Hogs:    Steady-$1 LR   Futures: 25-50 HR    Lean Equiv $137.92 -$1.20**
* 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 feeders trade steers and heifers today substantially above nearby
live futures, it sure won't be a shocking novelty. Indeed, a standard feature
of the summer market of 2014 has been an extraordinarily strong basis. Given
the way the way the board has been lagging this week just as carcass value has
been firming, it looks like we're headed down a familiar road this morning.
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