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DTN Early Word Opening Livestock       07/28 06:34
   Cattle Complex Staged for Bullish Opening

   Live and feeder cattle contracts are likely to open significantly higher
thanks to follow-through buying and substantial cash premiums. On the other
hand, lean hog futures could begin with moderate strength, supported by
short-covering and spillover buying from the cattle pits.

By John Harrington
DTN Analyst



Cattle: Cash Steady-$2 HR     Futures 100-300 HR     Live Equiv $177.56 + $1.13*
Hogs:   Cash Steady-$1 LR     Futures 20-50 HR       Lean Equiv $140.68 + .60**
* 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 cattle market's historical bullish parade is expected to roll on this
week with feedlot managers confidently asking packers to pay more money for
fats than ever before imagined. Our guess is that new showlists distributed
this morning will be initially priced around $170-plus in the South and
$270-plus in the North. Look for the late July offering to be steady to
somewhat smaller than last week. Significant trade volume will probably be
delayed until at least Wednesday or Thursday. Live and feeder contracts at the
CME should open substantially higher as the board continues to reach toward
large cash premiums.
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