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DTN Early Word Opening Livestock       09/03 06:14
   Hog Futures Likely to Open on a Firm Basis

   Supported by bullish momentum and technical buying, lean hog futures seem
ready to open moderately higher. The cattle complex is likely to begin on a
mixed basis as traders position ahead the development of late week cash trade.

By John Harrington
DTN Analyst



Cattle: Cash Steady-$2 LR    Futures Mixed       Live Equiv $161.20 - 0.54*
Hogs:   Cash Steady-$1 LR    Futures 10-30 HR    Lean Equiv $90.76 -0.23**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   A few discountable pens were sold in the Northern tier of feedlot country
Wednesday (i.e., $222 to $225, $2 to $5 lower than weighted averages scored
last week), but for the most part the week's offering still remains untouched.
Cattle buyers would probably like to complete procurement chores today and then
step into a long holiday weekend. That may require they move closer to asking
prices of $146 to $148 in the South and $228-plus in the North. Of course,
stalling until Friday is clearly a possibility. Live and feeder futures should
open on a mixed basis thanks to spillover buying on one hand and profit-taking
on the other.
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