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DTN Early Word Opening Livestock       07/27 05:59
   Lean Hog Futures Staged For Softer Opening

   Look for hog futures to open under pressure thanks to long liquidation and
lower carcass value. On the other hand, the cattle complex should open on a
mixed basis thanks to residual buying and long liquidation.

By John Harrington
DTN Livestock Analyst



Cattle: Steady w/Wed   Futures: Mixed       Live Equiv $139.80  - .44*
Hogs:   .50-$1 LR      Futures: 50-100 LR   Lean Equiv $106.15  -1.82**

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

GENERAL COMMENTS:

   Although trade volume was limited on Wednesday, lower steer and heifer
prices probably set the market for the balance of the week (i.e., $118
dressed/$117 live). Unsold cattle are priced around $120 in the South and $190
in the North. Look for trade volume to increase Thursday and/or Friday. Live
and feeder futures seem set to open on a mixed basis thanks to a combination of
follow-through buying and long liquidation.
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