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DTN Early Word Opening Livestock       09/15 06:06
   Meat Futures Seem Staged for Mixed Opening

   The cattle complex at the CME should open with uneven price action thanks to
a slow combination of short covering, cash premiums, and beef demand worries.
The lean hog pit is also likely to begin on a mixed basis, scambled in the
early going by spillover selling and profit taking.

By John Harrington
DTN Analyst



Cattle:  Steady  Futures: mixed  Live Equiv $170.28 - $1.09*
Hogs:    Steady  Futures: mixed  Lean Equiv $114.95 - 0.96**
* 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 cash cattle trade this morning will be typically slow as packers
concentrated on the collection of new showlists. We expect the mid-month
offering to be about steady with last week. Both sides will no doubt keep a
close eye on the discounted board for new clues regard early fall price
directions. Initial asking prices should be around $163-165 in the South and
$253-255 in the North. While we think packers are fairly short-bought,
significant trade volume could once again be delayed until the second half of
the week. Live and feeder futures appear likely to open on a mixed basis thanks
to a combo of residual buying and selling on one hand and profit taking on the
other.
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