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DTN Early Word Opening Livestock       08/26 05:53
   Live and Feeder Pits Likely to Open Moderately Lower

   Look for the cattle complex to begin some lower, checked by profit taking
and pre-holiday demand worries. The lean hog pit will probably open on a mixed
basis with nearby contracts losing more ground to deferreds.

By John Harrington
DTN Analyst



Cattle:  Steady    Futures: 10-30 LR   Live Equiv $171.25 - 0.39*
Hogs:    $1-2 LR   Futures: mixed      Lean Equiv $111.30 - 0.92**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   With the long holiday weekend eagerly waving in the background, it seems
reasonable to assume that both cattle buyers and feedlot managers will try
their best to put the work of cash merchandising to bed as soon as possible.
But having said, the odds of anything significant developing in cattle country
as early as today seem pretty remote. Indeed, we don't that neither bids nor
asking prices will take on much definition at all. A few showlists could be
generally priced around $154-155 in the South and $245-247 in the North, but
serious trading ideas will probably remain quite hidden until Wednesday or
Thursday. Live and feeder futures seem set to open moderately lower, reined-in
a bit by profit taking and beef demand caution.
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