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DTN Early Word Opening Livestock       02/17 06:01
   Late Week Meat Paper to Open With Uneven Pricing

   Expect the cattle complex to open on a mixed basis as traders cautiously
position ahead of cash news. Lean hog contracts should also begin unevenly
thanks to cash premiums on one hand and softer carcass values on another.

By John Harrington
DTN Livestock Analyst

Cattle: Steady         Futures: Mixed   Live Equiv $130.82  + .54*
Hogs:   Steady-$1 HR   Futures: Mixed   Lean Equiv $ 89.77  -1.06**

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


   Cattle buyers and sellers have been successfully avoiding each other this
week, but business necessity will surely cause some kind of hookup Friday. The
tug-of-war is between tight fed supplies and poor processing margins. Look for
opening bids around $116 in the South and $186 in the North, well below asking
prices of $122/$190 to 192. Live and feeder futures are geared to open on a
mixed basis as specs and commercial slowly position before the development of
cash news.
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