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DTN Early Word Opening Livestock       07/06 06:19
   Meat Futures Likely to Open Mixed Tied to Post-Holiday Caution

   Look for live and feeder cattle futures to return from the holiday break
with a mixed assortment of buying and selling interest. Similarly, the lean hog
pit seems set to resume business this morning with a cautious combination of
follow-through buying and long liquidation.

By John Harrington
DTN Analyst



Cattle: Cash Steady    Futures Mixed     Live Equiv $169.41 - $1.07*
Hogs:   Cash Steady    Futures Mixed     Lean Equiv $ 85.98 - .50**
* 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 Monday has a limited agenda -- really only two items.
The first is the customary distribution of new showlists. We expect the
post-holiday offering to be steady to somewhat larger. Encouraged by last
week's higher feedlot sales, sellers are likely to float higher asking prices
around $153 in the South and $245 to $247 in the North. The second order of
business will be less perfunctory but possibly more important. It involves the
assessment of holiday meat clearance and what it implies for early month beef
demand. Needless to say, such a difficult chore may take more than a day to
make meaningful progress. Expect live and feeder futures to open with mixed
price action this morning as specs and commercials carefully consider midsummer
market potential.
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