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DTN Early Word Opening Livestock       07/18 05:35
   Livestock Futures Are Set to Open Mixed at Midweek

   Expect lean hog contracts to begin in a mixed basis thanks to a residual of
selling on one hand and short covering on the other. The cattle complex shoulld
also begin with uneven price action tied to follow-through selling and the
premium status of recent feedlot sales.

By John Harrington
DTN Livestock Analyst



Cattle: Steady        Futures: mixed   Live Equiv: $136.05 + 0.54*
Hogs:   Steady-$1 LR  Futures: mixed   Lean Equiv  $ 89.38 + 0.83**

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

GENERAL COMMENTS:

   Cash cattle potential should start to take shape this morning with the
preliminary surfacing of a few bids and asking prices. Our guess is that asking
prices will start out around $114-plus in the South and $176-178 dressed in the
North. Significant trade volume could easily be delayed until Thursday or
Friday. Live and feeder contracts are staged to open on a mixed. basis thanks
to a combo of follow-through selling and midweek short covering.
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