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DTN Early Word Opening Livestock       11/24 06:07
   Livestock Paper to Open Moderately Higher in Post-Holiday Business

   Live and feeder futures should open moderately higher, supported by
follow-through buying and cash stability. Lean hog contracts are also likely to
sport a firm undertone in the early going thanks to late week short covering
and stronger carcass value.

By John Harrington
DTN Livestock Analyst



Cattle: Steady/firm w/Tues  Futures: 50-100 HR  Live Equiv $137.20 + 0.40*
Hogs:   Steady              Futures: 50-100 HR  Lean Equiv $ 87.20 + $1.11**

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

GENERAL COMMENTS:

   Given the lateness of the hour, it's difficult to say whether cattle buyers
will break up the long holiday weekend by returning this morning to own more
steers and heifers. Trade volume total through Wednesday looked no bigger than
moderate. Yet it's possible that most packers have enough inventory in tow to
get them into new week if that's the day they want to play it. We should see at
least a few clean-up deals here and there. Look for opening bids around $119 in
the South and $190 in the North. The balance of showlists are probably priced
around $120 in the South and $192 plus in the North. Live and feeder futures
seem set to open moderately higher, supported by follow-through and recent cash
strength.
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