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DTN Early Word Opening Livestock       05/18 06:02
   Hog Futures Likely to Open Moderately Higher

   Look for lean hog contracts to open moderately higher, supported by
improving product demand and bull-spreading interest. Cattle futures should
also start out Friday morning with a firm undertone thanks to short-covering
and oversold oscillators.

By John Harrington
DTN Analyst



Cattle: Stdy/wk w/Thus   Futures: 50-100 HR   Live Equiv: $150.11 +  .49*
Hogs:   Steady-$1 HR     Futures: 50-100 HR   Lean Equiv: $ 80.58 + 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:

   Weighted trade volume totals look relatively small in some cattle feeding
areas, so we could see one last round of light-to-moderate business before this
ugly week gets put to bed. Yet when markets seem to implode by the hour,
sellers are less than enthusiastic to report lower money. In short, it's been a
difficult week to accurately track volume in a timely fashion. Possibly, cash
trading is done for the week. Our guess is that whatever steers and heifers
remain unsold will be priced around $118 in the South and $185 in the North.
Live and feeder futures should open moderately higher, supported by
follow-through short-covering and the need to correct oversold charts.
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