DTN Early Word Opening Livestock 07/21 08:36

DTN Early Word Opening Livestock       07/21 08:36
   Late-Week Meat Futures Geared for Mixed Opening

   Look for the cattle complex to open on a mixed basis as traders position
ahead of cash news and USDA reports. Lean hog futures should also begin with
uneven price action linked to both bull and bear spreading interest.

By John Harrington
DTN Livestock Analyst



Cattle: Steady          Futures: mixed        Live Equiv $139.30 - 0.29*
Hogs:   Steady-$1 LR    Futures: mixed        Lean Equiv $109.51 - 0.67**

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

GENERAL COMMENTS:

   It's been quite a while since we've waled into Friday with so much of the
cash cattle trade undecided. Opening bids are likely to start out around $118
live and $188 dressed. Asking prices should be restated around $120-122 in the
South and $190-192 in the North. Light to moderate trade volume could be
delayed until later this afternoon.