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DTN Early Word Opening Livestock       09/20 05:52
   Hog Futures Likely to Open Under Selling Pressure

   Lean hog contracts should open at least moderately lower, checked by sinking
cash values and defensive product demand. The cattle complex seems set to open
higher thanks to follow-through buying and optimism.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR   Futures: 25-50 HR    Live Equiv $130.83  + .09 *
Hogs:   $1-2 LR        Futures: 50-100 LR   Lean Equiv $ 81.59  -1.77 **

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

GENERAL COMMENTS:

   Though feedlot country could see a few preliminary bids Wednesday, we don't
expect to see enough agreement between buyers and sellers in order to generate
a real market set until Thursday or Friday. Perhaps FCE business later
Wednesday will give us more direction. Look for these results to be posted on
the cash cattle page as soon as possible. Live and feeder futures should open
moderately higher, supported by residual buying and some degree of cash
optimism.
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