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DTN Early Word Opening Livestock       04/24 05:57
   Cattle Paper Staged for Further Gains

   Live and feeder futures should open at least moderately higher, supported by
follow-through buying and improving beef demand. Lean hog contracts should open
mixed thanks to residual selling on one hand and short-covering on the other.

By John Harrington
DTN Analyst



Cattle: Steady-$2 HR   Futures: 50-100 HR   Live Equiv: $141.94  +1.59*
Hogs:   Steady-$1 HR   Futures: Mixed       Lean Equiv: $ 72.76  - .04**

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

GENERAL COMMENTS:

   Look for another slow round in the cash cattle market. Bids and asking
prices are likely to remain poorly defined with both sides closely monitoring
the bullish tone of live futures for clues regarding cash potential. We expect
live cattle to be priced around $125 or better, yet significant trade volume
may not surface until the second half of the week. Live and feeder futures seem
geared to open moderately higher, supported by bullish momentum and firming
carcass value.
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