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DTN Early Word Opening Livestock       02/21 05:54
   Meat Futures Staged to Open Moderately Higher

   Look for the cattle complex to open moderately higher, supported by
early-week short-covering and the premium status of recent feedlot sales. Lean
hog issues should also open on a firm basis thanks to follow-through buying and
generally positive fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Steady         Futures: 25-50 HR   Live Equiv $132.01  + .45*
Hogs:   Steady-$1 HR   Futures: 25-50 HR   Lean Equiv $ 90.84  + .81**

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

GENERAL COMMENTS:

   The cash cattle trade should experience a typically quiet Tuesday with bids
and asking prices poorly defined. Both sides will be eager to glean signs of
price direction from the board, which has been locked in a relatively narrow
trading range for most of the month. At this point, we assume asking prices
will probably start out around $122 in the South and $192 to $194 in the North.
Significant trade volume could easily be delayed until Thursday or Friday. Live
and feeder futures seem set to open moderately higher, supported by early-week
short-covering and cash premiums.
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