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DTN Early Word Opening Livestock       05/02 06:19
   Lean Hog Paper Staged to Open With Moderate Strength

   Expect lean hog futures to open moderately higher, supported by technical
buying and improving fundamentals. The cattle complex is likely to begin the
week with mixed prices tied to a combination of short-covering and nervous
cash/product potential.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 LR   Futures: Mixed      Live Equiv $142.06  -0.64*
Hogs:   Steady-$1 HR   Futures: 10-30 HR   Lean Equiv $ 87.54  +0.69**

* 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 market will begin slowly Monday as buyers and sellers
concentrate exclusively on the distribution of new showlists. We expect the
early May offering will be steady to somewhat larger than last week. Given the
deep discount of new-spot June live and the ongoing erosion of carcass value,
it may be a puzzling job for feedlot managers to initially price ready cattle.
For what it's worth, our guess is that asking prices will start out around $126
to $128 in the South and $200 plus in the North. There seems to be more and
more evidence of a two-tiered market with cattle sold with more days tagged at
a lower prices. Live and feeder are set to open on a mixed basis thanks to a
slow combination of short-covering and nervous cash expectations.
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