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DTN Early Word Opening Livestock       08/20 05:53
   Lean Hog Futures Seem Set to Open Moderately Higher

   Hog contracts should open on a firm note that could lead to follow-through
buying and positive talk of potential progress in addressing the U.S./China
trade. The cattle complex seems likely to be moderately lower, pressured by
long liquidation and lower cash sales on Friday.

By John Harrington
DTN Livestock Analyst



Cattle: Steady         Futures: 50-100 LR   Live Equiv: $139.79  + .83*
Hogs:   Steady-$2 LR   Futures: 50-100 HR   Lean Equiv: $ 71.81  - .93**

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

GENERAL COMMENTS:

   Activity in feedlot country will be typically limited to the distribution of
new showlists. We expect ready numbers to be mixed, smaller in the North and
larger in the South. Live and feeder futures should open moderately lower,
checked by softer feedlot sales on Friday (I.e., $110 to $110.50 in the South;
$173 in the North) and long liquidation.
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