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DTN Early Word Opening Livestock       05/22 06:03
   Look for Livestock Futures to Open with Mixed Prices

   The cattle pits are likely to generate uneven prices in the opening round as
traders position before the release of the May 1 on feed report. Lean hog
futures should also begin with mixed action thanks to a combo of residual
buying and late week profit taking.

By John Harrington
DTN Analyst



Cattle:  Steady w/Thurs  Futures: mixed  Live Equiv $175.48 - $1.62*
Hogs:    Steady          Futures: mixed  Lean Equiv $ 91.90 + 0.92**

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

GENERAL COMMENTS:



   While one final round of light cattle trading is possible this morning, we
suspect that cash business is essentially done for the week. The balance of
show lists are probably priced around $163 in the South and $255-plus in the
North. Average trade guesses relative to the May 1 on feed report to be
released at 11:00 a.m. CST look like this: on feed, up 1-2%; placed in April,
up 2-3%; marketed in April, off 8%. Live and feeder futures are staged to open
on a mixed basis thanks to a combination of follow-though buying and late-week
profit taking.
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