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DTN Early Word Opening Livestock       01/23 08:57
   Meat Futures Set to Open Moderately Lower

   Lean hog contracts should open moderately lower, checked by eroding
fundamentals and follow-through selling. Cattle paper is likely to start out
lower as well, pressured by spillover selling and uncertain cash potential.

By John Harrington
DTN Analyst

Cattle:   Steady w/Wed  Futures: 10-30 LR    Live Equiv $174.57   - 0.43*
Hogs:     $1 LR         Futures: 10-30 LR    Lean Equiv $90.46  - $2.34**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Cattle buying interest should be light to moderate this morning as
short-bought packers work to cover immediate slaughter needs. Asking prices are
around $162-plus in the South and $260-plus in the North.  The December 1 on
feeder report is to be released at 2:00 p.m. CST. Average trade guesses look
like this: on feed, up 1-2%; placed in December, off 4-5%; marketed in
December, off 4-5%. Live and feeder futures seem set to open moderately lower,
pressured by residual selling and pre-on feed report positioning.
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