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DTN Early Word Opening Livestock       12/13 06:23
   Lean Hog Contracts Likely to Open Some Lower

   Expect lean hog futures to start out moderately lower, checked by board
premiums and softening carcass value. The cattle complex should open on a mixed
basis as traders position ahead of cash potential.

By John Harrington
DTN Analyst



Cattle: Steady-$2 HR           Futures mixed.           Live Equiv: $140.02  -
0.81*
Hogs:   Steady-$1 LR           Futures: 50-100 LR       Lean Equiv $77.25  -
0.89**

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

GENERAL COMMENTS:

   It won't be surprising to see more bids and asking prices on the cattle
table this morning, but the significant develop of actual trade volume before
Friday would be more of a head-turner.  For more than a month, feedlots have
collected good dividends by staying late at the cash party.  Some could be
sobered if choice product continues to fade, but our guess is asking prices of
$120-121 in the South and $190 plus in the North will stand tall for several
more days.  Live and feeder futures should open on a mixed basis as buyers and
sellers await the week's cash verdict.
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