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DTN Early Word Opening Livestock       05/23 06:31
   Mixed Trade Expected Early Thursday

   Limited volume is expected through the end of the week with traders caught
between follow-through selling interest and pre-holiday short-covering.
Firmness is expected following the April Cold Storage report, which showed
strong red meat clearance through the month of April.

By Rick Kment
DTN Analyst



Cattle: Steady to $2 Lower   Futures: Mixed   Live Equiv: $143.26 -0.11*
Hogs:   Steady               Futures: Mixed   Lean Equiv: $ 89.84 -2.24**

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

GENERAL COMMENTS:

   Cash cattle trade is well on its way following light trade in most areas
Wednesday. Increased interest in the South and dressed trade in the North late
day has likely set the tone on market prices, barring any significant shift in
futures trade the next couple of days. Live trade in the South developed at
$114 to $115 per cwt, $1 to $2 per cwt lower than last week, while dressed
trade is at $185 to $186, mostly $185 and steady with last week. Even though
numbers are light, trade may be done through the South, although it is expected
that additional live and dressed business will still develop in the North the
next couple of days. Futures trade is expected mixed with limited buying likely
to develop in the complex. With the release of the April Cold Storage report
posting moderate-to-firm reductions of beef in freezers, the emphasis once
again moves to the current strong demand in the complex. This should offset
bearish expectations in the upcoming Friday Cattle on Feed report.
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