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DTN Early Word Opening Livestock       02/21 05:54
   Meat Futures Staged to Open Moderately Higher

   Look for the cattle complex to open moderately higher, supported by
early-week short-covering and the premium status of recent feedlot sales. Lean
hog issues should also open on a firm basis thanks to follow-through buying and
generally positive fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Steady         Futures: 25-50 HR   Live Equiv $132.01  + .45*
Hogs:   Steady-$1 HR   Futures: 25-50 HR   Lean Equiv $ 90.84  + .81**

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

GENERAL COMMENTS:

   The cash cattle trade should experience a typically quiet Tuesday with bids
and asking prices poorly defined. Both sides will be eager to glean signs of
price direction from the board, which has been locked in a relatively narrow
trading range for most of the month. At this point, we assume asking prices
will probably start out around $122 in the South and $192 to $194 in the North.
Significant trade volume could easily be delayed until Thursday or Friday. Live
and feeder futures seem set to open moderately higher, supported by early-week
short-covering and cash premiums.
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* Futures and Futures Options trading holds significant risk of loss; only individuals that have a higher risk tolerance and are looking for higher risk, higher reward opportunities should consider investing in this arena. Hedge customers should understand their cash risks as well as the risks and relationship with futures and futures options. FuturesOne is a DBA name for both DMFiala LTD (brokerage services) and David Fiala LTD (advisory services).
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