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DTN Early Word Opening Livestock       07/22 05:52
   Stable Cattle Market Likely Monday Morning

   Limited activity is expected early Monday with narrow trading ranges
expected in cattle trade following cattle on feed and cattle inventory levels
meeting early expectations.

By Rick Kment
DTN Analyst



Cattle: Steady       Futures: Mixed   Live Equiv: $137.30 +0.26*
Hogs:   $1 Higher    Futures: Mixed   Lean Equiv: $ 83.38 +1.92**

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

GENERAL COMMENTS:

   Cash cattle trade is likely to remain subdued after light-to-moderate trade
trickled into the complex late last week. The underlying tone of the market
remains firm as limited optimism is expected through the end of July. Cash
market activity is likely to be limited to showlist distribution and inventory
taking with both sides unlikely to be in a hurry to ink deals early in the
week. This could delay bids and asking prices until midweek or later. Futures
trade is expected mixed to firm in a narrow trading range. Friday's focus was
based on the late afternoon cattle on feed and cattle inventory reports. Both
of these reports showed limited surprises with reports coming in incredibly
close to pre-report expectations. Even though total on feed numbers increased
2% from year-ago levels, cattle placed in feed yards fell 2%. Traders are
expected to quickly move beyond this report, focusing on underlying technical
support developing in the entire livestock and cattle complex as well as
emphasis on building demand through the second half of the year.
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