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DTN Early Word Opening Livestock       04/26 06:13
   Further Aggressive Selling Likely Friday

   Market bearishness has swept through the cattle and hog futures this week,
which could lead to additional sharp losses in most contracts.

By Rick Kment
DTN Analyst

Cattle: Steady Higher   Futures: Lower   Live Equiv: $152.31 -0.24*
Hogs:   Steady Higher   Futures: Lower   Lean Equiv: $ 88.61 -3.26**
*   based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Cash cattle trade developed early in the week in all areas with Southern
trade steady to $1 per cwt higher, while trade in the North developed Thursday
steady to $3 per cwt lower in both live and dressed markets. It is possible
that additional trade may develop in the North during the day Friday, although
the tone of the market has already been set. Trade in the South is likely to be
wrapped up for the week, although the possibility of clean-up trade at the end
of the week before month end is always a possibility. This may spark some
additional cash market movement. Futures trade is expected to remain bearish
following the aggressive two-day sell-off through the entire complex. Nearby
futures have fallen nearly $6 per cwt the last two trading sessions, breaking
through short-term support levels, and adding additional liquidation potential
at the end of the week.
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