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DTN Early Word Opening Livestock       04/18 06:21
   End of the Week Adjustments Expected

   Thursday trade is expected to be limited ahead of the three-day weekend.
Traders are looking for additional long-term direction in hog futures, focusing
on results from Thursday's Export Sales report.

By Rick Kment
DTN Analyst


Cattle: Steady   Futures: Mixed   Live Equiv: $152.64 +0.02*
Hogs:   Steady   Futures: Mixed   Lean Equiv: $ 91.86 -0.47**
*   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 expected to continue to develop Thursday with both
sides apparently desiring to wrap up business before Good Friday.
Light-to-moderate trade that developed in the South on Thursday, may have moved
enough cattle for the week in Texas and Kansas. These sales developed at $126
per cwt, which is $2 per cwt higher than last week. Trade in the North has yet
to develop, but the firming tone is causing stronger asking prices of $128 to
$130 live and $208 and higher dressed. The expectation is that cash cattle
prices will be higher in all areas by the end of the week. Futures trade is
expected to be mixed with additional narrow trading shifts likely Thursday
morning. The release of the March 1 Cattle on Feed report Thursday afternoon
could add some additional pre-report positioning into the complex. Although the
report is not expected to deliver any huge surprises or revelations, the
general tone of light-to-moderate supply growth and reduced marketing during
the month of March is likely. Most of these expectations have already been
factored into the complex, and may not bring about any significant price shifts
Thursday.
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