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DTN Early Word Opening Livestock       03/22 06:23
   All Eyes Are on the Hog Complex

   Limit gains in hog trade the last two trading sessions is bringing the focus
on end-of-the-week direction into the complex.

By Rick Kment
DTN Analyst

Cattle: Steady      Futures: Higher   Live Equiv: $150.81 +0.20*
Hogs:   $2 Higher   Futures: Higher   Lean Equiv: $ 80.71 +2.20**

* 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 has once again made it to Friday without any significant
indication from either side of how aggressive buyer interest will be, and the
expectation that it may be late in the day before any deals are struck. Asking
prices continue to hold firm with early-week levels as feeders focus on the
stability in beef values, and potential demand support in the next several
weeks and months. But packers are unwilling to ratchet up prices at this point,
potentially limiting negotiated trade volume at the end of the week in order to
minimize any added spending. Futures trade is expected mixed in light to
moderate activity Friday as the continued support in feeder cattle trade based
on supply uncertainty through the end of the year is expected to spark limited
support through the complex. The March 1 Cattle on Feed report will be released
following the market's close Friday afternoon, potentially creating some
additional pre-report adjustments during the morning.
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