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DTN Early Word Opening Livestock       07/23 05:56
   Cattle Futures Staged to Open the Week Higher

   The cattle complex should open at least moderately higher, supported by
higher feedlot sales on Friday and general short covering. On the other hand,
lean futures are likely to open under pressure tied to struggling carcass value
and increasing pork production.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR   Futures: 50-100 HR   Live Equiv:   $136.09 - .19*
Hogs:   Steady-$1 LR   Futures: 50-100 LR   Lean Equiv:   $ 85.91 -1.96**

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

GENERAL COMMENTS:

   Feedlot activity will be typically quiet with showlist distribution job one.
Late-country trading late Friday was once again difficult to assess in terms of
volume. But higher sales of $113 and $178 to $180 no doubt generated country
movement at least as large as the previous week, perhaps even more. Still,
we'll pass on Mandatory totals as soon as they become available later Monday
morning. Look for the fed offering to be about steady with last week. Live and
feeder futures should open higher thanks to cash premiums and declining
slaughter.
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