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DTN Early Word Opening Livestock       08/23 05:50
   Lean Hog Futures Staged to Open Moderately Lower

   Hog paper seem set to open moderately lower, checked by follow-through
selling and struggling carcass values. On the other hand, the cattle complex
should begin with mixed prices thanks to a combination of residual buying and
pre-cash long liquidation.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR   Futures: Mixed       Live Equiv $131.83  - .21*
Hogs:   $1-2 LR        Futures: 50-100 LR   Lean Equiv $ 94.64  -1.42**

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


   Cash market should slowly start to take shape at midweek thanks to greater
definition of both bids and asking prices. That's not to say that significant
trade volume couldn't be delayed until Thursday or Friday. Look for FCE results
to be posted on the cash cattle page later Wednesday. Asking prices should be
around $110 to $112 in the South and $178 plus in the North. Live and feeder
futures are expected to open on a mixed basis thanks to a combination of
spillover buying and midweek long liquidation.
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