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DTN Early Word Opening Livestock       06/22 06:29
   Livestock Futures Staged for Mixed Price Action on Opening

   The cattle complex seem set to open on a mixed basis as traders position
before the development of cash business and new monthly on feed data. Lean
futures should also start out with uneven price action thanks to further bull
spreading and late week ptrofit taking.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR Futures: mixed Live Equiv: $142.69 -0.19*
Hogs:   Steady-$1 LR Futures: mixed Lean Equiv: $ 90.31 +0.16NA**

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


   Welcome to another Friday showdown in the cash cattle market. We're surpised
that buyers and sellers have found the ability to hld their breath so long
followng last week's limited country movement. But it's not the first time in
this age of large captive supplies chain speed funding is tough to track. At
any rate, something will need to happen today in terms of comprise necessary to
generate at least moderate trade voume. Opening bids should start out around
$108-110 live and $173-175 dressed. Asking prices in the early rounds should
remain firm at $115 live and $183-plus in the North. The June 1 on feed report
will be released ths afternoon at 2:00 (CDT). Average. guesses look like this:
on feed, up 3-4 percent; placed in May, off 4 percent; marketed in May, up 5
percent. Live and feeder contracts should open mixed as traders jockey ahead of
cash news and new on feed data.
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