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DTN Early Word Opening Livestock       08/17 05:57
   Lean Hog Paper Staged to Open Moderately Higher

   Look for hog futures to open moderately higher, supported by follow-through
buying and oversold chart conditions. On the other hand, assume that cattle
contracts will open on a mixed basis as traders position ahead of late-week
cash business.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$1 HR   Futures: Mixed       Live Equiv: $138.96  -0.16*
Hogs:   Steady-$1 LR   Futures: 50-100 HR   Lean Equiv: $ 72.74  - .86**

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


   After trading a few thousand cattle earlier in the week, packers and
feedlots each went into shutdown mode, setting the stage for yet another
do-or-die late-week cash market. Cash traders will no doubt quickly reclaim
previous bids and asking prices (e.g., $108 bids; $112 to $114 asking prices)
and then sit back for several hours, perhaps hoping the board will swing one
way or the other, hoping something will make the other side blink. Live and
feeder futures should open on a mixed basis, thanks to a light combination of
pre-cash long liquidation and short-covering.
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