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DTN Early Word Opening Livestock       02/23 06:15
   Mixed Livestock Trade Expected

   The combination of end-of-week positioning and the upcoming cattle on feed
report that will be released Friday afternoon is expected to bring additional
market volatility to the entire livestock complex.

By Rick Kment
DTN Analyst



Cattle: $2 Lower             Futures: $1 Lower   Live Equiv $146.26 +0.40*
Hogs:   Steady to $1 Lower   Futures: Mixed      Lean Equiv $83.78 -0.03**

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

GENERAL COMMENTS:

   Light trade activity is expected to be seen early Friday morning, although
the tone of the market continues to be focused on the previous market pullback
that may add even more softness to trade through the morning. There is also
expected to be some pre-report positioning ahead of the cattle on feed report
in both live cattle and feeder cattle trade. Cash markets appear to be well
established with prices steady to $2 per cwt lower. It appears that more cattle
will likely still need to be sold given the trickle of trade over the last few
days. But unless something major is seen across the complex or in the cattle on
feed report, prices appear to be set.
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