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DTN Early Word Opening Livestock       07/22 06:05
   Cattle Futures Should Open Mixed Prior to July 1 on Feed Report

   The cattle complex is likely to open on a mixed basis thanks to a
combination of follow-through selling and pre-report short-covering. Lean hog
paper should also trade with uneven prices in the early going tied to spillover
selling and late-week profit-taking.

By John Harrington
DTN Livestock Analyst



Cattle: Steady/Weak with Wed   Futures: Mixed   Live Equiv $134.96  - .55*
Hogs:   Steady-$1 LR           Futures: Mixed   Lean Equiv $ 94.45  - .65**

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

GENERAL COMMENTS:

   Cattle buyers and sellers should be looking for ways to generate a late
round of light to moderate trade volume. Hopefully the board will stabilize
enough to encourage both bids and asking prices. Our guess is that bids will
start out around $113 to $114 in the South and $181 to $182 in the North.
Preliminary asking prices may be around $115 to $117 in the South and $185 in
the North. The July 1 Cattle on Feed report will be released Friday afternoon
at 2:00 p.m. Average guesses anticipate the following: on feed, up 1% to 2%;
placed in June, up 7% to 8%; marketed in June, up 9% to10%. Live and feeder
futures should open on a mixed basis linked to residual selling on one hand and
pre-report short-covering on the other.
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