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DTN Early Word Opening Livestock       06/15 05:28
   Cattle Futures Seem Set to Open Moderately Lower

   The cattle complex is likely to open moderately lower, pressured by
follow-through selling and fears of softening fundamentals. Lean hog issues
should open some higher, supported by short-covering and constructive supply
and demand factors.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR   Futures: 50-100 LR   Live Equiv:  $144.30  - .72*
Hogs:   $1 HR          Futures: 50-100 HR   Lean Equiv:  $ 87.60  + .71**

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


   Light cattle trading surfaced in parts of Nebraska at prices significantly
below last week (i.e., $110 live, nearly $5 lower; $178 dressed, nearly $5 to
$6 lower). Yet most feedlot managers continued to pass lower packers, so it's
safe to say that the cash trade for the week has yet to be established. The
trend will become more definitive sometime between late morning and early
afternoon. Look for bids to start out around $110 cash and $176 to $178, far
below asking prices of $115 to $116 plus live and $185 to $187 dressed. Live
and feeder futures should open moderately lower, checked by residual selling
and signs of weakening cash prospects.
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