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DTN Early Word Opening Livestock       09/27 06:37
   Livestock Futures Expected Lightly Tested Tuesday

   Light pressure is expected to trickle into the livestock complex early
Tuesday following the moderate to strong losses that developed early in the
week. Focus on follow-through pressure in cash hog markets will continue to
limit fundamental support, although short-covering may slowly develop in early
trade.

By Rick Kment
DTN Analyst




Cattle: Steady            Futures: Mixed   Live Equiv $127.54 + 0.30*
Hogs:   Steady to $1 LR   Futures: Mixed   Lean Equiv $ 83.77 + 1.69**

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

GENERAL COMMENTS:

   Cash cattle activity remains at a standstill going into Tuesday morning,
which is no surprise given the lack of activity seen last week and the
lackluster futures direction at the end of the month. It is possible that
overall cash cattle trade may remain sluggish through the entire week with
packers relying heavily on formula-based contracts rolling into plants after
the first of the month to meet a larger portion of their chain speed. Futures
trade are expected to remain defensive early Tuesday, although a mix between
initial short-covering and follow-through selling is likely in nearby
contracts.
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