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DTN Early Word Opening Livestock       06/28 05:54
   Look For Cattle Futures to Open Under Pressure at Midweek

   Live and feeder contracts are likely to open substantially lower, pressured
by residual selling, long liquidation and struggling wholesale prices. Lean hog
issues should open on a mixed basis as specs and commercials position ahead of
Thursday's June Hogs & Pigs report.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR   Futures:  100-200 LR   Live Equiv $154.51  -2.37*
Hogs:   Steady-$1 HR   Futures:  Mixed        Lean Equiv $107.84  + .96**

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


   Although the cattle market seemed to start the week on a renewed note of
optimism, psychology has quickly soured thanks to crashing futures and
imploding beef cutouts. Such a false start could make it tough for feedlot
managers to hold the cash line over the next several days. FCE internet
business later this month could spark country trade volume in one direction or
the other. Live and feeder futures are expected to open significantly lower,
checked by residual selling interest, long liquidation and signs of struggling
beef demand.
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