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DTN Early Word Opening Livestock       12/13 05:54
   Meat Futures Set for Moderate Gains on Opening

   The cattle complex is set to open moderately higher, supported by
follow-through buying and short-covering. Lean hog futures should open on a
mixed basis thanks to both residual selling and short-covering.

By John Harrington
DTN Livestock Analyst



Cattle: Cash Steady           Futures 50-100 HR    Live Equiv $134.69 - .49*
Hogs:   Cash Steady-$1 LR     Futures Mixed        Lean Equiv $86.39 - .57**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   A few more token cattle bids may be thrown on the table at midweek, but
significant trade volume will probably be delayed until Thursday or Friday.
Initial bids could be around $114 to $115 in the South and $182 to $184 in the
North. But such cheap talk will not attract much selling interest, at least not
this early. Furthermore, country ideas have no doubt been steeled by Tuesday's
significant bounce in futures. Our guess is that asking prices will start out
around $120-plus in the South and $190-plus in the North. Live and feeder
futures should open moderately higher, thanks to residual buying and pre-cash
short-covering.
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