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DTN Early Word Opening Livestock       06/19 05:57
   Lean Hog Futures to Sport Firm Undertone on Opening

   Lean hog contracts should open moderately higher thanks to follow-through
buying and ideas of strengthening cash and product prices. Live and feeder
cattle futures seem set to begin with mixed prices as traders remain unsure
regarding cash potential.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR   Futures: 50-100 LR   Live Equiv:   $144.47  + .02*
Hogs: Steady-$1 HR     Futures: 50-100 HR   Lean Equiv    $ 89.68  + .32**

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


   The cash cattle trade should remain slow in the early rounds with bids and
asking prices poorly defined. Having said that, it seems reasonable to assume
that trade volume will develop earlier than normal. Both sides would no doubt
like to make up for last week's extremely slow pace. Live and feeder futures
seem staged to open mixed with deferreds losing ground to nearbys.
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