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DTN Early Word Opening Livestock       12/06 06:04
   Livestock Futures Set for Moderately Higher Opening

   Lean hog contracts should open moderately higher, supported by residual
buying interest and improving fundamentals. The cattle complex also seems
likely to begin with a firm undertone, lifted by short-covering, boxed beef
strength, and recent cash feedlot premiums.

By John Harrington
DTN Livestock Analyst



Cattle: Steady        Futures: 25-50 HR   Live Equiv $127.75 + .75*
Hogs:  Steady-$1 HR   Futures: 25-50 HR   Lean Equiv $ 79.15 + .81**

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

GENERAL COMMENTS:

   Look for a typically slow session in the cash cattle trade with both bids
and asking prices poorly defined. As long as cash and futures are separated by
such an enormous spread, packers and feedlot managers alike have something to
talk about. Barring a sudden convergence, significant trade volume could easily
be delayed until late in the week. Live and feeder futures are likely to open
moderate higher, boosted by short-covering and dual premiums of feedlot sales
and the cash feeder index.
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