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DTN Early Word Opening Livestock       07/01 06:06
   Cattle Contracts Staged for Late-Week Strength

   Live and feeder futures are expected to open with decent strength, supported
by follow-through buying and impressive cash strength. Conversely, lean hog
contracts will probably begin with mixed prices linked to late-week
profit-taking and bear spreading.

By John Harrington
DTN Livestock Analyst

Cattle: Cash Stdy/Firm w/Thurs Futures 50-100 HR    Live Equiv $139.35 - .27*
Hogs:   Cash Steady-$1 LR      Futures Mixed        Lean Equiv $93.65 - .51**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   The fireworks stand in feedlot country exploded on Thursday with fed cattle
sales rocketing sharply higher. Live sales in the South were marked as high as
$122, $6 higher than last week. Volume seemed at least moderate and business
could be done for the week. Dressed sales in the North ranged between $195 to
$200 (mostly $196, generally $8 higher). Yet, since business was more light to
moderate in the North, we could see another round of trading this morning/early
afternoon before buyers and sellers exit for the long weekend. Asking prices on
cattle left on showlists are probably priced around $222-$224 in the South and
$200-plus in the North. Live and feeder futures are geared to open higher,
supported by follow-through buying and impressive cash sales.
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