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DTN Early Word Opening Livestock       06/22 06:14
   Cattle Paper Likely to Open Significantly Lower

   Look for live and feeder futures to open under pressure, checked by sharply
lower feedlot sales and long liquidation. Hog paper should open mixed, higher
front issues and lower back contracts.

By John Harrington
DTN Livestock Analyst



Cattle: Steady w/Wed Futures: 100-200 LR Live Equiv $159.79 - 0.59*
Hogs:   Steady-$1 HR Futures: mixed Lean Equiv $106.58 + $2.24**

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

GENERAL COMMENTS:

   Light to moderate trade volume surfaced in most cattle feeding areas on
Wednesday as reluctant but nervous feedlot managers moved to accept yet another
round of sharply lower bids. Most live sales were marked at $122-123, $8-9
lower. Again, it will be interesting to see official trade volume totals when
Mandatory reports later this morning. Since lower sales tend to get reported at
a slower pace than higher one, we suspect midweek movement was larger than many
assume. Our guess is that asking prices on the balance of show lists will start
out this morning around $125 live and $198 plus in the North. Live and feeder
futures seem likely to open significantly lower, pressured by long liquidation
and further signs of country panic.
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