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DTN Early Word Opening Livestock       07/20 06:03
   Cattle Paper Set to Open Mixed in the Face of Cash and Report Uncertainties

   Live and feeder futures should open on a mixed basis as traders cautiously
anticipate cash news and on feed/inventory data. Lean hogs are also likely to
begin with uneven price action thanks to a combination of long liquidation and
short-covering.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR   Futures: Mixed   Live Equiv:   $136.09  -.19*
Hogs:   Steady-$1 LR   Futures: Mixed   Lean Equiv:   $ 87.87  +.34**

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

GENERAL COMMENTS:

   Well, here we are again. Despite last week's smaller trade volume total, no
one apparently had problems holding their breath through the week, hoping that
the other side would be forced to come up for air first. But there must be
plenty of blue faces in the country at this point, forcing the development of
at least moderate business sometime between late morning and late afternoon.
Look for opening bids around $108 live and $170 to $173 dressed, well below
asking prices of $114 to $115 live and $180 plus in the North.
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