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DTN Early Word Opening Livestock       08/16 05:53
   Lean Hog Issues Should Open Moderately Lower

   Look for lean hog futures to open lower, checked by long liquidation and
struggling carcass value. Cattle futures seem set to open on a mixed basis
thanks to short-covering and cash premiums.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$1 HR   Futures: Mixed       Live Equiv:  $139.12  - .05*
Hogs:   $1 LR          Futures: 50-100 LR   Lean Equiv:  $ 73.60  -1.25**

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


   Beef packer inquiry should slowly improve Thursday with opening bids around
$108 live and $173 dressed. Yet look for the early effort to still come up
short vis-a-vis asking prices of $112 to $114 in the South and $178 plus in the
North. Yes, significant trade volume could once again be delayed until sometime
Friday. Live and feeder futures are expected to open mixed Thursday thanks to
short-covering on one hand and cash premiums on the other.
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