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DTN Early Word Opening Livestock       05/24 06:02
   Look for Lean Hog Futures to Open Wednesday With Solid Gains

   Hog futures seem set to open at midweek with at least moderate strength,
supported by follow-through buying and appreciating carcass value. On the other
hand, the cattle complex should open lower, pressured by residual selling
interest and lower cutouts.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 LR   Futures: 50-100 LR   Live Equiv  $159.96  -1.16*
Hogs:   Steady-$1 HR   Futures: 50-100 HR   Lean Equiv  $ 95.64  +1.59**

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

GENERAL COMMENTS:

   Assuming that cattle buyers would like procurement chores completed by
Thursday night, it seems like a good bet that packer inquiry will start to take
shape Wednesday. Perhaps late-morning results tied to FCE business will nudge
country trading in one direction or the other. Our guess is that asking prices
will start out around $136 in the South and $215 plus in the North. Live and
feeder futures should open moderately lower Wednesday, initially checked by
follow-through selling and eroding carcass value.
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