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DTN Early Word Opening Livestock       04/25 05:57
   Hog Futures Set to Open Moderately Higher

   Look for lean hog issues to open moderately higher, supported by
follow-through buying and bottom-picking interest. The cattle complex is geared
to begin with mixed prices thanks to residual selling and short-covering.

By John Harrington
DTN Livestock Analyst



Cattle: Steady   Futures: Mixed        Live Equiv $146.05 +.47 *
Hogs:   Steady   Futures: 50 -100 HR   Lean Equiv $79.84 - .98**

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

GENERAL COMMENTS:

   Feedlot country should be generally quiet Tuesday as bids and asking prices
remain poorly defined. Both sides are understandably wondering if Monday's
board crash was just a one-trick pony or a significant sign regarding a market
top. Live and feeder futures seem staged for a mixed opening tied to a
combination of follow-through selling and short-covering.
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