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DTN Early Word Opening Livestock       12/09 06:06
   Lean Hog Futures Staged to Open Moderately Higher

   Hog futures seem likely to open moderately higher, boosted by spillover
buying and constructive fundamentals. Look for the cattle complex to begin with
mixed price action tied to a combination of residual selling interest and
late-week short-covering.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR   Futures: Mixed      Live Equiv $126.49 + .06*
Hogs:   $1-2 HR        Futures: 25-50 HR   Lean Equiv $ 80.97 + .75**

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


   Lower bids were successful in generating moderate movement in parts of the
North on Thursday with most dressed steers and heifers marked at $170, $5 lower
than last week's weighted average basis in Nebraska. Both sides will want to
find a way to move more cattle Friday, especially in the South. Asking prices
on stock still on showlists are around $112 live and $172 to $174 dressed. Live
and feeder futures seem geared to open on a mixed basis thanks to
follow-through selling on one hand and late-week short-covering on the other.
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