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DTN Early Word Opening Livestock       07/31 05:47
   Cattle Contracts to Open Mixed with Pre-Cash Caution

   Expect live and feeder cattle futures to trade on both sides of unchanged in
the opening rounds as specs and commercials carefully position before the
development of cash business. On the other hand, lean hog contracts could open
moderately lower, pressed by follow-through selling of the discount of the cash
index.

By John Harrington
DTN Analyst



Cattle:  Steady            Futures: mixed     Live Equiv $158.00 + 0.67*
Hogs:    Steady to $1 LR   Futures: 10-30 LR  Lean Equiv $ 91.22 + 0.26**
* 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, so much for short-bought packers shopping early. Despite light
negotiated trade volume totals over the last two weeks, cattle buyers have
found a way to postponed procurement until the 11th hour once again. But
today's the day for something to happen. Look for light to moderate business to
surface sometime between late morning and bid afternoon. Opening bids will
probably be renewed around $143 in the South and $228/$144 in the North.
Similarly, look for asking prices to be restated close to $148 in the South and
$236 in the North. Live and feeder futures seem set to open on a mixed basis as
traders position ahead of country business.
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