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DTN Early Word Opening Livestock       11/25 06:24
   Livestock Futures Staged for Mixed Opening

   Look for cattle contracts to open on a mixed basis as traders position ahead
of pre-holiday cash developments in light volume. Similarly, lean hog futures
should slowly begin with a lackluster combination of residual selling and short

By John Harrington
DTN Livestock Analyst

Cattle:  Steady-$2 HR  Futures: mixed  Live Equiv $136.33 + 0.57*
Hogs:    Steady-$1 HR  Futures: mixed  Lean Equiv $ 78.11 + $1.32**

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


   If at all possible, cash cattle traders like to complete necessary business
before Thanksgiving, at least enough to preclude the need of returning on
Friday. We assume that's in the script for today, but you never know given
markets as weird as this one. A few pens did sell in Nebraska yesterday
afternoon (i.e., $195 dressed, generally steady). But for the most part,
showlists remain untouched, priced around $132-plus in the South and $200-plus
in the North. Look for light to moderate trade volume to surface sometime
between late morning and mid afternoon. Live and feeder will probably open on a
mixed basis, a slow combination of follow-through selling and short covering.
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