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DTN Early Word Opening Livestock       07/25 06:04
   Cattle Paper Likely to Open Mixed

   Live and feeder futures should open on a mixed basis tied to residual
selling on one hand and short-covering on the other. Lean hog issues are also
likely to begin with uneven price action in slow volume.

By John Harrington
DTN Livestock Analyst



Cattle: Steady      Futures: Mixed   Live Equiv $139.90  +1.01*
Hogs:   .50-$1 LR   Futures: Mixed   Lean Equiv $107.78  - .57**

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

GENERAL COMMENTS:

   The cash cattle market should remain trapped in slow motion with bids and
asking prices poorly defined. Significant trade volume will not surface until
Wednesday or Thursday at the earliest. Our guess is that initial asking prices
will be around $122 in the South and $192 plus in the North. Live and feeder
contracts should open on a mixed basis thanks to follow-through selling and
short-covering.
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