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DTN Early Word Opening Livestock       10/17 06:31
   Futures Expected Lower Friday

   Follow-through pressure is redeveloping in lean hog futures, while cattle
contracts appear to be retracting a large portion of Thursday's gains during
overnight traded futures sessions.

By Rick Kment
DTN Analyst

Cattle: Cash Steady    Futures $1 LR       Live Equiv $169.53 - ___FCKpd___0.85*
Hogs:   Cash Mixed     Futures 50-90 LR    Lean Equiv $121.79 -$3.27**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Following moderate to active trade in both the North and South Wednesday,
trade appears to be wrapped up for the week. There still could be a few
clean-up deals taking place, but the price appears to be established and the
bulk of packers and feeders feel comfortable taking any additional activity
into next week. Strong pressure has developed in both live cattle and feeder
cattle futures during overnight trade as traders are quickly retracting a
portion of the limit to near limit gains seen in feeder cattle futures which
developed Thursday. It appears traders are trying to get markets back in
balance as steady cash trade seen this week is encouraging, but unable to
sustain continued buyer support on its own. Look for volatile trade to develop
in feeder cattle futures through the morning, which will likely chart the
direction of the entire cattle complex.
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