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DTN Early Word Opening Livestock       07/29 06:18
   Hog Paper Staged for Defensive Opening

   Lean hog futures are set to open lower, pressured by follow-through selling
and crashing pork carcass value. On the other hand, live and feeder contracts
should begin with moderate gains thanks to residual buying interest and the
premium status of expected cash sales.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 HR   Futures: Mixed     Live Equiv $134.17 - .32 *
Hogs:   Steady-$1 LR   Futures: 25-50 LR  Lean Equiv $ 85.72 - $2.32 **

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


   Cattle buyers and sellers will have to roll up their sleeves sometime Friday
and generate at least moderate trade volume totals. Opening bids should start
out around $114 in the South and $183 to $186 in the North. On the other hand,
asking prices should remain firm in the early rounds, around $120 in the South
and $190 in the North. Live and feeder futures are expected to open on a mixed
basis thanks to both spillover selling and pre-cash short-covering.
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