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DTN Early Word Opening Livestock       09/04 06:04
   Cattle Futures Likely to Open on Firm Basis

   Look for live and feeder contracts to open moderately higher, supported by
follow-through buying and late-week short covering. Yet expect lean hog futures
to begin with mixed prices tied to both residual selling and pre-holiday short

By John Harrington
DTN Analyst

Cattle:  Steady to $2 LR   Futures: 10-30 HR  Live Equiv $161.06 - 0.14*
Hogs:    Steady to $1 LR   Futures: mixed     Lean Equiv $ 90.07 - 0.69**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   With light to moderate trade volume generated in Nebraska and Iowa
yesterday, area packers may be done for the week, ready for holiday picnics and
golf. Most dressed deals were marked around $222, $5-6 below last week's
weighted average basis Nebraska. Yet the South remains untested and we assume
that buyers will have to make something happen today before calling it a week.
Look for opening bids of $144, $4-6 below most asking prices. Cattle futures
are likely to open moderately higher, supported by follow-through buying and
cash premiums.
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