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DTN Early Word Opening Livestock       04/29 06:10
   Cattle Futures Seem Staged to Open Moderately Lower

   Live and feeder contracts are set to open moderately lower, pressured by
follow-through selling and sloppy cash action. On the other hand, lean hog
futures should open with a firm undertone, supported by spillover buying and
improving fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Cash Steady     Futures 25-50 LR     Live Equiv $142.70 - $1.65*
Hogs:   Cash Steady     Futures 10-30 HR     Lean Equiv $86.85 - .05**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Once again, bearish cattle futures have succeeded in leading the feedlot
trade significantly lower. Light to moderate trade volume surfaced in most
areas on Thursday. Dressed deals in the North were marked at $196 -- $4 lower
than the week before. It will be interesting to see official trade volume
totals. It's possible that one final round of trade volume happens Friday, but
the week's prices range has probably been established. Note the some Northern
cattle to be delivered by mid- or late-May were traded as low as $190 to $192.
Live sales in the South were tagged at $124 -- $3 lower than last Friday. Live
and feeder futures this morning are likely to open moderately lower, checked by
residual selling, lower feedlot sales, and struggling wholesale beef prices.
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