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DTN Early Word Opening Livestock       05/24 06:03
   Firm Follow-Through Support Expected Thursday Morning

   Buyer support is expected to slowly step back into the complex early
Thursday following the triple-digit rally that developed midweek. This could
help to firm additional commercial interest through the end of the week.

By Rick Kment
DTN Analyst

Cattle: Steady to $2 Lower    Futures: $1 Higher   Live Equiv $148.10 +0.07*
Hogs:   Steady to $1 Higher   Futures: Mixed       Lean Equiv $ 80.00 -1.33**

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


   Cash cattle market activity continues to be undeveloped with the bids and
asking prices in midweek leaving a wide gap between price levels. It is
expected that more interest will develop through the morning, although trade
may be delayed until Friday sometime. It is likely that both sides will try to
accomplish needed business before late-day Friday as they desire to wrap things
up early going into the long holiday weekend. Futures trade is expected to open
steady to $1 higher with follow-through buyer support moving into the complex
following the strong midweek rally. But there is concern as to just how much
buyer interest there will be and if this will be able to hold prices higher
through the morning.
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