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DTN Early Word Opening Livestock       06/23 06:04
   Cattle Futures Should Open Mixed as Traders Position Ahead of Cattle on Feed
News

   Live and feeder contracts are likely to open on a mixed basis thanks to
residual selling and late-week profit-taking. Lean hog futures should also open
with uneven price action as specs and commercials position ahead of the weekend
break.

By John Harrington
DTN Livestock Analyst



Cattle: Steady w/Wed   Futures: Mixed   Live Equiv $158.36  - $1.43*
Hogs:   Steady-$1 LR   Futures: Mixed   Lean Equiv $105.01  - $1.57**

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

GENERAL COMMENTS:

   While trade volume totals look no better than moderate, we suspect cash
cattle trading is done for the week. While scattered clean-up business is
possible here and there, prices are unlikely to be any better than Thursday's
trade (e.g., $120 live). The June 1 Cattle on Feed report will be released
Friday afternoon at 2:00 p.m. CDT. Average trade guesses look like this: on
feed, up 2% to 3%; placed in May, up 10% to 11%; marketed in May, up 9% to 10%.
Live and feeder futures should open on a mixed basis as traders take profits,
engage in further long liquidation, and position ahead of on feed news.
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