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DTN Early Word Opening Livestock       06/25 05:56
   Cattle Futures Staged for Pressured Opening Thanks to Lower Cash and Large
May Placement

   Look for live and feeder cattle futures to open significantly lower, checked
by faltering feedlot sales, follow-through selling, and May's
larger-than-expected placement activity. Hog contracts should open moderately
lower on ideas the cash trade may be close to a seasonal top.

By John Harrington
DTN Livestock Analyst

Cattle: Steady-$2 LR   Futures: 100-200 LR   Live Equiv: $142.67  -0.02*
Hogs:   Steady-$1 LR   Futures:  50-100 LR   Lean Equiv: $ 90.96  +0.65**

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


   While feedlot managers successfully passed lower packer bids for one full
week, they just couldn't keep shaking their heads through two. Country sellers
finally had to come up for breath on Friday, selling moderate numbers $2 to $3
lower in the South (i.e., mostly $109) and $5 lower in the North (i.e., mostly
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