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DTN Early Word Opening Livestock       06/14 06:23
   Mixed Trade Expected on Late-Week Positioning

   Wide market swings over the last few days in cattle and hog futures may
continue Friday as traders try to adjust positions ahead of the weekend.

By Rick Kment
DTN Analyst

Cattle: Mixed               Futures: Mixed   Live Equiv: $143.78 -0.54*
Hogs:   Steady to $1 Lower  Futures: Mixed   Lean Equiv: $ 88.02 +0.50**

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


   Cash cattle trade should be seen Friday; limited activity developed in most
areas late Thursday. Cash trade posted a wide range of $110 to $112 live and
$183 to $185 dressed. This is $1 to $2 per cwt lower than last week's live
basis and steady to $1 per cwt higher on a dressed basis. The trade totals
reported over the last two days are enough for packers to fuel current
procurement needs, leaving additional trade expected before the weekend. Packer
interest should redevelop in the same price ranges as Thursday, although
feeders may not be as aggressive on asking prices as the day continues. Asking
prices are $115 live and $188 dressed early Friday but may change, following
futures direction later in the day. Cattle futures are expected mixed with a
weaker undertone across the entire complex. This may spark some additional
pressure early. August feeder cattle futures have fallen $3.50 per cwt since
Monday, creating potential end-of-week short-covering opportunities despite the
continued concern of higher feed costs. Live cattle futures remain stuck within
the $4 per cwt trading range seen over the last month with little indication
traders are willing to break out of this pattern even with growing pressure in
feeder cattle trade and struggling beef values.
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