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DTN Early Word Opening Livestock       02/20 08:15
   Hog Pressure Leaves Markets Moves Uncertain

   Early-week market hog market losses test trader support following technical
losses. Continued fundamental pressure is likely to develop through the week.

By Rick Kment
DTN Analyst



Cattle: Steady               Futures: Mixed   Live Equiv: $145.02 +0.09*
Hogs:   Steady to $1 Lower   Futures: Lower   Lean Equiv: $ 64.36 -1.67**

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

GENERAL COMMENTS:

   Limited cash market trade is expected early Wednesday morning with
additional uncertainty of follow-through moves through the end of the week. At
this point, asking prices are still poorly defined, but may start to develop
through the day. Bids are also not expected to be readily available until the
second half of the week. The strong support in futures trade Tuesday is likely
to keep most feedlot managers on the sidelines through the end of the week.
Most trade is likely to be delayed until Thursday or Friday. Futures trade is
expected to remain sluggish at the opening bell with moderate-to-strong
underlying support from Tuesday expected to create follow-through buying. A
remnant of position-taking is also expected in the early minutes of trade, but
the direction of the market through the rest of the day will be heavily
influenced by outside market direction.
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