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DTN Early Word Opening Livestock       04/28 06:13
   Cattle Paper Likely Pressured on Opening

   Live and feeder futures are staged to open lower, checked by follow-through
selling and struggling boxed beef. On the other hand, lean hog contracts should
open moderately higher, supported by residual buying interest and positive
fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Cash Steady-$2 LR     Futures 50-100 LR     Live Equiv $144.35 - $2.69*
Hogs:   Cash Steady-$1 HR     Futures 10-30 HR      Lean Equiv $ 86.90 + .20**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Cattle buyers could show more interest this morning, being both short-bought
and well-margined. Look for opening bids around $124 in the South and $196 in
the North, still well below asking prices of $130 in the South and $205 in the
North. If the basis strengthens further as the board softens, feedlot resolve
could be compromised. On the other hand, the opposite could happen if the board
gets back in the recovery groove. Maybe all of the uncertainty means that
significant cash business will be delayed until sometime Friday. Live and
feeder futures should open under pressure linked to spillover selling and
sharply lower cut-outs.
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