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DTN Early Word Opening Livestock       07/01 06:06
   Cattle Contracts Staged for Late-Week Strength

   Live and feeder futures are expected to open with decent strength, supported
by follow-through buying and impressive cash strength. Conversely, lean hog
contracts will probably begin with mixed prices linked to late-week
profit-taking and bear spreading.

By John Harrington
DTN Livestock Analyst



Cattle: Cash Stdy/Firm w/Thurs Futures 50-100 HR    Live Equiv $139.35 - .27*
Hogs:   Cash Steady-$1 LR      Futures Mixed        Lean Equiv $93.65 - .51**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   The fireworks stand in feedlot country exploded on Thursday with fed cattle
sales rocketing sharply higher. Live sales in the South were marked as high as
$122, $6 higher than last week. Volume seemed at least moderate and business
could be done for the week. Dressed sales in the North ranged between $195 to
$200 (mostly $196, generally $8 higher). Yet, since business was more light to
moderate in the North, we could see another round of trading this morning/early
afternoon before buyers and sellers exit for the long weekend. Asking prices on
cattle left on showlists are probably priced around $222-$224 in the South and
$200-plus in the North. Live and feeder futures are geared to open higher,
supported by follow-through buying and impressive cash sales.
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