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DTN Early Word Opening Livestock       04/24 06:36
   Technical Pressure Likely in Morning Hog Trade

   Limited interest is expected in cattle futures early Wednesday as traders
continue to hold prices in a narrow-to-moderate range. Early follow-through
pressure is likely in hog trade, although the potential for short-covering is
quickly developing.

By Rick Kment
DTN Analyst


Cattle: Steady                Futures: Mixed   Live Equiv: $153.19 -0.49*
Hogs:   Steady to $1 Higher   Futures: Lower   Lean Equiv: $ 93.81 +1.06**
*   based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Cash cattle interest still remains quiet, but given the limited activity
over the last month, especially in the South, it is hard to rule out the
development of at least limited trade midweek. This could spark some additional
market activity through futures trade after choppy market direction has
developed in the last couple of sessions. Bids are expected to remain quiet
until at least later in the day, with asking prices holding at $130 live and
$212 dressed. The overall limited interest is expected to be carried in live
cattle and feeder cattle futures trade through the morning. Although there is
potential for increased additional softness to develop, markets still remain
well rooted in the sideways trading range, allowing for light-to-moderate
short-covering to develop during morning trade. This may add some additional
late-week support to all cattle markets.
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