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DTN Early Word Opening Livestock       03/22 05:53
   Oversold Cattle Futures Ripe for Late-Week Bounce

   Look for the cattle complex to adjust moderately higher on the opening,
cautiously supported by short-covering/profit-taking and pre-report
positioning. Lean hog futures should open narrowly mixed in low volume.

By John Harrington
DTN Livestock Analyst

Cattle: Steady w/Wed   Futures: 50-100 HR   Live Equiv $149.45  + .34*
Hogs:   Steady-$1 LR   Futures: Mixed       Lean Equiv $ 76.52  - .62**

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


   Light-to-moderate trade volume surfaced again in the northern tier of
cattle-feeding country with dressed and live prices about $2 lower than last
week (mostly $203/$126), though close to steady with Tuesday. While clean-up
action is possible Thursday and Friday, we suspect the lion's share of cash
business is done for the week. The balance of showlists are priced around $125
to $126 in the South and $204 plus in the North. Live and feeder futures should
close moderately higher, initially supported by short-covering and interest in
correcting oversold charts.
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