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DTN Early Word Opening Livestock       12/14 06:01
   Lean Hog Futures Staged for Defensive Opening

   Lean hog contracts should open lower, pressured by long liquidation and
struggling carcass value. On the other hand, cattle complex futures seem likely
to open on a mixed basis as traders position ahead of cash news.

By John Harrington
DTN Livestock Analyst

Cattle: Cash Steady           Futures Mixed        Live Equiv $133.88 - .83*
Hogs:   Cash $1 to $2 LR      Futures 100-200 LR   Lean Equiv $81.78 - $4.61**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Cash cattle potential should start to take greater shape this morning with
starter bids around $115 in the South and $184 to $186 in the North. Some
showlists seem to be priced around $119 to $120 in the South and $188 to
$190-plus in the North. Significant trade volume could easily be delayed until
Friday. Look for live and feeder futures to begin with mixed price action as
specs and commercials cautiously watching for the development of feedlot news.
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