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DTN Early Word Opening Livestock       07/31 06:12
   Hog Bears Expected to Continue Prowl in Lean Pit

   Lean hog futures should open with further losses this morning, pressured by
follow-through selling and struggling fundamentals. Live and feeder cattle
contracts are set to open on a mixed basis as traders slowly position ahead of
cash news.

By John Harrington
DTN Analyst



Cattle: Steady-$2 HR   Futures: mixed       Live Equiv $181.29 + $1.10*
Hogs:   $1 LR          Futures: 50-100 LR   Lean Equiv $139.12 - 0.90**
* 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 buying interest should start to take shape this morning as short
bought packer strategize about covering their next round of short-term kill
plans. Opening bids could be around $162-163 in the South and $258-262 in the
North. Asking prices should be restated around $168-170 in the South and
$265-270 in the North. Look for live and feeder futures to open on a mixed
basis thanks to a slow combination of spillover buying and pre-cash profit
taking.
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