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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


   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
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