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DTN Early Word Opening Livestock       01/23 05:58
   Early Morning Trade Adjustments Likely

   Strong pressure in cattle trade Tuesday is expected to bring a mixed bag of
follow-through selling and short-covering when markets open Wednesday morning.
This may swing prices in a moderate-to-wide range in early activity.

By Rick Kment
DTN Analyst

Cattle: Steady  Futures: Mixed   Live Equiv: $144.08 +0.62*
Hogs:   Steady  Futures: Mixed   Lean Equiv: $ 74.21 -1.20**

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


   Cash cattle markets are expected to remain silent or nearly silent through
most of the day Wednesday with packers not expected to quickly move into the
market until later in the week. This could keep markets uncertain with cash
trade potentially put off until sometime Friday once again. It is likely that
asking prices may start by midday, although this is not expected to bring about
any action. Initial trade in live cattle futures is expected to remain mixed
with a combination of follow-through selling pressure and short-covering
through the morning. Outside market shifts will once again play a significant
role in overall direction of the market and participation by commercial and
investment traders.
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