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DTN Early Word Opening Livestock       07/18 06:07
   Light Trade Expected Early Thursday

   Limited direction is expected as traders return to the complex Thursday
morning with market adjustments likely following active hog market support
midweek. Mixed trade is likely through most of the morning.

By Rick Kment
DTN Analyst

Cattle: Steady   Futures: Mixed    Live Equiv: Unavailable*
Hogs:   Mixed    Futures: Higher   Lean Equiv: Unavailable**

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


   Firm pressure through the early part of the week in feeder cattle trade has
pulled away from six-week highs, causing traders to readjust positions, with
market softness possible in the next couple of trading sessions. The upcoming
Cattle on Feed report and semi-annual Cattle Inventory reports may cool
optimism, which has moved into the feeder cattle complex over the last month.
Live cattle trade is expected to remain mixed in a narrow-to-moderate range
early Wednesday morning while the overall tone of the market is still expected
to carry a firm undertone. Cash cattle activity is expected to become more
active Thursday with bids becoming more evident as the day continues. So far,
feedlot managers have held tight to early asking prices of $114 per cwt live
and $186 and higher dressed, but this may soften if follow-through pressure
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