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DTN Early Word Opening Livestock       01/12 05:51
   Lean Hog Paper Set for Moderately Lower Opening

   Hog futures seem set to open moderately lower, pressured by follow-through
and long liquidation. The cattle complex should open on a mixed basis with
feeders losing more ground to their live counterparts.

By John Harrington
DTN Livestock Analyst

Cattle: Steady/Weak w/Tues   Futures: Mixed      Live Equiv $141.03  - .31*
Hogs:   Steady               Futures: 25-50 LR   Lean Equiv $ 84.23  - .41**

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


   Given the strange timing of this week's cash cattle trade, we feel quite
confident in saying that feedlot trade is done for the week. Isolated clean-up
deals are possible, but price levels are certainly set. Live and feeder futures
should open on a mixed basis with live issues likely to be better supported
than feeder contracts.
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