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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

GENERAL COMMENTS:

   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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