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DTN Early Word Opening Livestock       02/09 05:59
   Cattle Contracts to Open Under Pressure

   Live and feeder cattle futures seem set to open lower, pressured by
follow-through selling and the uncertainty of outside markets. Hog paper is
likely to trade on a mixed basis in the early rounds thanks to residual selling
and stronger cash.

By John Harrington
DTN Livestock Analyst

Cattle: Steady         Futures: 50-100 LR   Live Equiv $147.72  - .70*
Hogs:   Steady-$1 HR   Futures: Mixed       Lean Equiv $ 81.16  - .61**

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


   The cash cattle market will remain in neutral Tuesday with little effort on
display to define either bids or asking prices. Both buyers and sellers were
stunned Monday by the complete collapse in futures and the ugly return of
troubling outside markets. Needless to say, processors and producers are
anxious to see how quickly cattle futures can be freed of non-fundamental
considerations. CME officials announced on Monday afternoon that zero loads
were posted on first notice day for February live futures. Live and feeder
contracts seem staged to open moderately lower, pressured by follow-through
selling and uncertain fundamentals.
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