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DTN Early Word Opening Livestock       07/23 05:57
   Sluggish Activity Expected Early Tuesday

   Limited volume is expected during initial trade with a combination of
follow-through buyer support and position taking following early-week gains.

By Rick Kment
DTN Analyst

Cattle: Steady      Futures: Mixed   Live Equiv: $137.29 -0.01*
Hogs:   $1 Higher   Futures: Mixed   Lean Equiv: $ 85.46 +2.08**

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


   Cash cattle interest is expected to remain sluggish through most of the day
as asking prices and bids are still unavailable, and it may stay that way until
either late Tuesday or sometime Wednesday. Light-to-moderate cash cattle trade
could develop in the South by Wednesday. Given the early-week firmness in
futures trade and expected follow-through demand support, feeders are unlikely
to give in to steady-to-lower bids early in the week. This could create a
standoff over the next few days with a wide gap between asking prices and bids
likely the next few days. Futures trade is expected to be mixed, but the firm
tone early in the week could continue. Traders continue to assess short-term
resistance levels in live cattle and feeder cattle trade. If contracts can
break through last week's highs, the potential for increased underlying buying
will significantly increase.
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