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DTN Early Word Opening Livestock       05/25 06:15
   Limited Trade Expected Friday

   Trader interest is expected to remain sluggish through the entire Friday
session with traders still in the market focusing more on end of the week and
pre-holiday positioning than anything else at this point.

By Rick Kment
DTN Analyst

Cattle: Steady to $2 Lower   Futures: Mixed   Live Equiv: $147.69 -0.41*
Hogs:   Mixed                Futures: Mixed   Lean Equiv: $ 79.30 -0.70**

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


   Although the desire from both packers and feedlot managers would be to
finish cash cattle trade early and call it good ahead of the long holiday
weekend, it appears that there is still a lot of work to do before any
significant business gets done. The few trades reported through the North so
far this week have been incredibly inconsistent when it comes to price ranges
and are unable to establish a market trend at this point. Packer interest is
expected to improve through the morning, but it could be late day before trade
develops. Futures trade is expected to be mixed following the late-day market
pullback on Thursday. Overall trade volume is likely to be extremely light with
many traders already stepping away from the complex in front of the long
holiday weekend.
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