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DTN Early Word Opening Livestock       08/16 06:14
   Mixed Price Moves Expected Friday

   Trade Friday morning is expected to remain sluggish with a combination of
follow-through buyer support and late-week position adjustments in sluggish
morning trade. The volatile swings this week will add to unsteady
end-of-the-week shifts.

By Rick Kment
DTN Analyst



Cattle: Lower             Futures: Mixed   Live Equiv: $151.64 +2.68*
Hogs:   Steady to Lower   Futures: Mixed   Lean Equiv: $ 93.09 -0.67**

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

GENERAL COMMENTS:

   Limited market direction is expected early Friday morning in cattle trade as
traders remain focused on regaining market stability as they slowly step back
into the complex following the early-week market tumble. But buyer intensity
quickly slowed late Thursday as traders focused on continued weakness in cash
cattle trade. Limited cash trade started to develop late Thursday afternoon in
the North at $170 per cwt. This is $10 per cwt lower than last week, and
generally in line with bids from the last couple of days. Barring additional
wide shifts in futures trade, it appears the tone of the market may be set for
the week with live trade in the South around $105 per cwt, while dressed trade
in the North at $170 per cwt. This is generally $5 per cwt lower in the South
and $10 lower in the North from last week's levels. The biggest question yet to
be answered is just how many cattle will sell at these price levels, as some
feeders appear to be willing to once again hold cattle over until next week
given the aggressive rally in beef values helping sustain margins. This should
give packers incentive to maximize capacity in the short-term due to the
significantly improved margins.
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