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DTN Early Word Opening Livestock       03/23 05:59
   China's Retaliatory Tariffs on Pork to Further Pressure Lean Hog Futures

   Expect lean hog futures to open significantly lower Friday, pressured by
retaliatory tariffs assessed on U.S. pork by China. Cattle contracts should
open moderately higher, supported by more short-covering and corrective buying
tied to oversold charts.

By John Harrington
DTN Livestock Analyst

Cattle: Steady w/Wed   Futures:  50-100 HR   Live Equiv $150.17    + .72*
Hogs:   Steady-$1 LR   Futures: 100-200 LR   Lean Equiv $ 75.81    - .71**

* 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 trade is essentially done for the week, so feedlot country
will be very quiet right before the weekend break. We might see a few clean-up
deals here and there, but that's about it. Look for live and feeder futures to
open moderately higher Friday, supported by short-covering/profit-taking and
technical buying (i.e., tied to the correction of oversold charts).
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