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DTN Early Word Opening Livestock       10/23 06:00
   Placement News Set to Fuel Early-Week Cattle Selling

   Live and feeder futures are expected to open significantly lower, pressured
by larger than expected September placement and long liquidation. Lean hog
paper should open on a mixed basis with nearby issues better supported than

By John Harrington
DTN Livestock Analyst

Cattle: Steady Futures: 100-200 LR Live Equiv $134.01 + 0.40*
Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 80.68 + $1.24**

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


   Expect a typically quiet Monday, limited to the distribution of new
showlists. Our guess is that ready numbers will be about steady with last week.
CME officials announced 32 deliveries against spot October live, 18 new and 14
retendered (reclaimed), all at West Point. $1 Live and feeder futures are
likely to open sharply lower this morning, primarily checked by the bearish
placement news disclosed on Friday.
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