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DTN Early Word Opening Livestock       04/22 06:28
   Mixed Trade Expected Monday

   Light trade volume and limited direction is expected as traders slowly move
back into the complex following the long holiday break. Cattle traders have
Thursday's Cattle on Feed report to trade on during early-morning activity.

By Rick Kment
DTN Analyst


Cattle: Steady      Futures: Lower   Live Equiv: $152.87 +0.41*
Hogs:   $1 Higher   Futures: Mixed   Lean Equiv: $ 92.13 -0.58**
*   based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Initial cattle activity Monday morning is expected to remain steady to
moderately lower as traders work through the market impact of Thursday's Cattle
on Feed report. The fact that traders had an extra day to process numbers and
the potential impact to the market of the elevated March cattle placements may
add additional volatility to the market. Feeder cattle placed in yards
increased to 105% year-ago levels. This is 1.2% above early estimates, but
within the market range. Some of the increased placement levels have likely
been factored into both live cattle and feeder cattle trade, although the
underlying tone at opening bell may be steady-to-weak Monday morning. Traders
are also focusing on potential seasonal support to stimulate longer-term buying
activity in the complex. Cash cattle trade is expected to remain sluggish
following firming cash prices last week. Showlist distribution and inventory
taking will likely be the extent of cash markets Monday.
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