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Monday, September 23, 2019
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DTN Early Word Opening Livestock       09/23 06:11
   Traders Get a Chance to Trade Cattle on Feed Information

   Cattle on feed numbers remained bullish Friday with feeder cattle placements
the largest shift from pre-report estimates. This is expected to create early
buyer support across the complex.

By Rick Kment
DTN Livestock Analyst

Cattle: Steady   Futures: Higher   Live Equiv: $139.38 -0.56*
Hogs:   Lower    Futures: Mixed    Lean Equiv: $ 73.92 +0.10**

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


   Cash cattle trade bounced higher Friday afternoon with additional trade in
the North developing after the Cattle on Feed report posted lower-than-expected
numbers. Live cattle prices sold $1 to $2 per cwt higher than the week previous
week with dressed cattle sales $5 per cwt higher than the previous week. Early
week cash cattle market information is expected to remain sluggish with
showlist distribution and inventory taking the main focus early Monday morning.
This may limit additional cash market interest until midweek or later and will
take the direction of beef values and futures trade over the next couple of
days into account in order to secure additional upward momentum. The question
still remaining in live cattle and feeder cattle trade is just how much of the
cattle placement and overall on-feed reductions have already been factored into
the complex through the last half of last week. Initial market support is
expected Monday, which may help to spark some underlying support, but the depth
of buyer interest and ability to hold these gains through the week remains more
uncertain. Cattle slaughter is expected to at 117,000 head Monday.
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