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Phone: 800-994-4290 Thursday, November 23, 2017
 
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DTN Early Word Opening Livestock       11/22 06:06
   Cattle Paper Staged for Strong Opening

   The cattle complex should open significantly higher, supported by
follow-through buying and decent packer spending in the country. Lean hog
contracts are set to open moderately lower, checked by defensive carcass value
and technical selling.

By John Harrington
DTN Livestock Analyst



Cattle: Steady w/Tues  Futures: 100-200 HR  Live Equiv $136.80 + $1.08*
Hogs:   Steady         Futures: 50-100 LR   Lean Equiv $ 86.09 -$1.40**

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

GENERAL COMMENTS:

   Cattle buyers wasted little time this week in completing procurement chores
before the Thanksgiving break. Trading turned at least moderate in most areas
on Tuesday. While early biz in the South were $1 lower than last week (i.e.,
$119), late sales in the North looked nearly $1 higher. We could see clean-up
action through the day, our guess in that cash activity is essentially done for
the week. Live and feeder futures should open substantially higher, supported
by follow-through buying and cash premiums.
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