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DTN Early Word Opening Livestock       09/20 06:16
   Limited Direction Expected Ahead of Cattle on Feed Report

   Light to moderate trade is expected early Friday morning with the focus on
underlying support that has been developing in all livestock trade through the
week. This is expected to bring additional underlying firmness despite limited
expected volume.

By Rick Kment
DTN Livestock Analyst



Cattle: Higher   Futures: Higher   Live Equiv: $139.94 +0.02*
Hogs:   Lower    Futures: Mixed    Lean Equiv: $ 73.82 +0.91****

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

GENERAL COMMENTS:

   Cash cattle trade has trickled in over the last two days with most of the
business so far in the South. Cash cattle trade in the South is generally $2
per cwt above last week's levels, sparking increased overall support as
strength has continued to develop in futures trade. Limited cash trade in the
North on Thursday at $160 to $162 per cwt, although these sales would indicate
a firmer tone in trade, the amount of cattle traded is not expected to be
enough to generate an accurate trend. Futures trade is expected to spark
limited follow-through buyer support as traders test resistance levels of
$106.10 per cwt in December contracts. A weekly close above these levels would
likely spark renewed underlying support through the end of September. Traders
are also looking for direction from the Cattle on Feed report Friday afternoon,
although given the current estimates, limited market surprises are expected.
Cattle slaughter is estimated to remain at 115,000 head Friday.
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