Beachner Companies

Thursday, September 20, 2018  
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DTN Early Word Opening Livestock       09/19 05:49
   Mixed Morning Trade

   Limited activity is expected early Wednesday morning with traders looking
for additional longer-term direction and the potential to bring additional
support to hog futures.

By Rick Kment
DTN Analyst

Cattle: Steady      Futures: Mixed      Live Equiv: $136.09 -0.78*
Hogs:   $1 Higher   Futures: $1 Lower   Lean Equiv: $ 82.57 +1.55**

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


   Limited cash market activity is expected through the day Wednesday, although
packers should step into the market at some point with token bids at least.
Initial bids should be near $107 live basis and $168 dressed, although at this
point, these numbers are not expected to gain any attention from feedlot
managers. Asking prices are likely to become more evident with prices seen near
$114 live and $176 and higher dressed. But most trade may be delayed until
Friday, potentially after the release of the Cattle on Feed report. Futures
trade is expected to remain mixed with sluggish market interest. This may spark
some additional market activity, but traders seem to be increasingly cautious
to move above recent market support, and content to hold prices within a narrow
trading range and still hang onto the underlying firm market trend from last
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