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Friday, July 19, 2019  
 
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DTN Early Word Opening Livestock       07/19 06:00
   Cattle Futures Expected Mixed

   Ahead of Friday's cattle reports, live cattle and feeder cattle are expected
to be mixed with traders adjusting positions. Firm market support is expected
through the end of the week.

By Rick Kment
DTN Analyst



Cattle: Steady      Futures: Mixed    Live Equiv: $137.04 +0.40*
Hogs:   $1 Higher   Futures: Higher   Lean Equiv: $ 81.46 +0.12**

*   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 is expected to develop, although the tone appears to be
set, following trade the last two days with prices steady to $1 per cwt lower
than last week. It is likely that most trade will be done for the week,
although with the release of two major cattle reports at the end of the day,
any additional cash cattle trade could be delayed until after 2 p.m. Live
cattle futures are expected to remain mixed during early trade with limited
follow-through pressure developing in nearby contracts. An attempt for end of
the week short-covering could push prices higher through morning trade. The
heat wave sweeping across the country will continue through the end of the week
in most areas, which will add heat stress to most cattle operations. At this
point, the impact of this heat or any expected production or death losses is
not having an impact on live cattle or feeder cattle markets. Market interest
concerning weather conditions could be muted in the near future, but if grain
markets start to focus on potential production losses once again, feeder cattle
trade could see additional pressure.
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