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Thursday, October 17, 2019  
 
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DTN Early Word Opening Livestock       10/16 06:17
   Focus on Pork Demand Continues Wednesday

   Limit gains in lean hog trade Tuesday is creating expectations of
follow-through support based on reported Chinese buying activity. Underlying
bullish support will hold in cattle futures through mid-October.

By Rick Kment
DTN Livestock Analyst



Cattle: Steady to Higher   Futures: Higher   Live Equiv: $139.48 +0.75*
Hogs:   Higher             Futures: Higher   Lean Equiv: $ 82.83 +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:

   Packer interest is expected to improve through the day Wednesday, although
the overall lack of consistent asking prices through all cattle country will
likely keep trade from developing too quickly this week. Asking prices in the
North are holding at $115 live and $180 per cwt dressed in Nebraska, while
feeders have yet to float asking prices in the hopes that there will be
confirmation to suggest strong support through the end of the week. When
initial bids do develop, it is expected these will be well below asking prices,
and will potentially push active trade to the end of the week. Firm support is
expected to hold in cattle futures with the focus on December contracts testing
short-term highs once again following the steady-but-firm buyer support moving
back into the complex. With nearby contracts holding well above both 40- and
100-day moving averages since the end of September, renewed commercial support
is building as well as the potential to spark investment interest, which has
remained out of the market the last several weeks. Wednesday slaughter runs are
expected at 117,000 head.
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