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Monday, April 23, 2018  
 
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DTN Early Word Opening Livestock       04/23 05:54
   Look For Cattle Futures to Open New Week with Mixed Price Action

   Live and feeder contracts should open with mixed prices Monday, higher in
nearby issues and lower in deferreds. Lean hog issues should also begin with
uneven action, torn between firming cash and lackluster carcass value.

By John Harrington
DTN Analyst



Cattle: Steady-$2 HR   Futures: Mixed   Live Equiv: $140.35  + .68*
Hogs:   Steady         Futures: Mixed   Lean Equiv: $ 72.80  - .50**

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

GENERAL COMMENTS:

   Feedlot country should be typically quiet as players focus on the standard
early-week chore of showlist distribution. We expect ready numbers offered to
be steady to larger. Not much will be said in terms of preliminary asking
prices, but it's a good bet that most producers will be thinking at least $2
higher on a live basis, based on last week's successful round of business. Live
and feeder futures should trade mixed in the early rounds with nearbys
supported by the rise of packer bids in recent weeks and deferreds somewhat
pressured thanks to the supply-heavy implications of the April 1 Cattle on Feed
report.
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