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DTN Early Word Opening Livestock       11/20 06:18
   Cattle Futures Continue to Consolidate

   It certainly was a victory for cattle futures to close mixed and nearly
unchanged yesterday. Traders are assessing their positions after the steady
rise of futures over the past two months and the upcoming Cattle-on-Feed report
due out on Friday.

By Robin Schmahl
DTN Dairy Analyst



Cattle: Steady  Futures: Mixed Live Equiv: $153.56 -0.08*
Hogs:   Lower   Futures: Higher Lean Equiv: $89.52 -4.47**

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

GENERAL COMMENTS:

   It certainly was a victory for cattle futures to close mixed and nearly
unchanged yesterday. Traders are assessing their positions after the steady
rise of futures over the past two months and the upcoming Cattle-on-Feed report
due out on Friday. Steady prices are keeping traders with long positions from
liquidating, but they are also making them nervous. Traders resolve will be
tested over the next three days. Buyers have been shy about posting bids as
they need more direction before stepping out. Feedlots are willing to sell from
$117 to $118 in the South and $185-188 in the North. Packers might have been
hoping technical selling would erupt providing the opportunity to lower bids
from last week. The market should show some better indication of potential
business today. The premium of futures to cash and slight weakness in cut-outs
may begin to have a bearish influence of the market.
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