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DTN Early Word Opening Livestock       11/14 05:59
   Cattle Gains Expected Early Wednesday

   Strong support, which developed late-day Tuesday in feeder cattle trade,
will likely spark some renewed underlying support as markets open midweek. Hog
futures are expected mixed in a narrow but choppy trading range.

By Rick Kment
DTN Analyst



Cattle: Steady     Futures: $1 Higher   Live Equiv: $140.32 -0.85*
Hogs:   $1 Lower   Futures: Mixed       Lean Equiv: $ 75.60 -0.14**

* 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 slowly develop through the day Wednesday
following a few token bids, which developed late Tuesday at $174 to $176
dressed basis in the North, possibly setting the stage for additional market
discussions. It was also reported that a handful of trade was seen in the South
at $112 to $114 per cwt. But overall trade seems to be nervous given the shifts
in futures trade. At this point, asking prices are generally undefined, which
could leave packers focusing early-trade direction and the movement in beef
values midweek. Firm buyer support in futures trade is expected to spark
renewed underlying support early Wednesday, although the depth of buying
activity moving into the complex will be the unanswered question going into the
opening bell.
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