Wednesday, March 22, 2017  
 
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DTN Early Word Opening Livestock       03/22 06:04
   Cattle Futures Set to Open Moderately Higher

   Live and feeder contracts are expected to open moderately higher, supported
by follow-through buying and large cash premiums. Look for lean hog contracts
to trade moderately lower in the early going, checked by residual selling
interest and lackluster fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR   Futures: 25-50 HR   Live Equiv $151.18  + .81*
Hogs:   Steady         Futures: 25-50 LR   Lean Equiv $ 86.37  - .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:

   Is the cash cattle trade set for another round of midweek magic? To be sure,
Wednesdays have been close to cash heaven for nearly a month. While time will
tell, the impressiveness of this recent pattern will at least encourage sellers
to dig in their heels through the day with sharply higher asking prices (e.g.,
$130 to $131 in the South; $214 in the North). Bullish hopefuls will also be
keeping an eye on the FCE internet auction. Live and feeder futures should open
moderately higher, supported by follow-through buying and generally positive
cash expectations.
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