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DTN Early Word Livestock Comments      11/14 06:15
   Cash Cattle Trade Expected Thursday

   Cattle futures were choppy Wednesday, lacking any specific direction. No
further cash sales took place, leaving traders guessing. Hogs came back nicely
from the lows and the negativity that was prevalent in the market for much of
Wednesday.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Mixed      Live Equiv: $221.78 -$0.68*

   Hogs: Lower          Futures: Higher     Lean Equiv: $103.17 -$0.42**

   *Based on the formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. The index has been updated to depict recent
changes in live cattle weights and grading percentages.)

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

GENERAL COMMENTS:

   Cattle futures did make an effort to move higher Wednesday, but traders did
not commit to the prospect of higher cash. Feedlots may not be as willing to
let go of cattle as no further trade took place. Cash trade is expected to take
place Thursday, but traders may wait to see what develops before being more
aggressive one way or the other. Boxed beef seems to be following the pattern
of last week with lower prices as the week progresses. Choice cuts were down
$1.33 with select cuts down $1.26. Weekly export sales are delayed until Friday
due to the Veterans Day holiday Monday. Feeder cattle futures have developed a
sideways pattern. Demand is strong for cattle with traders supportive but
following the lead of live cattle.
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