Tuesday, December 1, 2015  
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DTN Early Word Opening Livestock       12/01 06:07
   Cattle Paper Set to Open Moderately Lower

   Look for live and feeder futures to open moderately lower, checked by
follow-through selling and uncertain beef demand. Lean hog contracts seem set
to begin moderately higher, supported by improving fundamentals.

By John Harrington
DTN Livestock Analyst

Cattle:  Steady-$2 HR  Futures: 10-30 LR  Live Equiv $137.74 + 0.31*
Hogs:    Steady-$1 HR  Futures: 10-30 HR  Lean Equiv $ 78.37 + $1.50**

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


   The cash cattle trade will probably remain in low gear this morning with
bids and asking prices remaining poorly defined. While nearly all agree that
the early December basis is abnormally week and due for correction, there's
much disagreement as to whether cash will move higher toward the board, or
whether the board will fall toward cash. Some show lists are priced around
$131-132 in the South and $200-plus in the North. Live and feeder futures
should open moderately lower, pressured by spillover selling and uninspiring
beef demand.
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