Dakota Ag Cooperative 
Wednesday, September 17, 2014  
 
 
 
 
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DTN Early Word Opening Livestock       09/17 06:18
   Cattle Futures Staged for Midweek Rally

   Live and feeder cattle futures are expected to open significantly higher,
sparked by follow-through buying and the persistence of cash premiums. Lean hog
contracts should also begin on a firm basis, supported by improving
fundamentals.

By John Harrington
DTN Analyst



Cattle:  Steady        Futures: 100-150 HR  Live Equiv $168.80 - 0.76*
Hogs:    Steady-$1 HR  Futures: 50-100 HR   Lean Equiv $119.13 + $1.90**
* 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's possible that scattered packers bids could begin the define cash
potential sometime today. Yet we suspect that significant trade volume will not
surface until Thursday or Friday. Asking prices are likely to remain firm
around $164 in the South and $253-255 in the North. Though live futures closed
mostly lower again on Tuesday, late short covering permitted contracts to
finish near session highs. This encouraged new buying interest in the overnight
trade, and pit trading this morning appears to be staged for significant price
recovery.
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