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Thursday, July 19, 2018  
 
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DTN Early Word Opening Livestock       07/19 10:01
   Meat Futures Set to Open Widely Mixed

   On one hand, cattle futures should open higher this morning, supported by
follow-through buying and cash premiums. On the other hand, lean hog contracts
seem likely to begin at least moderately lower, checked by discouraging
fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $136.28  + .23*
Hogs: Steady-$1 LR Futures: 50-100 LR  Lean Equiv: $87.53  - $1.85**

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

GENERAL COMMENTS:

   Cattle buying interest could improve this morning with initial bids renewed
at $108 in the South and $170-$173 in the North. Yet, at the same time, asking
prices may firm thanks to yesterday's impressive board rally. Look for most
ready cattle to be priced around $115 on a live basis and $183 plus dressed.
These two factors could mean that significant trade volume will be delayed
until Friday. Live and feeder futures are expected to open at least moderately
lower, checked by softer cash sales and struggling wholesale pork demand.
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