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DTN Early Word Livestock Comments      12/05 06:12
   Outside Markets to Influence Trading

   Livestock closed with positive gains in all contracts except for December
hogs on Friday. December hog futures have 1 1/2 weeks remaining to trade and
will need to hold close to cash. Pork cutouts jumped to end the week. Live
cattle were moderately higher despite a nice increase in Northern dressed

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady         Futures: Mixed     Live Equiv:   $185.69 -$1.90*

   Hogs: Steady           Futures: Higher      Lean Equiv:   $96.86 +$2.48**

   *Based on formula estimating live cattle equivalent of gross packer revenue.
(The Live Cattle Equiv. 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


   Southern cattle could not squeeze out any higher cash with prices at $155
and steady with the previous week. Northern dressed cattle traded upwards of
$4.00 higher, but it failed to light a fire under the trade. December live
cattle futures were only up $0.27 for the week. Traders seem to be very
cautious over putting too much premium in the market. This may carry over
Monday with trade likely choppy as traders wait for showlists, boxed beef
prices and cash to determine direction. The bullishness of steady-to-higher
cash was offset by somewhat lackluster boxed beef prices. Choice cuts were
$3.65 lower with select cuts down $0.44. There remains concern that demand will
slow through the end of the year, which may impact cash cattle trade. The
Commitment of Traders report showed funds as sellers of 2,105 futures, reducing
their net-long position to 58,745 contracts. Monday is the first notice day for
December live cattle.
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