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DTN Early Word Livestock Comments      03/18 06:18
   Two-Sided Trading Activity Expected Monday

   Most contracts in the livestock complex closed higher Friday, regaining some
of the loss of Thursday. Higher cash cattle trade provided support with
positioning ahead of the weekend. Hogs were supported by stronger cash and
cutouts.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Mixed    Live Equiv:   $229.87 +$0.70*

   Hogs: Higher         Futures: Mixed    Lean Equiv:   $99.39 +$0.22**

   *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.

GENERAL COMMENTS:

   Cattle traded higher for the week with Southern cattle up $1.00 and Northern
dressed cattle gaining $4.00. This was impressive after higher cash the
previous week. The packers have been trying to hold the line by slowing
slaughter, but they have not been able to back up cattle in the country.
Consumer demand continues to remain strong with boxed beef up again Friday:
choice gaining $1.12 and select gaining $0.71. It will be an interesting week
with feedlots likely holding for higher prices, but another week of higher cash
may be difficult to obtain. Feeder cattle futures are in a downtrend and will
need to find support to stabilize or reverse the trend. Feeders are still
trading higher at auctions, which should help futures find support. The
Commitments of Traders report showed funds increasing their long futures
positions in live cattle by 3,299 contracts to a net long of 67,347 contracts.
Funds sold 1,144 contracts in feeder cattle reducing their net-long positions
to 9,335 futures contracts.
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