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DTN Early Word Opening Livestock       11/21 06:53
   Cattle Continues to Consolidate

   Cattle futures remain entrenched in a tight sideways trading pattern as the
market awaits the Friday Cattle-on-Feed report.

By Robin Schmahl
DTN Analyst



Cattle: Higher   Futures: Mixed   Live Equiv: $153.09 -0.47*
Hogs:   Lower    Futures: Lower   Lean Equiv: $91.43  +1.91**

* 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 futures traded in a range of about $1.50 managing to close slightly
higher yesterday. Futures remain entrenched in a tight sideways trading pattern
as the market awaits the Friday Cattle-on-Feed report. Analysts estimate
on-feed numbers at 101.2%; placements at 112.2%; and marketed at 99.6%. Cash
cattle beginning to trade at higher prices than last week was not enough to
spark trader interest in increasing their long positions. Higher cash has
already been factored into the market. Offsetting the bullishness of higher
cash trading was the decline of boxed beef prices. Fund traders remain friendly
to the market and remain active buyers as seen by increasing open interest.
However, the overbought market and potential for a market correction, could
trigger significant liquidation.
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