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Sunday, October 21, 2018  
 
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DTN Early Word Opening Livestock       10/19 05:53
   Hog Paper to Open Significantly Lower

   Lean hog futures are expected to open under pressure thanks to defensive
fundamentals. On the other hand, look for live and feeder cattle futures to
open on a mixed basis as traders jockey ahead of the Oct. 1 Cattle on Feed
report.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$1 LR   Futures: Mixed       Live Equiv: $135.75  +1.16*
Hogs:   Steady-$1 LR   Futures: 50-100 LR   Lean Equiv: $ 83.15  - .40*

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

GENERAL COMMENTS:

   The cash cattle trade should be completed through the day with southern
buyers and sellers looking for compromise between $111 and $114. The Oct. 1
Cattle on Feed report will be released Friday at 2 p.m. CT. Generally speaking,
USDA numbers are expected to be bearish as feedlot numbers swell compared to
2017.
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