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DTN Early Word Opening Livestock       12/16 06:46
   Confirmation of Friday's Rally Sought

   It is uncertain how much spillover momentum will develop Monday morning
following aggressive triple-digit gains Friday. Although underlying support is
still expected, traders have had the weekend to ruminate on Friday's trade
actions, which could allow morning market uncertainty.

By Rick Kment
DTN Analyst


Cattle: Steady             Futures: Mixed   Live Equiv $142.37 +0.69*
Hogs:   Steady to Higher   Futures: Mixed   Lean Equiv $ 86.80 +0.17**

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

GENERAL COMMENTS:

   Cash cattle trade ended the week generally steady with trade in the South
developing mostly Thursday at $119, whole Northern trade held out until Friday
afternoon with most trade at $190 per cwt, generally steady with the previous
week. Cash markets are expected to remain sluggish Monday with asking prices
and bids likely undeveloped until near midweek. This is the last full trading
week of the year, and with the holiday lull ahead of us, it is likely that
trade may be pushed to the end of the week once again. Futures are expected
mixed. The strong move Friday sparked a technical bullish signal in the cattle
complex. Live cattle futures closed at $127.55 per cwt, setting contracts highs
as well as breaking through short-term resistance levels and trading at the
highest level since April. This move higher accounts for a $21 per cwt rally
since September lows, and the potential for increased underlying support going
into early 2020 when cattle numbers are expected to show increased tightness.
But the moves through the end of the year could be uncertain given the expected
lack of volume surrounding the holidays. Monday slaughter runs are expected at
121,000 head.
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