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DTN Early Word Livestock Comments      12/08 08:23
   Hogs are Ready for a Bounce

   Only December live cattle and December lean hogs were able to eke out a
higher close. Live cattle futures traded in a relatively tight range. Traders
have again decided to wait for cash to trade before committing to a direction.
The uncertainty of cash and cutouts due to reporting problems left hog traders
on the defensive.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher   Futures: Mixed   Live Equiv:   $200.75 -2.68*

   Hogs:  Steady   Futures: Mixed   Lean Equiv:   Unavailable**

   *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


   Traders are trying to balance the significant weakness of boxed beef against
the strong potential for higher cash. Feedlots are looking for higher prices
again this week, posting offers at $3.00 higher. Yes, cattle supplies look like
they may tighten next year, but packers are dealing with the here and now.
Showlists are larger, which may leave packers less aggressive. However, demand
is strong and they will need to purchase for nearby processing needs as well as
for the next few weeks. Their resolve will be tested again. It is anticipated
cash business will develop Wednesday. Cutouts may be a drag on the market with
choice down $4.50 and select down $2.17 Tuesday.
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