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DTN Early Word Opening Livestock       09/21 06:20
   Cattle Waiting on USDA

   After holding steady all week, cattle traders may be a little more anxious
Friday, awaiting the next round of cash sales and USDA's Cattle on Feed report.

By Todd Hultman
DTN Analyst

Cattle: Steady              Futures: Mixed   Live Equiv: $135.54 +0.29*
Hogs: Steady to $1 higher   Futures: Mixed   Lean Equiv: $ 83.95 +0.56**

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


   After Thursday saw light trade in Nebraska and Iowa around $175, some cash
business may trickle in early Friday, but it also seems likely that more will
develop after USDA's Cattle on Feed report at 2 p.m. CDT. Dow Jones survey is
expecting the Sept. 1 inventory to be up 5.3% from a year ago, based on a 4%
increase in placements and even marketings. December cattle have been holding
near $118 this week, just a dollar shy from their highest price of the year,
helped by active demand and in spite of consistently higher on-feed numbers
like the one expected later Friday.
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