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  Tuesday, September 28, 2021   
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DTN Early Word Livestock Comments      09/28 06:29
   Follow-through Buying in Hogs Expected

   There was quite a divergence between cattle and hog futures Monday. Live
cattle held their own showing minor losses while feeder cattle were under
significant selling pressure, Hogs moved sharply higher with December and
February moving limit up.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Lower    Live Equiv:   $223.03 -0.31*

   Hogs:  Steady   Futures: Higher   Lean Equiv:  $119.15 +1.18**

   * 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

   GENERAL COMMENTS:

   The bearish reaction to the Cattle on Feed report was evident in the feeder
cattle market as traders traded the bearish implications of higher placements.
But the overall cattle complex has to deal with higher supplies and placements
than expected. Live cattle may have this mostly factored in and may hold recent
support if cash cattle will be able to hold. However, the report may keep
packers from being aggressive this week likely because they were able to
purchase cattle last week at steady to lower cash. Boxed beef prices were lower
with choice cuts down $0.62 and select cuts down $0.15. The Commitment of
Traders report showed funds were net sellers of 11,339 reducing their net-long
positions to 34,704. This is much lower than it had been just a few weeks ago.
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