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DTN Early Word Opening Livestock       05/20 06:36
   Limited Volume Focuses on Beef Demand

   Light trade is expected early Monday with traders in the beef complex
focusing on additional potential trade in the Japan market following last
week's announcements of full access for beef exports.

By Rick Kment
DTN Analyst



Cattle: Steady   Futures: Higher   Live Equiv: $144.07 +0.38*
Hogs:   Steady   Futures: Mixed    Lean Equiv: $ 90.28 -0.86**

*   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 activity is expected to remain sluggish Monday with limited
direction following the underlying pressure that has developed the last couple
of weeks. Showlists and inventory taking are likely to be the extent of any
market interest through the day Monday, but the recent trend toward midweek
sales activity is likely to spark increased interest earlier in the week. The
recent rally in cattle futures should help to add some stability to the cash
complex, but traders still remain uncertain given the impact on the trade war
with China on the overall economy. Futures are expected to continue higher
following the late-week rally. The announcement last week that Japan had
dropped age restrictions on beef exports is expected to help support overall
beef exports to Japan. Continued expectations of further domestic demand
support and firm trader interest returning to the live cattle complex may help
to shift prices off of recent lows.
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