Do Not Overlook the Corn Values for Fall 2020 and Beyond. Increased Corn Acres and Demand Destruction could easily move the carryout back up over 2 Billion Bushels.



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DTN Early Word Opening Livestock       08/20 06:11
   Limited Buying Expected Tuesday

   Light-to-moderate spillover support is expected to trickle back into lean
hog and feeder cattle futures as traders try to build on early week support and
distance themselves from recent market pressure.

By Rick Kment
DTN Analyst

Cattle: Steady to Firm   Futures: Mixed    Live Equiv: $153.75 +0.48*
Hogs:   Lower            Futures: Higher   Lean Equiv: $ 89.84 -1.28**

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


   Cash cattle trade is expected to remain quiet once again Tuesday morning,
although both sides are expected to become more aggressive given the limited
movement in negotiated cash cattle trade the last two weeks. The rally in
wholesale beef values last week, where choice cuts rallied over $22 per cwt, is
expected to stimulate additional buyer support through the week. It is expected
that the downside move last week was overly aggressive, which will likely help
to stimulate additional upside movement through the week and likely the end of
the month. Futures trade is expected mixed in limited early morning activity.
Once again feeder cattle trade will remain heavily influenced by grain trade.
Although there still remains potential downside moves in the corn market, the
uncertainty of current corn crop status and how this will relate to overall
total production levels will be a major focus in the next few weeks. Even
though the cattle complex remains oversold, the inability to find traders
willing to actively jump into this market at this point will likely keep prices
from aggressively breaking to the upside in the near future.
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