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DTN Early Word Livestock Comments      11/30 06:34
   Livestock Hauler Hours Extended Again

   Cattle futures took it on the chin Monday, most likely due to the market
taking a breather after last week's strong run higher. Hogs went back to
posting a divergence between the close months and deferred months as December
remains close to cash.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher        Futures: Mixed     Live Equiv:   $207.53 -$1.25*

   Hogs: Steady          Futures: Higher     Lean Equiv:    $94.52 +$3.73**

   *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:

   Traders had nothing to go on Monday, so some profits were taken just in case
the omicron virus becomes a greater economic issue. This uncertainty will make
traders nervous. This could also impact cash trading this week. Packers seem to
be current without having many forward contracted. This would lend itself to
the idea they will need to be more aggressive again this week. They have
limited bargaining power as long as they keep a strong slaughter pace and are
purchasing cattle mostly as they need them. There is anticipation cash will be
at least $1.00 higher this week, but there is strong potential for more than
that. The Commitments of Traders report showed funds increasing their long
futures positions by 13,235 contracts to a net-long futures position of 65,461
contracts. The Federal Motor Carrier Safety Administration has extended the
hours of service for livestock haulers through Feb. 28, 2022.
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