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DTN Early Word Livestock Comments      01/25 08:59
   Cattle Continue to Struggle

   Cattle futures were under pressure as expected in response to the bearish
Cattle on Feed report. The lack of any indication of cash bids left the market
floundering. Hogs continued to push higher with stronger cash and cutouts.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower. Futures: Lower. Live Equiv: $219.40 +$1.06*

   Hogs: Higher. Futures: Higher. Lean Equiv: $102.80 +$2.37**

   *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 cattle complex gapped lower at the open and did not look back. The
positive aspect was that live cattle futures closed about a $1.00 off their
lows, with feeder cattle about $2.00 off their lows. Futures moved as expected
in reaction to the Cattle on Feed report, which showed higher numbers than
expected and the third consecutive month of higher placements. With more cattle
and higher weights, it will take some time for these to work through the
system. There were no bids or offers placed Monday, providing no indication of
potential cash for the week. Boxed beef continued higher with choice up $1.09
and select up $2.46. The Commitment of Traders report showed funds as net
buyers of 236 contracts bringing their net long positions to 62,177 contracts.
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