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DTN Early Word Livestock Comments      06/20 06:14
   Traders See Little To Get Excited Over

   The markets were closed Wednesday, leaving little to determine the attitude
of traders Thursday other than boxed beef, pork cutouts, and cash hogs. Cattle
traders might be cautious waiting for cash and the Cattle on Feed report. Hog
traders are trying to determine whether the recent strength is real.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed     Live Equiv: $234.26  -$0.12*

   Hogs: Higher            Futures: Lower     Lean Equiv: $103.51 -$0.37**

   *Based on the formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. The 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 cash cattle market was quiet Wednesday as expected. A few cattle traded
in Iowa at steady money compared to last week. Much of the cash business will
be delayed until Friday. Bids and offers will be assessed and decisions made
based on what needs to be done. It does not appear packers are short-bought,
which may give them the ability to hold back. Boxed beef prices were mixed with
choice up $0.18 and select down $0.95. The Cattle on Feed report will be
released Friday with the average estimate for on feed on June 1st at 98.9% of a
year ago. Placements in May are estimated at 98.3%. Marketings in May are
estimated at 100.3%. Traders will be concerned about any surprises and may
position themselves accordingly.
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