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DTN Early Word Livestock Comments      06/28 06:10
   Traders Remain Cautious Ahead of Cash

   Live cattle showed moderate strength and in line with what the Cattle on
Feed report indicated. Feeder cattle were the beneficiaries of the weakness of
corn. Hogs could not find support due to the weakness cutouts were showing and
some positioning ahead of the Hogs & Pigs report Wednesday.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower       Futures: Mixed       Live Equiv:    $198.57 +$2.01*

   Hogs: Higher         Futures: Higher      Lean Equiv:    $116.89 -$3.17**

   *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:

   Lower corn prices may have feedlots feeling good about holding out for
higher cash this week. The past two weeks showed aggressive packer buying and
that may not be the end of it. Sure, they have some cattle purchased ahead but
not a large amount that will allow them to sit back. Showlists are not showing
an abundance of cattle for the week. Feedlots may not sell cattle too readily
this week as lower corn prices and the cash momentum are on their side. Boxed
beef made a surprising increase yesterday of $3.70 higher for choice and $0.22
higher for select. Higher corn futures today may temper some of the strength of
feeders.
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