DTN Early Word Livestock Comments      03/12 06:10
   Lower Cash Cattle Trade to Pressure the Market

   The handwriting is on the wall as some light cash cattle trading activity
took place, ranging from $5.00 to $8.00 lower. This sets the stage for the rest
of the week and will keep pressure on the market. Hog suffered losses with the
June and July contracts leaving a price gap on the open on Wednesday.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower           Futures: Mixed      Live Equiv: $290.54 +$1.55*

   Hogs: Lower            Futures: Higher     Lean Equiv: $104.44 -$0.69**

   *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:

   Traders saw the impact on cash with the upcoming strike at the JBS plant in
Greeley. Some light cash trade took place at $5.00 to $8.00 lower. This sets
the stage for the rest of the week. Feedlots holding out for steady to higher
prices will be holding those cattle for another week. Live cattle futures
already have this factored in and more, which should limit the pressure on
futures. Boxed beef prices continue to push higher, with choice up $2.03 and
select up $2.48. Both are again approaching $400. Live cattle closed the chart
gaps below the market, while some deferred feeder cattle contracts left minor
chart gaps at the lower open on Wednesday, which may be filled today based on
the recent pattern.