DTN Early Word Livestock Comments      06/29 06:08
   Hog Traders to Prepare for Hogs and Pigs Report

   The livestock complex closed lower with live cattle waiting to see the
strength of the cash market while feeder cattle felt the pressure of higher
corn prices. Hogs suffered further losses as traders reacted to lower cash and
cutouts as well as positioning themselves ahead of the report.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower       Futures: Mixed       Live Equiv:    $197.40 +$1.17*

   Hogs: Higher         Futures: Higher      Lean Equiv:    $113.33 -$3.56**

   *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 saw nothing to generate buying interest in futures yesterday. The
focus is on the cash market. Feedlots are looking for nothing less than steady
cash last week with feedlots in the North having not revealed any offers as of
yet. Today will likely be a day of reckoning as business should surface to get
accomplished what needs to be done. Front month June live cattle goes off the
board Thursday with August taking over. China relaxing its quarantine policy
may provide support for beef and commodities in general. China has been a major
buyer with overall U.S. beef exports setting new records this year. Boxed beef
took away some of the strong gains seen for choice cutouts on Monday with price
down $1.54 yesterday with select down $1.93.