DTN Early Word Livestock Comments      04/17 06:18
   Traders Will Adjust Positions Ahead of Cattle on Feed Report

   The livestock complex had a strong day Wednesday. There was optimism that
cash cattle would trade steady to higher this week and that demand will remain
strong. Hogs were higher as futures regained the losses from the tariff
announcement two weeks ago.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady       Futures: Mixed       Live Equiv: $243.07 -$1.14*

   Hogs: Lower         Futures: Mixed       Lean Equiv: $97.85 +$0.31**

   *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:

   Cattle futures were surprisingly strong with live cattle futures leading the
way. Optimism over continued strong beef demand is providing support with gains
in futures over the past four consecutive days. The consensus is for cash to
trade no less than steady with last week and some anticipate higher prices. No
cattle have traded so far this week as feedlots are holding out in the
anticipation that packers will step up. Boxed beef prices did not perform well
Wednesday with choice down $1.90 and select down $0.85. The Cattle on Feed
report will be released Thursday. The average estimate for on-feed numbers on
April 1 is 98.3% of a year ago, with a range of 97.5% to 99.0%. March
placements are estimated at 103.7% with a range of 99.0% to 106.4%. Marketings
are estimated at 100.7% with a range of 99.0% to 101.5%. Thursday is the last
trading day of the week, with the markets closed on Good Friday.