DTN Early Word Livestock Comments      03/25 06:17
   Livestock Markets Wait for Cash Direction

   Cattle futures were higher, but traders lacked conviction. There is
uncertainty over cash trade for the week as packers have some cattle on the
books for delivery. Hog futures closed mixed as traders could not find solid
support, and attention is turned toward the Hogs and Pigs report.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower           Futures: Mixed     Live Equiv: $293.35 +$0.60*

   Hogs: Lower             Futures: Mixed     Lean Equiv: $102.93 -$2.63**

   *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 cattle market had little news to move the market significantly. Futures
were moderately higher except for the June contract. Feeder cattle posted
triple-digit gains, but the bounce from the uptrend line seemed to fuel buying
interest. The strike at the JBS plant is old news, with little being reported
about it and little impact seen on the market. On Tuesday, U.S. Secretary of
Agriculture Brooke Rollins announced the launch of a national public awareness
campaign to inform meat, poultry, and egg producers of the "Product of USA"
voluntary labeling standard. This standard went into effect on Jan. 1. This
campaign is to increase awareness of what the label means. Boxed beef prices
were higher on Tuesday, with choice up $0.78 and select up $0.67.