DTN Early Word Livestock Comments      04/24 06:12
   Livestock Traders Wait For Cash Trade to Develop

   New contract highs were established in April through August, with the April
contract gapping higher. Traders are bullish on the market, expecting higher
cash trade to develop. Hogs held up well on strong packer demand and despite
lower cutouts.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady       Futures: Higher       Live Equiv: $242.38 -$0.56*

   Hogs: Higher        Futures: Mixed       Lean Equiv: $99.85 -$1.70**

   *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 began the day stronger and closed higher. The April live
cattle contract left a chart gap as traders anticipated higher cash prices
would develop. The exuberance moved the April, June, and August contracts to
new contract highs, with later contracts slightly shy of new highs. Feeder
cattle futures are poised to make new highs. Cash cattle have not traded, but
the strength of futures will increase the resolve of feedlots to hold for
higher prices. The packers were able to purchase some cattle ahead for deferred
delivery last week, but not enough to give them the upper hand. Boxed beef
prices were less supportive, with choice up $0.24 and select down $3.13.
Trading activity may be mixed today as traders hold until cash develops.