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DTN Early Word Livestock Comments      07/16 06:34
   Traders Uncertain Over Cash

   Live cattle futures could not find sufficient buying Monday to push the
market higher. The feeling is that cash may trade no better than steady this
week due to boxed beef indicating slower demand. Hog futures tried to maintain
strength but could not find follow-through buying interest.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower         Futures: Mixed       Live Equiv: $234.90 +$0.12*

   Hogs: Higher         Futures: Mixed       Lean Equiv: $104.20 -$0.55**

   *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 are uncertain about the potential of the market this week. Lower
cash last week was indicative of the market showing weakness in demand. Boxed
beef prices have been under pressure for the past two weeks. Boxed beef prices
were mixed Monday with choice down $0.58 and select up $2.51. Packers were able
to purchase 25% of the cattle last week for deferred delivery, which puts them
in a position to hold for lower prices this week. Feelots needed to move cattle
last week and likely again this week, reducing their desire to hold for higher
prices. The benefit for feedlots is the continued weakness of feed prices. It
is too early in the week for traders to position themselves for the Cattle on
Feed report to be released Friday, but it is in the back of traders' minds.
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