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DTN Early Word Livestock Comments      09/23 06:02
   Hog Futures May See Further Strength

   Cattle futures could not follow through on Tuesday despite strong boxed beef
prices. The chart gaps may be closed quickly. Hogs futures posted triple-digit
gains in the nearby contracts, leaving chart gaps on the open.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Higher      Live Equiv: $278.00 +$1.70*

   Hogs: Lower           Futures: Mixed     Lean Equiv: $95.02 -$0.92**

   *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 unable to follow through on Tuesday. This gives the idea
that the chart gaps below the market from last week may be closed quickly.
Boxed beef prices have been strong the past two days, with choice up $2.54 and
select up $2.08. We may be finding support for the time being. The general
feeling of the market is that cash will be steady this week, but if higher
boxed beef prices result in higher futures, stronger cash is possible. However,
the slaughter pace continues to run substantially lower than a year ago,
leaving packers in the driver's seat for purchasing cattle.