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DTN Early Word Livestock Comments      06/18 06:04
   Mixed Trading Activity Ahead of the Cattle on Feed Report

   Live cattle futures spent time on both sides of unchanged, ending the day
slightly lower. Feeder cattle futures were under pressure, but finally closed
higher. Hog futures bounced but had little reason to extend the gains.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher          Futures: Mixed      Live Equiv: $289.40 -$2.42*

   Hogs: Lower             Futures: Mixed     Lean Equiv: $101.36 -$0.80**

   *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 are likely to be choppy and remain mixed today as traders
react to the large decline in choice boxed beef and look ahead to the Cattle on
Feed report. The June live cattle contract nearly reached the contract high set
on May 1 and was the only contract that closed positive on Wednesday. Even
though the other contract closed slightly lower, cash trade is expected to be
higher this week. Packer bids have not yet been posted, but should surface
today. The drop in choice boxed beef on Thursday was substantial, with a loss
of $5.08. Select boxed beef increased by $0.41. The Cattle on Feed report will
be released today after the close and ahead of a three-day weekend. The
estimates are for on feed on June 1 at 102.5% with the range of estimates from
101.7% to 103.8%. Placements in May at 94.0% with estimates ranging from
89.0%-104.0%. Cattle marketed in May at 89.2%, with estimates ranging from
88.2% to 91.5%.