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DTN Early Word Livestock Comments      11/02 06:01
   Will Cattle Fall Further?

   Friday was not friendly toward cattle markets with some major selling to
close out the month of October. Monday is a new day and a new month, and we'll
see if there is any follow-through selling to kick off November.

Robin Schmahl
DTN Contributing Analyst

                        Futures     Equiv
Cattle:     Steady      Lower       Live       $269.31     -$1.22 *
Hogs:       Steady      Higher      Lean        $76.87     -$0.59 **

   *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 markets were ugly Friday. Many of the feeder cattle contracts were
trading over $10 lower and the majority of the futures months for live cattle
contracts were over $5 lower. Traders had expected some setback from technical
selling but not to the degree that the market fell apart. It is speculated that
month-end selling was the accelerator. Cash markets were weaker late last week
as it seems like packers are having no problems finding cattle available to
buy. There is some speculation that the fed cattle numbers ready for slaughter
are temporarily inflated, but once pass this short window, will become scarce
again.