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DTN Early Word Livestock Comments      06/26 06:16
   Higher Cash Cattle Trade Expected

   June live cattle futures stretched to a new high on Thursday as the discount
to cash needed to be reduced. Other contracts did not show much strength. Hog
futures showed little change except for the nearby July contract, as it needs
to move closer to the index.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher          Futures: Higher      Live Equiv: $289.22 -$2.05*

   Hogs: Higher            Futures: Higher      Lean Equiv: $101.81 +$1.36**

   *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:

   The June live cattle contract set a new contract high as it needs to move
closer in line with cash. Tuesday is the last trading day for the contract. The
rest of the live cattle contracts were slightly higher but well off their daily
high. The market continues to hold a discount in later contracts. Feeder cattle
futures are in better posture, with contracts moving very close to the contract
highs. There is a strong appetite for feeder cattle in the country. The cash
cattle trade has been nearly nonexistent this week, but will erupt today as
packers are expected to increase bids to obtain cattle. Boxed beef prices were
lower on Thursday, with choice down $2.62 and select down $3.40.