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DTN Early Word Livestock Comments      07/23 06:21
   Hog Futures Hold Further Upside Potential

   Cattle futures closed higher Monday with live cattle leading the way and
outpacing feeder cattle. Traders felt the Cattle on Feed report provided
sufficient support for higher prices. Hog futures extended their recent rally
with October and December contracts showing the greatest gains.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower         Futures: Mixed       Live Equiv: $229.53 -$0.30*

   Hogs: Higher         Futures: Higher      Lean Equiv: $110.12 +$2.01**

   *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:

   With the numbers on the Cattle on Feed report known, traders decided the
placement number should be the focus and provide support to the market. The
supply of cattle will be tight the rest of the year and the potential for
increased demand once the summer is over may provide renewed support for the
market. Beef demand has slowed and has been reflected in the boxed beef prices
over the past few weeks. Boxed beef on Monday was lower with choice down $0.39
and select down $0.47. Lower boxed beef prices have been the trend recently.
The packers have been reducing the slaughter pace, attempting to improve their
margins, but they have not made much progress in that direction as boxed beef
prices continue to weaken. The early anticipation is for cash cattle to trade
at steady money this week.
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