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DTN Early Word Livestock Comments      06/13 06:27
   Mixed Trading Until Cash Provides Direction

   Cash cattle did not trade Wednesday, providing no direction for traders.
Futures slipped as there was little for traders to go on besides market
perceptions. Hogs finally bounced after making new lows again. It may be
short-lived.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed     Live Equiv: $231.72  -$0.66*

   Hogs: Lower             Futures: Lower     Lean Equiv: $104.87 -$4.62**

   *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:

   Live cattle futures showed some strength for a time, but without any other
fundamental indications futures slipped into the close. The initial bullishness
of cash this week has succumbed to less optimism, much like last week. The
WASDE report showed USDA estimated higher steer prices for the rest of the
year. However, those prices are estimates and will change from report to report
having little influence on the market as seen on Wednesday. The positive aspect
of the report was that the grain supply would be sufficient at reasonable
prices. Boxed beef prices were lower with choice down $0.61 and select down
$1.69. Traders will be anxious to see whether this could be the beginning of a
trend. Feeder cattle remain in high demand with strong prices continuing to be
seen at auctions. The House Appropriations Subcommittee approved the
reinstatement of the July Cattle Inventory report.
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