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DTN Early Word Livestock Comments      06/12 06:14
   Market May Drift, Awaiting Cash Activity

   Some of the gains in cattle futures from Monday were eliminated Tuesday.
Mixed boxed beef prices may keep futures mixed Wednesday and the market
sideways. Hogs fell apart Tuesday with some contracts setting new contract lows
and others reaching previous contract lows.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed     Live Equiv: $232.38  +$0.36*

   Hogs: Higher            Futures: Higher    Lean Equiv: $109.49 +$3.22**

   *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:

   Traders did not have a specific direction in the market Tuesday, resulting
in futures drifting lower. There is anticipation for higher cash trade but it
seems traders may wait for confirmation before choosing a direction. Boxed beef
prices this week have been mixed, possibly indicating demand may be slowing
slightly. Choice cuts were up $0.79 with select down $0.42. No bids or offers
have been posted and none had been expected. Nothing usually takes place until
midweek. Even if buying by the packers last week seemed light, they may not be
aggressive if they see an indication of demand beginning to slow. Feeder cattle
futures pushed higher early but ran out of aggressive buyer interest as the day
progressed. Auction prices are variable, but remain strong.
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