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DTN Early Word Livestock Comments      03/05 06:22
   Cattle May Struggle to Find Footing Tuesday

   Cattle futures could not extend Friday's rebound on Monday as traders gave a
pause after the strength. Live cattle could not push through the price
resistance of last week with the weakness of feeder cattle pressuring live
contracts. April hog futures struggled while later contracts had a nice rebound
into the close.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed    Live Equiv:   $225.41 +0.38*

   Hogs: Higher           Futures: Mixed     Lean Equiv:   $98.64 -$1.63**

   *Based on formula estimating live cattle equivalent of gross packer revenue.
(The Live Cattle Equiv. 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:

   Chart resistance is developing in live cattle futures, which may be a
formidable level to break through in the near term. Boxed beef prices closing
mixed Monday may increase the concern over continued strength as prices may be
reaching consumer resistance. Choice cuts were up $1.02 with select down $0.57.
Packers reducing slaughter to improve margins may impact demand. The current
expectation is for cash to be steady this week, but it is too early to tell who
will be more aggressive with no bids or offers posted. Packers have been able
to purchase some cattle for deferred delivery, putting them in a better
position this week to hold the line on prices. Feeder cattle continue to
command high prices at auctions as tight supplies continue to require more
money to purchase them.
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