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DTN Early Word Livestock Comments      06/14 06:17
   Cattle Futures Should See Further Support Friday

   Feedlots held out and packers had to step up and pay more for the cattle
they needed Thursday. Live cattle futures did an about-face from lower prices
to close higher. Hog futures went in the other direction as fundamental and
technical support remains elusive.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher          Futures: Higher     Live Equiv: $232.18  +$0.46*

   Hogs: Higher           Futures: Mixed     Lean Equiv: $102.86 -$1.99**

   *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 were under pressure for a time Thursday but turned
higher once cash began trading in the country. Cattle in the South traded $1.00
higher with dressed cattle in the North trading as much as $4.00 higher.
Feedlots retained the upper hand as packers needed cattle and had to pay up for
them. Beef demand remains strong, keeping boxed beef prices higher. Choice cuts
gained $0.71 with select cuts up $0.32. The packers do not want to pay higher
cash as their margins are below a year ago and below the 3-year average, but
they cannot afford not to. Feeder cattle bounced back significantly from the
lows but could not quite close in positive territory in contracts through
November. Strong feeder cattle prices in the country should support the market.
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