DTN Early Word Livestock Comments      04/26 06:13
   Cash Cattle Trade Steady to Higher

   Cattle futures uncovered strong buying interest after higher cash trade
developed in the North. That was enough to turn traders more bullish on the
market. Hogs took a beating due to lower cash with packers likely finished
buying for the week.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Higher    Live Equiv:   $219.39 +$0.28*

   Hogs: Higher         Futures: Mixed    Lean Equiv:   $103.45 +$0.22**

   *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:

   It was a negative beginning for cattle but as further cash trading
developed, cattle futures turned higher. Northern dressed cattle traded $1 to
$2 higher generating interest in purchasing futures. The stage is likely set
for cash activity today with Southern cattle likely to trade steady and
Northern cattle higher. This was not expected earlier this week and the result
of feedlots holding out due to tight supplies. More live cattle and feeder
cattle contracts closed their chart gaps before futures turned higher, but
later contracts still show gaps from a week ago. Weekly export sales were lower
than the previous week and may have limited some possible gains. Boxed beef
prices were mixed with choice up $1.18 and select down $0.76.