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DTN Early Word Livestock Comments      10/22 06:52
   Further Positioning Expected Ahead of the Report

   Pressure moved through much of the livestock complex Thursday. Cattle were
the recipients of traders positioning themselves ahead of the Cattle on Feed
report. The selling in hogs was the result of little underlying support and
sell stops being triggered.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Mixed   Live Equiv:   $210.56 +0.30*

   Hogs:  Lower    Futures: Mixed   Lean Equiv:  $105.29 +1.41**

   *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:

   Once selling pressure became more active, it permeated throughout much of
the cattle complex, pushing futures below the recent trading range in live
cattle. Much of the trading was likely due to traders positioning themselves
ahead of the Cattle on Feed report to be released after the close of trading
Friday. Traders estimate On Feed numbers at 99.4% of last year. Placements at
101.4% and Marketings at 97.5%. Cash cattle activity was light and generally
confined to the North at steady money with last week. That seems to be the best
that can be expected as the tone had been set on Wednesday and packers see no
need to pay more for cattle that are readily available. Boxed beef prices were
mixed with choice up $0.63 and select down $0.08.
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