DTN Early Word Livestock Comments      04/25 06:10
   Traders Wait For Cash Cattle Trade

   Cattle futures drifted during the day but closed moderately higher in all
but the June live cattle contract. Very light cash activity was noted in
Kansas, but not sufficient to establish direction. Hog futures took a breather
after the consistent increase in futures.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady       Futures: Higher       Live Equiv: $243.63 +1.25*

   Hogs: Higher        Futures: Mixed       Lean Equiv: $101.63 +$1.78**

   *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:

   Cash cattle trade has been pushed off until today as the packers and
feedlots have been holding and are waiting to see who will blink first. Some
light activity took place in Kansas with heifers trading at $210, but
otherwise, it has been quiet. The feedlots may hold due to the strength this
week in cattle futures. They may hold cattle over another week if they do not
get the prices they want. The packers do not seem to have purchased many cattle
ahead. Boxed beef prices indicate demand continues to remain strong. Choice
cuts increased $1.73, with select up $1.83. It seems consumers have not yet
reached a threshold. Feeder cattle are in strong demand, with higher prices
seen at auctions. Feeder cattle futures are near contract highs with both
August and September over $290.