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DTN Early Word Livestock Comments      09/21 06:42
   Traders to Show Early Caution

   Cattle futures held well in the face of pressure from financial and other
commodity markets. Some support came from higher boxed beef prices. Hog futures
could not hold as cash and cutouts fell.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Mixed   Live Equiv:   $230.61 +0.80*

   Hogs:  Lower    Futures: Mixed   Lean Equiv:  $110.11 -2.52**

   * 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:

   The cattle complex rejected early losses to close mixed in live cattle and
slightly higher in feeder cattle futures. The early pressure from outside
markets was unable to keep the market down as traders began to focus on current
price levels and market potential. Futures moved near the recent lows only to
uncover technical buying interest at those levels. Feeder cattle may be
developing a sideways trading range while live cattle still have not developed
a solid trend. Even though boxed beef prices finally showed some gains, traders
are cautious whether stability has been found. Choice cuts increased $1.19 with
select cuts up $1.00 on Monday. This was not a strong rebound, but a rebound
nevertheless. Cash cattle did not trade Monday as business does not seem as
urgent as thought after limited trade last week. The Commitment of Traders
report showed funds as net sellers of 21,550 contracts bringing their net long
positions to 46,043.
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