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DTN Early Word Livestock Comments      06/25 06:18
   Cattle Futures Adjust to Higher Cash

   Live and feeder cattle futures held up well Monday, posting gains as traders
emphasized higher cash trade rather than the Cattle on Feed report numbers.
Hogs found no support with new contract lows in most contracts.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed     Live Equiv: $235.95  +$0.67*

   Hogs: Steady           Futures: Higher     Lean Equiv: $103.68 -$1.20**

   *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:

   Traders were slow to support the cattle market Monday as the initial
pressure came from the bearish nature of the Cattle on Feed report. However,
the fact that cash cattle moved sharply higher last week overrode that
bearishness. Futures closed much as how it could have been expected with higher
placements impacting late-year contracts while strong cash supports near-term
contracts. It is doubtful the strength of cash will be repeated this week, but
prices should be supported. Boxed beef was higher with choice up $0.25 and
select up $1.96. The Commitments of Traders report showed funds increasing
their net-long live cattle position by 2,882 contracts, carrying a net-long
position of 55,963. Funds increased their long feeder cattle position by eight
contracts with their net-long futures positions at 2,986.
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