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DTN Early Word Livestock Comments      03/28 06:22
   A Thursday Full of Reports

   Cattle futures were under pressure earlier Wednesday but managed to close
higher as the liquidation ran its course. The potential for lower cash this
week may not put further pressure on the market. Hog futures closed mixed with
closer months higher and later months lower. Traders were positioning ahead of
the Hogs & Pigs report Thursday.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower        Futures: Higher    Live Equiv:   $227.49 -$1.56*

   Hogs: Lower         Futures: Mixed   Lean Equiv:   $100.01 -$1.27**

   *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:

   After three days of liquidation, the selling ran its course and traders
bought back into the market Wednesday. Futures may be overdone to the downside
unless cash falls over the next few weeks. Some light cash activity took place
Wednesday, which was up to $3.00 lower. It may not have been enough to set the
stage for the week, but it does indicate cash will be steady to lower. The
bearish Cattle on Feed report and the sharp decline of futures set the stage
for lower cash. Boxed beef prices showing weakness also may be a factor even
though overall boxed beef prices have increased significantly recently. Boxed
beef Wednesday was lower with choice down $2.51 and select down $1.83. Thursday
is the final day for trading futures this week with the markets closed Friday.
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