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DTN Early Word Livestock Comments      07/06 06:04
   Cattle Futures May Find Stability

   Commodities were hit hard yesterday across the board with July, August and
October hog futures being the only positive contracts in a sea of red. Cattle
could not find strength from substantially lower corn futures leaving the
market in a weak position. Nearby hog futures found strong support from cutouts.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower       Futures: Mixed       Live Equiv:    $195.45 +$0.29*

   Hogs: Steady         Futures: Higher      Lean Equiv:    $122.45 +$5.73**

   *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:

   It is concerning when cattle are not able to find support when corn futures
are under substantial pressure. The gains of Friday were erased yesterday even
though corn futures fell more severely. Some cash business may be accomplished
today as it is already Wednesday, but packers may hold out due to having some
cattle already forward contracted. So far, beef movement seems to have been
less than stellar as boxed beef prices yesterday were mixed with choice up
$0.84 and select down $0.60. The Commitment of Traders report showed funds as
sellers of 14,877 contracts bringing their net total long positions to 24,265
contracts.
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