DTN Early Word Livestock Comments      04/29 06:03
   Hog Futures Likely to Rebound

   Steady to higher cash cattle last week provided the support futures needed
to close higher. This may give traders further confidence to buy into the
market. Hogs futures fell back eliminating the past week's gains as liquidation
pressure drove the market.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Higher    Live Equiv:   $219.30 -$0.09*

   Hogs: Higher         Futures: Mixed    Lean Equiv:   $103.54 +$0.09**

   *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 maintained steady to higher cash prices that began to surface as
the week progressed. This will give feedlots more confidence to hold for
nothing less than steady prices this week. The packers may not cut back much
further than they have and will need to maintain the current slaughter pace.
Southern cattle traded at steady cash compared to the previous week with
Northern cattle trading $2 higher. Boxed beef was mixed on Friday with choice
up $0.22 and select down $0.94. Feeder cattle led the charge on Friday posting
triple-digit gains with May through October contracts gaining over $2.00. The
Commitment of Traders report showed fund traders adding 3,081 contracts to
bring their live cattle net long futures positions to 40,113 contacts. There
were 620 feeder cattle contracts added bringing the net long futures positions
to 4,801.