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DTN Early Word Livestock Comments      06/18 06:23
   Cattle Traders to Remain Cautious Tuesday

   Cattle futures initially followed through with higher prices Monday, but
contracts ran out of steam as traders were uncertain about higher cash this
week. Hogs pushed higher with July as the lead month and the market finally
correcting from being extremely oversold.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed     Live Equiv: $234.47  +$0.50*

   Hogs: Higher            Futures: Mixed     Lean Equiv: $104.79 -$2.41**

   *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:

   Cattle futures tried to push higher Monday with traders more aggressive at
the beginning of trade, but there was uncertainty over whether cash could see
further gains this week. Traders are looking at a shorter trading week as the
markets will be closed Wednesday for the federal Juneteenth holiday. Traders
will also be thinking about the Cattle on Feed report set for Friday. The
market is supported, leaving limited downside potential. There were new weekly
weighted average highs for both the live and dressed categories last week,
indicating the incredible strength the market is exhibiting. Boxed beef prices
advanced with choice up $0.58 and select up $1.01. Feeder cattle futures
followed a similar pattern with nearby contracts slightly lower and closing
nearly $1.50 off their highs. Later contracts closed slightly higher
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