DTN Early Word Livestock Comments      03/20 06:21
   Cash Cattle Trade May Not Take Place Thursday

   Cattle futures moved to new contract highs Wednesday, keeping the uptrend
intact and prices soaring. Mixed boxed beef prices had no impact on trader
optimism. Hogs came under pressure with the April contract falling over $2.00
with a second day of lower futures. Cutouts continued to struggle.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher        Futures: Mixed        Live Equiv: $239.52 +$2.99*

   Hogs: Lower          Futures: Higher       Lean Equiv: $101.00 -$0.45**

   *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 are a sight to behold as new record prices continue to be
made. All live cattle contracts closed above $200 on Wednesday as traders
anticipate higher cash again this week. Boxed beef prices were mixed with
choice up $6.29 and select down $0.55. The strength of boxed beef has been
incredible, indicating demand remains strong even at these lofty levels.
Feedlots are expected to hold for higher cash this week. Packers may be
short-bought as they did not purchase very many for deferred delivery last
week. Traders may begin positioning themselves for the Cattle on Feed report to
be released Friday. The estimates are for on-feed as of March 1 at 98.2% of a
year ago; placements in February at 85.6%; cattle marketed in February at 91.8%.