DTN Early Word Livestock Comments      04/10 06:14
   High Cash Cattle Trade is Factored In

   Cattle futures did not see much volatility until the final half hour of
trade, when futures moved about a $1.00 higher into the close. Hog futures were
under pressure for much of the day, except for April, as it moves closer to the
contract settlement.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady           Futures: Mixed      Live Equiv: $282.55 +$0.52*

   Hogs: Steady            Futures: Mixed     Lean Equiv: $103.46 +$0.47**

   *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 did not show much movement until the final half hour of
trading, when strong buying interest pushed prices about $1.00 higher into the
close. It is uncertain whether it was short-covering or new buying interest
that triggered the gains. Cash cattle did not trade, pushing that off until
today. The general feeling is that cash will be steady with last week, but we
are never sure unless some activity takes place. Boxed beef prices were lower
again, which does not help paint a solid demand picture. Choice boxed beef was
down $1.07, with select down $0.34. The choice/select boxed beef price spread
is only $1.83, indicating that consumers are looking to satisfy their desire
for beef but are looking at less expensive ways to do it.