DTN Early Word Livestock Comments      03/30 06:12
   Quarterly Hogs & Pigs Report Later Today

   Cattle futures continued to regain ground Wednesday as cash trade has not
yet taken place and it appears higher cash might be in the cards. Hogs were
under pressure right from the start as funds seem to be comfortable moving into
the Hogs & Pigs report remaining short.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher         Futures: Mixed     Live Equiv:   $208.15 -$0.45*

   Hogs: Mixed            Futures: Mixed     Lean Equiv:    $87.53 +$0.26**

   *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:

   Live cattle futures posted nice gains Wednesday, continuing to retrace the
losses from the first half of March. You could say March came in like a bear
and maybe out like a bull. Front-month April has nearly moved back to its
previous high. Optimism is developing for higher cash trade as some feedlot
offers have been hiked $1.00 in anticipation the stronger market may cause
packers to bid up for cattle. Boxed beef has been higher early in the week but
showed weakness Wednesday with choice down $0.34 and select down $1.46. Feeder
cattle futures have been increasing despite corn prices. Demand for feeder
cattle remains strong, supporting futures. Thursday is the final day to trade
the March contract.