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DTN Early Word Livestock Comments      12/01 05:58
   Weekly Export Sales May Provide Early Direction

   Livestock futures moved higher with live cattle showing the least gains of
the complex. A limited amount of cattle traded at steady money Wednesday, but
that has not necessarily set the tone for the week. Feeder cattle reacted to a
lower corn price. Hogs bounced after first opening lower in February and later
contracts possibly due to the anticipation of increased demand from China.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher         Futures: Mixed     Live Equiv:   $188.25 -$0.03*

   Hogs: Lower           Futures: Mixed      Lean Equiv:  $95.19 +$1.65**

   *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:

   Traders have been patiently waiting for cash cattle to trade before buying
into the market. Limited cash activity took place Wednesday at steady prices,
but that was enough for traders to at least know cash will trade no worse than
steady this week. This generated more aggressive buying, but not enough to
result in triple-digit gains. Feedlots are holding for higher prices with $1.00
to $2.00 anticipated. Boxed beef prices were mixed with choice up $0.14 and
select down $0.81. Feeder cattle reacted to lower corn prices, posting
triple-digit gains. As long as corn prices hold or decrease, feeder cattle will
have a chance to move back up to the top end of the trading range, which is
about $2.00 higher.
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