DTN Early Word Livestock Comments      03/21 06:23
   Cash Activity, Cattle on Feed Report Will Be The Focus Friday

   Cattle futures struggled for a while Thursday; but eventually buyers became
more aggressive, pushing futures to triple-digit gains. Traders remain bullish
ahead of the Cattle on Feed report Friday. Hog futures struggled Thursday from
the pressure of dismal export sales and lower cash. However, the losses were
minor.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher        Futures: Mixed        Live Equiv: $238.95 -$0.57*

   Hogs: Steady        Futures: Mixed        Lean Equiv: $101.67 +0.67**

   *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:

   Cash cattle will trade Friday and the expectation has grown for higher cash
to develop. One uncertainty is the weather factor as some plants have indicated
they will not be operating due to the snow and high winds. This may push more
cattle slaughter to Saturday and may impact the volume of cattle purchased for
the week. However, packers are expected to pay more for cattle as they did not
buy many for deferred delivery last week. Boxed beef prices were mixed with
choice down $1.55 and select up $0.68 The Cattle on Feed report will be
released after the close and show lower numbers than a year ago. The estimates
are for on-feed as of March 1 at 98.2% of a year ago with a range of 97.0% to
99.0%; placements in February at 85.6% with a range of 79.1% to 90.5%; cattle
marketed in February at 91.8% with a range of 91.0% to 93.2%.