DTN Early Word Livestock Comments      06/24 06:03
   Choppy Livestock Trading Activity Is Expected

   Resistance held and cattle futures set back. However, that may have been due
to some profit-taking and not a change in trend. Hog futures struggled all day
to post an increase, but could not find sustained buying interest as only
August and October closed higher.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Higher      Live Equiv: $293.08 +$3.26*

   Hogs: Lower             Futures: Mixed      Lean Equiv: $101.82 -$0.85**

   *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:

   It was a bit surprising that cattle could not extend their gains on Tuesday.
The fundamentals support remains positive, but traders seemed more interested
in taking some profit on long positions rather than guessing if the market will
move to new highs. As I mentioned before, these higher levels may be an area of
strong resistance. Higher cash trade last week may provide confidence for
feedlots to hold for higher cash again this week, but so far, no bids or offers
have been posted. Boxed beef prices were strong on Tuesday, with choice up
$4.25 and select up $5.47. Choice has now moved back above $400.00 to $400.31
on Tuesday. It has been a while since choice boxed beef moved above that level.