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DTN Early Word Livestock Comments      01/20 06:08
   Hogs Lead the Livestock Complex Higher

   Both cattle and hog futures were higher Wednesday. Traders felt more
confident buying cattle due to continued rising boxed beef prices and the
anticipation for increasing slaughter. Packers again stepped up to the plate
aggressively looking for hogs to meet strong demand.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady. Futures: Mixed. Live Equiv: $217.42 +$1.47*

   Hogs: Steady. Futures: Higher. Lean Equiv: $102.42 +$8.26**

   *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:

   Cash cattle did not trade higher than what took place on Tuesday, but
traders anticipated continued strong boxed beef prices would keep packers
aggressive, even though they are contracting cattle a couple of weeks out. It
may take a few weeks for cattle supply to become current, but traders seem to
believe this may take place over the next few weeks as slaughter slowly
improves. Most business is done for the week with no change expected for cash.
Boxed beef prices continue to show strength with choice up $2.11 and select up
$2.04. Consumers have not reached price resistance, and in some cases, they are
stocking up on beef ahead of time. Feeder cattle did not post the same strength
as live cattle futures. Feeder and calf prices have slumped a bit for the time
being.
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