DTN Early Word Livestock Comments      11/20 06:24
   Strength in Cattle Futures May Temper Wednesday

   Cattle futures were the recipients of buying interest Tuesday with feeder
cattle the leaders, but live cattle were not far behind. Hogs struggled much of
Tuesday, closing mixed and not on the lows of the day.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower         Futures: Mixed      Live Equiv: $221.27 -$0.03*

   Hogs: Higher         Futures: Lower     Lean Equiv: $100.63 -$2.89**

   *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:

   Feeder cattle again were the leaders Tuesday, but live cattle did not lag
far behind. There has not been a significant change in boxed beef with prices
mixed. Choice gained $1.51 while Select declined $3.54. It has been somewhat
surprising that traders were as aggressive as they have been over the past
three days. The anticipation of this week is for cash to be no better than
steady with the potential for lower cash as the packers have some cattle
already purchased ahead. Dressed cattle weights averaged 924.1 pounds last
week, down 3.2 pounds from the previous week, but remain at record high levels.
Weights are expected to decrease through the winter but still remain large. The
Cattle on Feed report estimates are for on-feed Nov. 1 at 99.9%. October
placements are estimated at 103.3%. Marketings in October are estimated at
105.1%.