DTN Early Word Livestock Comments      03/31 06:22
   Technical Trade Provides Support

   Live cattle futures extended gains with the June and August contracts
closing above technical resistance Monday. The next target will be closing the
chart gaps and contract highs. Hog futures closed slightly higher, holding
recent gains and finding support in the cash market.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady           Futures: Mixed     Live Equiv: $289.88 +0.92*

   Hogs: Higher             Futures: Higher     Lean Equiv: $103.65 +$1.01**

   *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:

   The June and August live cattle contracts close above technical resistance
and are on their way to closing the chart gaps and revisiting contract highs.
Traders have regained confidence in higher cattle prices as numbers remain
tight. The wildfires in Nebraska and the drought in a significant portion of
cattle country may tighten supplies even more as time progresses. Some cattle
have already been sold and will be sold if the drought continues in those
areas. This will delay the rebuilding of the cattle herd and may further
tighten supplies. There will be more emphasis on beef-on-dairy cattle supplies,
driving those prices higher than they already are. The boxed beef prices were
higher, with choice up $1.13 and select up $1.14.