DTN Early Word Livestock Comments      09/17 06:24
   Choppy Livestock Trading Activity Expected

   Cattle futures were unable to uncover aggressive buyer interest. Traders
seem to be wavering on their expectations of higher cash. Hogs took a breather,
but seem to have little to provide solid support, as cash and cutouts remain
weak.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Higher      Live Equiv: $275.79 -$0.41*

   Hogs: Lower           Futures: Lower     Lean Equiv: $93.38 -$1.15**

   *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:

   Cattle futures fell below the uptrend on Wednesday as traders liquidated
some long positions, concerned about whether cash will advance this week. The
packers have some cattle already purchased ahead and may not be very aggressive
as boxed beef prices remain variable. Some positioning may already have taken
place ahead of next week's Cattle on Feed report. In other news, the port at
Santa Teresa, New Mexico, prepares to reopen for the importation of cattle from
Mexico on Sept. 24. The Cattle on Feed report will be released on Friday, Sept.
18. Estimates are for cattle on feed on Sept. 1 at 101.89% of a year ago.
Placements in August are at 96.8%. Cattle marketed is estimated at 96.1%. Boxed
beef prices were lower on Wednesday, with choice down $0.27 and select down
$1.79. Some grocery stores in Wisconsin are reportedly not accepting the
foreign tariff-free beef coming in under the recent federal import initiative.