DTN Early Word Livestock Comments      10/24 06:08
   Hog Futures Are Unable to Find Support

   The weakness of feeder cattle futures limited the strength in live cattle.
Nearby live cattle futures are keeping close to the expectations for cash. Hog
futures saw further pressure, pushing nearby contracts below support.
Fundamentals remain weak.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady           Futures: Mixed     Live Equiv: $270.71 +$1.47*

   Hogs: Lower             Futures: Mixed      Lean Equiv: $105.91 -$0.04**

   *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:

   Live cattle futures showed uncertainty with nearby contracts remaining close
to the expectation for cash, while later contracts were impacted by spillover
weakness from feeder cattle. Feeder cattle futures continue to suffer from the
uncertainty of the impact the government will have on beef prices. There has
not been sufficient cattle trade this week to indicate prices. There were a few
traded in the North from steady to $1.00 lower. It is unclear whether feedlots
will hold as they know any government intervention will take time to implement,
and packers will need cattle or move them rather than take the risk of lower
prices next week. Boxed beef prices were higher, with choice up $2.49 and
select up $1.13. Estimates have been released for the Cattle on Feed report
that is scheduled for today, but it is not expected to be released due to the
government shutdown.