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DTN Early Word Livestock Comments      03/18 06:19
   Livestock Traders Become More Optimistic

   Cattle futures continue to show strength on Tuesday, led by feeder cattle.
This and continued strength in boxed beef prices have led to the change in the
expectation for cash trade this week. Hog futures rejected the lows on Tuesday
as traders may step back in on the long side of the market.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady           Futures: Mixed      Live Equiv: $295.39 +$0.79*

   Hogs: Higher            Futures: Higher     Lean Equiv: $105.85 -$0.55**

   *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 provided support to the cattle complex with substantial gains.
Prices remain strong at auctions as feedlots want cattle. The wildfires in
Nebraska have reduced some of the feed available for cattle. This is both
bullish and bearish. Bullish from the standpoint that some cattle herds may be
reduced due to the lack of feed, and bearish as more cattle may be available
for packers, reducing the need to bid up for them. Of course, this comes at a
time when packer margins have improved significantly, likely leading to
increased slaughter to capitalize on the higher margins. The strike at the JBS
plant has not had the negative impact many had anticipated -- at least not yet.
Boxed beef prices continue to improve with choice up $0.65 and select up $2.21.
The average trade estimates for the Cattle on Feed report are on-feed numbers
as of March 1 at 99.3%, placements in February at 100.3%, and marketings at
92.4%.