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DTN Early Word Livestock Comments      05/06 06:23
   Thursday Futures Might Extend Wednesday Gains

   Higher livestock futures across the board Wednesday will hopefully translate
into continued gains Thursday. However, the export sales report will be
released Thursday, morning which could have an influence on price direction.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Mixed       Live Equiv:    $223.12 +$2.24*

   Hogs: Higher     Futures: Higher      Lean Equiv:    $118.52 +$0.73**

   * based on formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. 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 strength of cattle futures Wednesday was refreshing to see, but it did
not change the price charts much. Front-month June established an inside
trading day, while later contracts remained in their sideways patterns. The
positive aspect is the few cattle that traded were sold at $119 and steady with
what took place on Tuesday. Any further business that is accomplished yet this
week will most likely be at steady cash. Unfortunately, steady cash is being
viewed as a victory based on what has taken place over the past few weeks. The
problem is boxed beef continues to increase with choice up $3.53 and select up
$2.27. The movement between boxed beef and cash is reminiscent of last year
when boxed beef exploded higher without cash following. Over a one-month period
last year from April 8 to May 12, boxed beef increased $253.05. That will not
happen again to the same magnitude, but there is a large disconnect between the
two again.
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