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DTN Early Word Livestock Comments      07/12 06:15
   Further Strength Into The Weekend

   Livestock futures finally ended the liquidation phase of the week. However,
that does not indicate price support has been achieved. Lower cash cattle have
been factored in and hogs were overdone to the downside.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower         Futures: Mixed       Live Equiv: $234.81 -$1.35*

   Hogs: Steady        Futures: Mixed       Lean Equiv: $102.55 +1.91**

   *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 finally bounced Thursday as the market has lower cash this
week factored in. The strength was technical and limited as support did not
come from exports, cash, or boxed beef. More cash cattle traded, averaging
$4.00 lower in the South and $2.00 lower for Northern dressed cattle. Feedlots
needed to move cattle and packers were unwilling to pay for them. Higher prices
may have impacted international demand as export sales were at a marketing year
low of only 8,300 metric tons. Boxed beef prices continued their weakness with
choice down $2.40 and select down $0.56. If the weakness of boxed beef
continues, cattle prices may be lower next week. Demand is following the
seasonal decline. The WASDE report will be released Friday at 11 a.m. CDT.
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