DTN Early Word Livestock Comments      09/28 06:24
   There is Little to Generate Strong Price Movement

   The cattle complex held up well into the weekend. Limited cash cattle trade
was seen ahead of the close of the markets. However, some cash weakness was
seen later. Hogs futures could not catch a break with three days of weakness.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Higher      Live Equiv: $277.53 +$2.11*

   Hogs: Higher           Futures: Higher     Lean Equiv: $93.74 +$0.61**

   *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:

   Cash cattle trade was limited before the market close. The cattle that had
been traded were traded at steady money. Later trade showed some weakness, with
live cattle sales in the North at $1.00 lower and dressed sales as much as
$5.00 lower. Some of this had to do with the ICE enforcement action in Kansas
packing plants that disrupted slaughter. According to USDA's daily slaughter
reports, fed-cattle slaughter was down nearly 9% on Wednesday and 16% on
Thursday. It is difficult to say whether this will be made up this week or if
it will just be business as usual without much effort made to regain the losses
under current fundamentals. Boxed beef prices were higher on Friday, with
choice up $2.71 and select up $3.66. The Commitment of Traders report showed
fund traders adding 1,394 live cattle futures contracts, bringing their net
long position to 49,090. They increased their long position in feeder cattle by
794 contracts to a net long position of 8,005 contracts.