DTN Early Word Livestock Comments      05/13 06:16
   Cattle Futures May See Early Pressure Monday

   Steady cash cattle trade could not push futures higher, leaving live cattle
in a sideways trading pattern for the week and feeder cattle in a downtrend.
Hog futures have been unable to find solid support at which traders would
increase their buying interest.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower          Futures: Lower    Live Equiv: $216.42 -$1.42*

   Hogs: Steady         Futures: Mixed    Lean Equiv: $106.45 +$1.27**

   *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:

   There was little for traders to get excited over Friday. Cash cattle traded
steady for the week and not higher as hoped. USDA reduced the expected average
price for steers this year by $1.50 from the April WASDE report to an average
of $183.51. Their initial projection for 2025 is for steers to average $188.00.
Boxed beef prices declined with Choice down $0.82 and Select down $1.59. Live
cattle have developed a sideways trading range. Feeder cattle are in a
downtrend as prices in the countryside have been mixed. It seems as if prices
have reached a threshold. The Commitments of Traders report showed funds
increasing their live cattle long positions by 1,281 contracts to a net long of
40,754 contracts. Funds reduced their long feeder cattle positions by 726
contracts to a net long of 3,903 futures contracts.