DTN Early Word Livestock Comments      03/17 06:20
   Strong Cash Should Provide Further Support Monday

   Packers could not hold out any longer and paid the asking prices for cattle
Friday, resulting in a significant increase in cash prices. This should keep
the uptrend intact. Hog futures showed some spread unwinding, supporting the
nearby months and pressuring the deferred.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Higher        Live Equiv: $233.42 -$0.95*

   Hogs: Lower          Futures:  Mixed       Lean Equiv: $103.19 +$0.05**

   *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:

   The standoff in cattle trade broke in favor of feedlots Friday. Packers
stepped up and paid the price feedlots were asking. Southern live cattle traded
$6.00 higher with Northern dressed cattle trading $9.00 higher. Cash prices are
back to where they had been a few weeks ago. It will be up to continued strong
beef demand to maintain higher prices. Consumer sentiment fell 11% on the
latest report. Sentiment declined 27% from a year ago as the index moved to the
lowest level since November 2022. This may limit the strength of beef demand as
time moves forward and consumers remain concerned about the economy. Boxed beef
prices closed lower Friday with choice down $1.42 and select down $1.15. The
Commitments of Traders report showed fund traders increasing their long live
cattle positions by 537 futures contracts to a net-long of 111,061. Feeder
cattle showed an increase of 1,187 long positions to a new long of 28,767.