DTN Early Word Livestock Comments      06/25 06:14
   Quarterly Hogs and Pigs Report To Be Released Today

   Cattle futures closed higher as the potential for higher cash this week
looks to be more of a reality. Hog futures were mixed with nearby contracts
giving back some of their earlier gains as traders prepare for the Hogs and
Pigs report.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher          Futures: Higher      Live Equiv: $291.27 -$1.81*

   Hogs: Lower             Futures: Mixed      Lean Equiv: $100.45 -$1.39**

   *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 closed higher across the board. However, contracts could not
hold the highs, trimming the gains. Feeder cattle have been stronger with new
highs again on Wednesday as futures move closer to the contract highs. Cash
cattle look to be stronger as some light activity took place in the North at
$260 live and $408 dressed. Some feedlots have passed on those bids in
expectation that packers will raise bids due to limited purchases last week.
The New World screwworm cases have risen to 19, with Texas expanding
quarantines. Boxed beef prices declined on Wednesday, with choice down $1.37
and select down $2.92.