DTN Closing Livestock Comment 04/06 16:10
   Hog Futures Lead Livestock Trade Higher Monday

   Active gains flooded into lean hog futures Monday, regaining limited and
soft market activity seen last week. Cattle futures remained mixed to mostly
higher most of the session, but broke away from previously aggressive gains
seen over the past few trading sessions.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Lean hog futures turned into the bright spot in not only livestock markets,
but most ag commodity markets Monday afternoon. June lean hog futures led the
complex higher with a gain of over $3 per cwt as previously subdued buyer
support quickly and aggressively developed in all lean hog contracts. Very
little changed in the overall pork market fundamentals following the Easter
Weekend, but previous market pressure, which kept prices well below the 40-day
moving averages in most nearby contracts, sparked renewed technical support
heading into the heart of April. Cattle futures remained much more subdued
Monday, with nearby feeder cattle futures under pressure for most of the
trading day, while live cattle futures were able to post light to moderate
gains in most contracts, while spot month April contracts held strong
end-of-the-session gains. Hog prices closed lower on the Daily Direct Afternoon
hog report, down $0.96 with a weighted average of $89.39 on 467 hogs. May corn
closed up 1 3/4 at $4.54 and May soybean meal closed up $1.40 at $316.6. The
Dow Jones Industrial Average is up 165.21 at 46,669.88.