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DTN Early Word Livestock Comments      02/27 06:21
   Traders Wait for Cash Direction

   Live cattle futures were able to hold their head above water Monday, but the
same could not be said for feeder cattle as they fell back significantly from
the highs. Hog futures were mixed with spread trading putting some pressure on
the nearby months.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed    Live Equiv:   $220.74 +0.51*

   Hogs: Higher           Futures: Lower     Lean Equiv:   $96.80 -$0.17**

   *Based on formula estimating live cattle equivalent of gross packer revenue.
(The Live Cattle Equiv. 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:

   Live cattle futures did not share the sentiment of the bearishness of the
placement number on the Cattle on Feed report. Early lower futures provided the
opportunity for traders to buy into the market for the long term. The winter
storm in some of cattle country may increase buying interest in futures as it
takes place when there is some calving happening. The January Cold Storage
report showed total beef in inventory decreased by 4.9 million pounds from
December and was 11% below January 2023. Boxed beef was higher Monday with
choice up $1.18 and select up $1.68. Feeder cattle remained under pressure
Monday, but that is expected to be short-lived. The demand for feeder cattle
and calves remains strong.
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