DTN Early Word Livestock Comments      04/14 06:19
   Traders Contemplate Cash Cattle Potential

   Live cattle futures closed mixed, while feeder cattle were moderately
higher. Traders are uncertain whether prices may have reached a threshold. The
JBS strike has been settled. Hog futures were mixed with contracts through
October, posting losses. The June contract pushed below support but closed
above it.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady           Futures: Mixed      Live Equiv: $283.65 +$0.99*

   Hogs: Higher            Futures: Higher     Lean Equiv: $105.38 +$0.44**

   *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:

   JBS in Greeley, Colorado, and the workers' union agreed on a contract,
moving production back to normal. The plant was up and running after a
three-week strike, but no contract agreement had been reached until over the
weekend. This did not have an impact on the market in itself. The report on
Friday, April 10, by the Mexican federal government that the New World
screwworm was reported on a canine within 88 miles of the Texas border did not
have an impact on the market either. The case was actually reported earlier,
but Mexico formally announced it on Friday. Traders are focused on slaughter
volume and the cash potential this week. Boxed beef prices were higher, with
choice up $1.02 and select up $2.30. This moves the invented choice/select
spread to $1.72.