DTN Early Word Livestock Comments      09/24 06:08
   Mixed Trade For Cattle Futures

   Live cattle futures regained what they lost on Tuesday as the market remains
choppy. Rumors of a ban on beef exports have been unsubstantiated but provide
uncertainty. Hog futures closed higher only in the October contract, while
later contracts closed lower due to the lack of cash support.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady          Futures: Mixed      Live Equiv: $276.05 -$1.95*

   Hogs: Lower           Futures: Lower     Lean Equiv: $93.85 -$1.95**

   *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:

   There have been rumors about the potential of banning beef exports to reduce
domestic prices. This has been couched in the talk of a ban on diesel and
fertilizer exports. None of this has come to fruition, but it provides
uncertainty to the market. When the market operates outside fundamentals, it
creates uncertainty and volatility. Live cattle futures regained the losses of
Tuesday, while feeder cattle regained their losses and then some. The port in
Santa Teresa, New Mexico, will reopen for cattle imports today. It is expected
that 700 head of cattle will cross into the U.S. Boxed beef prices reversed
course on Wednesday, with choice down $1.58 and select down $5.51. Some light
cash cattle trade took place on Wednesday at a steady price with last week.
Today is the last trading day for September feeder cattle, with October taking
over as the lead month.