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DTN Early Word Livestock Comments      05/21 06:17
   Hog Futures Remain Fundamentally Weak

   Live cattle futures opened about steady, but could not find any further
support, resulting in contracts trading lower throughout the day. Feeder cattle
futures found support to close higher. Hog futures lost more ground with the
August contract falling and closing below support.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower          Futures: Mixed      Live Equiv: $291.95 -$1.55*

   Hogs: Lower           Futures: Lower       Lean Equiv: $101.92 -$1.41*

   *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:

   Some light cash cattle trade took place on Wednesday in the South at $264,
but this may not be sufficient to indicate the price for the rest of the week.
However, packers seem less aggressive due to the holiday weekend and may not
pay higher prices for cattle. Boxed beef prices fell, with select down $2.13
and choice down $2.45. Traders are looking ahead to the Cattle on Feed report
on Friday and may position themselves ahead of it. The estimates for the report
are on feed at 101.4% of a year ago, placements at 103.0% and marketings at
90.5%. Feeder cattle futures closed higher on Wednesday. It is unusual to see a
divergence between live and feeder cattle futures, with the strength more
technical in nature. May feeder cattle go off the board today, with August
taking over as the lead month.