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DTN Early Word Livestock Comments      09/22 06:29
   Choppy Trade Expected

   Cattle futures just could not generate any specific direction. This might be
the pattern for the rest of the week as traders look ahead to the Cattle on
Feed report. Hogs traded lower due to continued cash weakness and demand
uncertainty.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Mixed    Live Equiv:   $227.91 -2.70*

   Hogs:  Lower    Futures: Higher   Lean Equiv:  $109.98 -0.13**

   * 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:

   Traders do not have much to get excited over in the cattle complex. The
upcoming Cattle on Feed report on Friday is being assessed with traders
generally neutral over it. The previous report was bullish but ended up setting
a top in the market, and it never looked back. The question is whether this
report could set a bottom. Traders may be unwilling to guess, resulting in
mostly sideways trading through Friday. The current estimate for the report is
for on-feed numbers to be 98.1% of last year. Placements at 99.5% and
marketings 99.8%. Cash cattle trade was void of any activity Tuesday with boxed
beef plummeting again. Choice cuts fell $4.29 with selects cuts down $2.74.
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