DTN Early Word Livestock Comments      04/30 06:19
   Livestock Futures Expected to be Choppy Tuesday

   Live cattle futures slowly eroded throughout Monday sd traders didn't have
anything to latch onto. Feeder cattle futures made a higher high before
slipping back on price uncertainty. Hogs seemed to have ended the liquidation
phase and were able to close with minimal losses in nearby contracts.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Mixed    Live Equiv:   $219.81 +$0.51*

   Hogs: Higher         Futures: Higher   Lean Equiv:   $104.91 +$1.37**

   *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:

   Today is the last day to trade the April live cattle contract. June will
take over, posting an $8.00 lower price as traders anticipate cash weakness
over the next two months. There has been greater concern developing over demand
through the summer months but that remains to be seen. Even though cattle
numbers may be tight and heifer retention has not been taking place to any
great extent, lower demand will impact prices. Packers will hold the line on
chain speed to improve margins and keep supply in line with demand. Feedlots
may have difficulty getting more money out of packers this week. Boxed beef
prices were higher on Monday with choice up $0.39 and select up $1.49.