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DTN Early Word Livestock Comments      08/04 06:24
   Traders May Be Less Aggressive

   The livestock complex extended gains Tuesday, but those gains stemmed from
the optimism of traders and not from underlying cash. Futures were low enough
to entice traders to step in on the anticipation of the trend turning back up.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Mixed    Live Equiv:   $212.12 +3.26*

   Hogs:  Steady   Futures: Higher   Lean Equiv:  $134.48 -1.04**

   * 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:

   Cattle showed further strength Tuesday driven by the hopes that cash cattle
will trade higher this week. Feedlots are offering upwards to $2.00 higher in
the anticipation that soaring boxed beef prices will bring packers to the table
more aggressively. Cattle trade may not develop until later in the week as
packers may want to wait it out. Strong futures gains Tuesday may influence
packers to some degree as they determine what type of leverage they may have
going forward. Marketings are current and the continued increase of boxed beef
prices may result in higher bids and higher trade. Boxed beef jumped $4.84 for
choice cuts and $4.11 for select cuts. Demand looks favorable heading into
Labor Day.
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