DTN Early Word Livestock Comments      04/15 06:12
   Livestock Records Are Meant To Be Broken

   Live cattle futures closed $2.825 higher on the June contract, followed by
feeder cattle, which traded $1.55 higher on the May contract. Futures do not
appear to be slowing down anytime soon; however, cash has shown signs of
wavering. Hog futures were lower with contracts trading anywhere from 5 cents
to 72.5 cents lower.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher           Futures: Mixed      Live Equiv: $283.47 -$0.18*

   Hogs: Mixed            Futures: Lower       Lean Equiv: $104.84 -$0.54**

   *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:

   Live cattle futures have had an impressive run up but the drama will be one
to watch as April futures are in delivery and basis remains negative versus
cash trade. It is safe to say that the optimism in the cash market is one of
the key drivers to this recent futures rally. June made a new contract high at
$252 Tuesday as April made another new all-time high for any live cattle
contract at $253.60. April feeder cattle also made new highs, however closed
well off those highs by the final bell. Traders are focused on slaughter volume
and the cash potential this week. Daily slaughter numbers are trending higher
than last week. Choice cutouts were up $1.28 while choice fell $3.84 lower.