DTN Early Word Livestock Comments      03/09 06:21
   Livestock Market Uncertainty May Maintain Pressure

   The decline in cash cattle trade on Friday pressured futures. Substantial
losses were seen as traders fear that even lower prices could materialize in
the near term. Hog futures were supported as packers were aggressive in closing
the week.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower           Futures: Lower      Live Equiv: $283.65 -$0.19*

   Hogs: Higher            Futures: Higher     Lean Equiv: $104.30 -$0.70**

   *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:

   Selling pressure surfaced on cattle futures on Friday as cash traded lower.
Southern cattle declined $4.00, with Northern dressed cattle down $3.00.
Packers gained the upper hand by slowing the slaughter pace, with the feedlots
finally having to move cattle at lower prices. Liquidation may continue as
workers at the JBS plant in Greeley, Colorado, gave notice over the weekend of
a possible strike on March 16. The union gave the required seven-day notice
that it is canceling its contract extension, which will end at 11:59 p.m.
Sunday, March 15. This is likely to put further pressure on the cattle markets
today. Boxed beef prices closed mixed on Friday, with choice up $0.33 and
select down $1.66. The Commitment of Traders report showed that fund traders
were net sellers of 4,919 futures contracts, reducing their net-long position
to 112,044. They reduced their net-long position in feeder cattle by 693
contracts to 18,941.