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DTN Early Word Livestock Comments      07/05 08:02
   Uneasy Start to the Week

   Cattle were able to close higher Friday mostly due to traders positioning
for the extended weekend. Cash business had generally been done for the week
with little else for go on to finish out the week. Hogs were a mixed bag with
nearby months higher while 2023 contracts closed lower.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower       Futures: Mixed       Live Equiv:    $195.16 -$0.11*

   Hogs: Steady         Futures: Higher      Lean Equiv:    $116.72 +$1.16**

   *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:

   Futures price movement on Friday was substantial, but the market could not
hold the strong gains during the day. Lighter trading activity allowed for more
volatility. It had been a disappointing week for the cash live cattle market.
The outlook for this week is not all that exciting either. With packers already
having an amount of cattle already purchased ahead for the next two weeks, it
is likely they may not be very aggressive this week. Holiday demand will be
assessed to see whether overall demand or whether the upcoming month or months
will be a struggle. Boxed beef on Friday closed lower with choice down $0.18
and select down $0.10.
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