DTN Early Word Livestock Comments      03/20 06:23
   Further Selling Pressure May Unfold

   The livestock complex took a beating with feeder cattle taking the brunt of
it. Hogs fell more than $2.00 in the summer months as liquidation again took
place.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower           Futures: Mixed      Live Equiv: $293.04 -$1.46*

   Hogs: Higher            Futures: Mixed     Lean Equiv: $104.06 -$0.72**

   *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:

   No cash cattle were traded, which was not a surprise for the report week.
The attitude of the market changed with traders thinking cash may be lower
again this week. The Cattle on Feed report will be released after the close.
The average trade estimates for the Cattle on Feed report are on-feed numbers
as of March 1 at 99.3%, placements in February at 100.3% and marketings at
92.4%. There is a wide range of estimates for placements. The range of
estimates is from 96.3% to 105.0%. Analysts are trying to determine the impact
on placements due to the Mexico border remaining closed and the increase in
feeder cattle sales during February. If we were to see a placements figure of
over 100%, it would mark the first such month since April 2025 that we had a
placements figure over 100%. Boxed beef prices were lower, with choice down
$1.45 and select down $3.72.