DTN Early Word Livestock Comments      04/03 06:12
   Outside Market Pressure May Push Futures Lower Thursday

   Cattle had another exceptional day on Wednesday with new highs in numerous
contracts. This should provide support for steady to higher cash trade this
week. Hog futures were mixed. Contracts rebounded significantly from their lows
earlier in the day.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Lower        Live Equiv: $247.16 -$1.84*

   Hogs: Higher         Futures: Mixed       Lean Equiv: $99.52 -$1.81**

   *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:

   Cattle futures extended the gains Wednesday with the April through October
live cattle contracts closing at new highs. Feeder cattle followed a similar
pattern with the August and later contracts closing at new highs. Cattle
futures have been impressive as demand has remained strong and cattle supplies
remain tight. Futures are expected to trade lower Thursday due to the impact of
the tariff announcement on Wednesday, resulting in substantial pressure on the
overnight equity markets. It is difficult to determine the impact, but there is
fear that a trade war could escalate, increasing prices for food and other
goods. Cash cattle have not yet traded this week, with some offers posted $2.00
higher than last week. Boxed beef declined with choice down $2.32 and select
down $3.24.