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DTN Early Word Livestock Comments      06/11 08:35
   Futures May Drift Friday

   At least the livestock complex was able to close mostly higher Thursday. It
is considered a victory that cattle futures have been able to trend higher the
past two days. Hogs continue the trend higher that does not seem to have an end
in sight.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady    Futures: Mixed    Live Equiv:   $245.14 +0.44*

   Hogs:  Higher    Futures: Higher   Lean Equiv:  $140.77 -0.33**

   * 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:

   The livestock complex was able to close higher in most futures contracts. It
was another day of a fairly tight trading range in live cattle. Most of the
attention of traders may have been turned toward the projections on the WASDE
report Thursday for both grain and beef. USDA raised their estimate for beef
production this year by 5 million pounds to a total of 27.975 billion pounds
this year and left production unchanged for 2022 at 27.405 billion pounds. They
raised exports 15 million pounds to a total of 3.342 billion pounds this year
and raised exports next year by 5 million ponds to a total of 3.300 billion
pounds. There was some light cash trade at steady money, which did not generate
any excitement for traders. June cattle futures are running at a discount to
cash with 2 1/2 weeks remaining for the contract. With the potential of boxed
beef prices to reach a top soon, the contract may not need to move higher to
converge to cash. However, with strong demand, the seasonal weakness may not
develop as early or even as much as anticipated. Weekly export sales showed net
sales of 16,100 mt reported for 2021 were up 28% from the previous week, but
down 17% from the prior 4-week average. Exports of 21,100 mt -- a
marketing-year high -- were up 70% from the previous week and 22% from the
prior 4-week average. Buyers were South Korea, Japan, China, Mexico and Canada.
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