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DTN Early Word Livestock Comments      12/07 06:43
   Uncertain Trading Anticipated

   Trading in cattle was not very volatile. After spending some time in
negative territory, futures were able to climb and close higher. Hogs moved in
the opposite direction and continued to show weakness as the day progressed.
The boycott of the 2022 Olympics held in Beijing by U.S. officials may result
in "resolute countermeasures' if the boycott takes place. This could have
implications for meat exports.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher   Futures: Mixed   Live Equiv:   $203.43 -1.07*

   Hogs:  Lower    Futures: Mixed   Lean Equiv:  $ 90.47 +2.34**

   *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:

   Traders remained aggressive buyers in the cattle complex Monday, but without
the gusto of those who are confident over the level of higher cash that may be
seen again this week. No cash business was done Monday nor was it anticipated.
Showlists were distributed and showed more cattle this week than the past few
weeks. Bids and offers have not been established. Feedlots may be more willing
to take advantage of higher prices as the strength seen over the past weeks
will not last forever. Packers are adding to the ownership of differed cattle
positioning themselves for the disruption of the holiday period. Boxed beef
declined with choice down $1.83 and select down $0.79. The Commitment of
Traders report showed funds as net buyers of 9,484 contracts bringing their
net-long positions to 78,527 contracts.
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