DTN Early Word Livestock Comments      01/22 06:24
   Feedlots Seem Anxious to Move Cattle

   Live cattle traders could not decide which direction to move while feeder
cattle came under pressure as the market remained in a sideways range Tuesday.
Hogs came under further pressure with triple-digit losses in the April through
July contracts. Cutouts were struggling.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady         Futures: Mixed       Live Equiv: $243.10 -$0.52*

   Hogs: Higher          Futures: Mixed       Lean Equiv: $96.50 -$1.49**

   *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:

   It was likely too early for traders to position themselves ahead of the
Cattle on Feed report, leaving Tuesday's trading activity the result of
uncertainty. Boxed beef prices were mixed with choice down $1.11 and select up
$0.11. The Cattle on Feed report average estimate for on-feed as of Jan. 1 at
99.8% of a year ago. Placements in December at 101.8% and marketed in December
at 101.3%. Placements are expected to be the wild card with the range of
estimates from 98.8% to 107.1%. A few cattle have already traded this week with
prices for both live and dressed steady with last week. Feedlots seem to be
anxious to move cattle with more likely to take place Wednesday. The holdouts
for higher prices this week may need to hold cattle until next week.