DTN Early Word Livestock Comments      11/21 06:21
   Cattle Traders Wait For Cash and Cattle on Feed Report

   Cattle futures could not find the buying interest to keep prices in positive
territory Thursday. Lower cash trade earlier and the upcoming Cattle on Feed
report are not providing support. Hog futures were able to close higher despite
lower cash and coutouts as traders positioned ahead of the weekend.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower          Futures: Mixed        Live Equiv: $269.93 +$0.16*

   Hogs: Higher           Futures: Lower        Lean Equiv: $96.32 -$2.93**

   *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 face a headwind as lower cash prices are expected due to
early cash sales being lower. The Cattle on Feed report will be released Friday
afternoon, next week is a holiday-shortened week, and President Trump signed an
order to remove tariffs on Brazilian food products. No cash cattle sales took
place Thursday with further activity likely to take place after the release of
the Cattle on Feed report. Estimates for the report are for on-feed numbers as
of Nov. 1 at 97.7% of a year ago, with a range of estimates from 96.9% to
98.6%. Placements in October were at 91.6% with the range of estimates at 89.5%
to 95.5%. Cattle marketed at 92.3% with estimates at 92.0% to 93.1%. It is
uncertain whether USDA will include comparisons from the missed October report.
President Trump signed an order to remove the 40% tariffs on Brazilian food
products, including beef, that were imposed in July. Brazil is a key supplier
of beef to the U.S. This will open the door for increased imports, further
pressuring beef prices over time. Boxed beef was higher on Thursday, with
choice up $0.05 and select up $0.63.