DTN Early Word Livestock Comments      04/01 06:23
   Livestock Futures Find Little Direction

   The only livestock contract that closed higher Monday was April hogs, as it
is adjusting to the underlying cash. Livestock futures did not find buying
interest due to the uncertainty of the impact of tariffs on the economy and
demand when implemented on Wednesday.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower        Futures: Mixed        Live Equiv: $245.00 +$1.49*

   Hogs: Higher        Futures: Mixed        Lean Equiv: $103.27 -$0.89**

   *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:

   Live cattle exhibited a second day of weakness Monday due to the uncertainty
of the impact on demand once sweeping tariffs are implemented. There may be a
limited impact on beef demand overall, but a decrease in exports would leave
more beef available for domestic consumption and reduce beef prices somewhat.
Canada and Mexico have begun discussions to revisit the USMCA agreement, with
initial talks positive. Traders saw that the corn supply for the coming year
should be plentiful. The Prospective Plantings report showed 95.326 million
acres are estimated to be planted. Cattle were sold at steady to $1.00 lower
last week in most cases, with a regional packer paying $10.00 higher for some
cattle. The packer was short-bought and needed cattle. However, most business
was done at steady to lower prices. This may have set the stage for this week,
as feedlots may need to move cattle that they have been holding in hopes of
higher prices. Boxed beef remains strong with choice up $2.44 and select up
$1.33 on Monday.