MFA Incorporated 201 Ray Young Drive Columbia, MO 65201 573-874-5111

CLICK - MFA CONNECT

DTN Early Word Livestock Comments      09/17 06:14
   Livestock Traders Unable to Find Solid Direction

   Cattle futures drifted during the day finally coming to rest with slight
losses in live contracts and mixed prices in feeder contracts. Hog futures
posted nice gains led by October. Traders showed more optimism over prices this
week.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Mixed       Live Equiv: $223.60 -$0.60*

   Hogs: Lower          Futures: Mixed      Lean Equiv: $100.31 +$0.32**

   *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 opened higher and spent some time in positive territory, but
the trade lacked conviction. The idea that steady cash this week might support
the market seemed to lose some luster. Traders may need to see higher cash to
get excited about buying into the market. Cash activity may not take place
until late in the week due to the Cattle on Feed report being released on
Friday. The general pattern has been that most activity usually takes place on
the day of the report. There was some hope for higher boxed beef on the midday
report, but prices declined with choice down $0.34 and select down $2.03.