DTN Early Word Livestock Comments      10/13 06:16
   Price Volatility May Be Subdued to Begin Weeknd

   The cattle complex was lower in early trading Friday, influenced by the
overall reaction to further announcements concerning China. That was overcome
by stronger cash prices. Hog futures did not react much to the announcement of
higher tariffs on China, with numerous contracts making lower lows again.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher           Futures: Mixed      Live Equiv: $265.14 +$0.61*

   Hogs: Higher            Futures: Higher     Lean Equiv: $110.62 +$2.03**

   *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 were very strong last week with February and later live
cattle futures making new contract highs. Feeder cattle futures made new
contract highs for the past three consecutive days. November made an incredible
gain of $20.48 for the week. Futures were lower in early trading on Friday in
response to the implementation of higher tariffs on China and the cancellation
of the meeting between Trump and Xi later this month. The pressure on equities
initially had an impact, but the higher cash cattle trade quickly turned
futures higher. Cash trading took place $2.00 to $4.00 higher as packers needed
to purchase cattle after holding out the entire week. The strong increase in
futures during the week provided support for higher cash trade. Boxed beef was
higher, with choice up $0.35 and select up $2.06. There was no Commitments of
Traders report due to the government shutdown.