DTN Early Word Livestock Comments      04/25 06:07
   Further Pressure Possible in Reaction to HPAI News

   Cattle traders reacted negatively to the further unfolding news over the
news indicating that HPAI may be more widespread than reported. Even though it
has not been found in beef cattle, the news rattled the market again. Hogs were
under slight pressure as traders assessed the recent strength and underlying
fundamentals.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady        Futures: Higher    Live Equiv:   $219.11 -$1.31*

   Hogs: Higher         Futures: Mixed    Lean Equiv:   $103.23 +$0.38**

   *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:

   The news of the discovery of the HPAI virus in milk sent some traders
running or the door looking to liquidate their long positions. Even though the
consumption of pasteurized milk is safe and the consumption of meat is safe,
consumers may react negatively. This may be the overriding influence on the
market in the near term. The virus has not been found in beef cattle at this
point but dairy cattle are slaughtered for beef as well. Some very light cattle
trade developed in the South at steady money with last week which should be
positive for the market. Boxed beef prices were lower with choice down $1.66
and select down $2.34.