DTN Early Word Livestock Comments      12/15 06:07
   Livestock Futures May Begin the Week Where They Left Off

   Cattle futures took a step back ahead of the weekend. Higher cash had been
absorbed into the market. Traders took some profit to limit exposure over the
weekend. Hog futures closed higher with the February contract taking over as
the spot month.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Lower         Futures: Lower     Live Equiv:   $261.18 -$0.17*

   Hogs: Lower           Futures: Mixed     Lean Equiv:   $104.03 -$0.95**

   *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:

   Last week was another banner week for cash cattle, with Northern dressed
cattle trading as much as $12.00 higher, while Southern live cattle traded
$6.00 higher. Futures reflected the higher cash with stronger prices for the
week. However, even with the volatility, the price changes for the week were
the least they have been for a while. Last week, Feb live cattle had a $6.125
range, and Jan feeders had a $12.50 range. That is the narrowest range for
February live cattle since the week of Oct. 3, with January feeders having the
narrowest since the week of Oct. 17. Neither live cattle nor feeder futures
closed the price gaps remaining in the market. There is an indication that
packers have purchased a significant number of cattle ahead for the remainder
of the month. Boxed beef prices closed mixed on Friday, with choice down $0.67
and select up $0.76. JBS is closing its Swift Beef Company facility in
Riverside, California, on Feb. 2, 2026. The company indicates the closing is
not due to tight beef supplies, but to streamline operations.