GENERAL COMMENTS:
The livestock complex is still mixed as the market hasn't seen enough fundamental support Wednesday to push the cattle contracts higher, all while the lean hog market keeps with its steady upward trend. No cash cattle trade has developed yet but bids are on the table in both regions. May corn is down 4 1/2 cents per bushel and May soybean meal is up $0.90. The Dow Jones Industrial Average is up 225.35 points.
LIVE CATTLE:
The live cattle complex continues to trade lower as the market isn't strong enough on its own to trade higher. If the cash cattle market would commit to trading higher, then there's a chance the futures complex would follow suit; but there's yet to be any cash cattle traded. Bids of $184 to $185 are currently being offered in the South, and bids of $296 are being offered in the North. But feedlots would ideally like higher prices and aren't willing to hand over their showlists for cheaper money just yet. April live cattle are down $0.10 at $183.00, June live cattle are down $0.55 at $177.82 and August live cattle are down $0.45 at $175.97.
Boxed beef prices are lower: choice down $1.22 ($309.87) and select down $1.05 ($299.21) and with a movement of 93 loads (59.27 loads of choice, 10.67 loads of select, 4.93 loads of trim and 18.30 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex has toyed with the idea of trading mildly higher, but the market can't seem to muster enough support to consistently do so. Currently the nearby contracts are the most confident and are trading slightly higher, but the rest of the market is keeping with Tuesday's lower tone. It would help if the live cattle complex were trading higher, but with no cash cattle trade having developed -- that market isn't brave enough to trade higher either. April feeders are up $0.12 at $245.57, May feeders are down $0.47 at $246.77 and August feeders are down $0.65 at $256.45.
LEAN HOGS:
The lean hog complex is keeping with its steady upward grind as the market anxiously awaits Thursday's Quarterly Hogs and Pigs report. I am surprised traders are as confident as they are given that pork cutout values closed lower Tuesday afternoon and are lower again Wednesday morning. April lean hogs are up $0.55 at $86.12, June lean hogs are up $0.35 at $101.70 and July lean hogs are up $0.22 at $104.07.
The projected CME Lean Hog Index for 3/26/2024 is up $0.56 at $84.25, and the actual index for 3/25/2024 is up $0.22 at $83.69. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.00 at $80.02, ranging from $76.00 to $83.00 on 1,404 head and a five-day rolling average of $80.72. Pork cutouts total 132.28 loads with 106.80 loads of pork cuts and 25.48 loads of trim. Pork cutout values: down $0.60, $94.73.
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