GENERAL COMMENTS:
The livestock complex closed mostly lower Friday afternoon after an eventful week. The cash cattle market has still only seen a small sampling of cattle traded, where Southern live cattle have traded steady to $1.00 lower but Northern dressed sales have been noted at $10.00 higher. May corn is up 3 1/4 cents per bushel and May soybean meal is down $1.00. The Dow Jones Industrial Average is down 715.80 points.
From Friday to Friday, livestock futures scored the following changes: April live cattle up $1.88, June live cattle up $2.07; April feeder cattle up $1.95, May feeder cattle up $0.07; April lean hogs up $0.58, June lean hogs down $1.70; May corn down $0.11, July corn down $0.11.
LIVE CATTLE:
After rallying to a new contract high just Thursday afternoon in the spot June contract, the live cattle complex simply wasn't willing to advance anymore ahead of seeing what the cash cattle market was going to do. And low and behold, the North saw impressive price jumps in its region, but trade didn't develop until after the market's close. April live cattle closed $0.72 lower at $208.82, June live cattle closed $0.95 lower at $204.85 and August live cattle closed $0.80 lower at $201.00. At the time of this writing the cash cattle market's trade has still been thin, and so it will be vital to check the week's weighted average prices on Monday as late afternoon sales will be reported there. Nevertheless, the market has seen some live cattle sold in the South at $209 to $210, which is steady to $1.00 lower than last week's weighted average, but Northern dressed cattle sales have been marked at $345 which is $10.00 higher than last week's weighted average.
Friday's slaughter is estimated at 107,000 head -- 7,000 head more than a week ago and 11,000 head more than a year ago. Saturday's slaughter is projected to be around 17,000 head. The week's total slaughter is estimated at 609,000 head -- 49,000 head more than a week ago and 27,000 head more than a year ago.
Boxed beef prices closed lower: choice down $2.90 ($332.82) and select down $0.76 ($318.68) with a movement of 133 loads (81.06 loads of choice, 13.63 loads of select, 24.50 loads of trim and 13.74 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Next week's trend will likely depend on exactly how many cattle packers were able to get bought this past week and how strong beef demand remains.
FEEDER CATTLE:
The feeder cattle complex fell right in line again today with the live cattle market's direction closing lower as traders were anxiously waiting for the cash cattle market's trade to develop. Even though feeder cattle demand remains strong in the countryside as buyers recognize the fact that cattle prices are likely going to get more expensive the closer turn out season gets, there has been active buying in the market to try to fulfill their orders. April feeders closed $0.62 lower at $286.92, May feeders closed $1.35 lower at $285.17 and August feeders closed $0.97 lower at $289.67. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers and heifers traded $1.00 to $4.00 higher. Steer calves traded steady except those weighing 500 to 600 pounds which traded $7.00 higher. Feifer calves sold steady to $2.00 higher. Slaughter cows traded $1.00 to $4.00 higher and slaughter bulls sold $1.00 higher. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 3/27/2025: down $0.86, $286.76.
LEAN HOGS:
The lean hog complex was originally trading higher in the early part of the day, but as the afternoon neared, traders grew more and more worried about the market's resistance pressures and elected to send the contracts lower ahead of the day's close. April lean hogs closed $0.32 lower at $86.70, June lean hogs closed $0.40 lower at $95.77 and July lean hogs closed $0.17 lower at $96.60. It didn't help matters either that afternoon pork cutout values dipped slightly lower, which was again mainly because of the belly which fell $3.70 lower itself. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.21 with a weighted average price of $88.30 on 3,007 head. Pork cutouts totaled 267.83 loads with 231.79 loads of pork cuts and 36.04 loads of trim. Pork cutout values: down $0.81, $94.84. Friday's slaughter is estimated at 471,000 head -- 5,000 head more than a week ago and 32,000 head more than a year ago. Saturday's slaughter is projected to be around 70,000 head. The CME lean hog index 3/26/2025: steady, $89.13.
MONDAY'S HOG CALL: Lower. Given that packers were so aggressive in this week's cash hog market, it's likely that they won't need to be as aggressive early next week.
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