The livestock complex closed mixed, with the cattle contracts rallying into the weekend with high spirits thanks to the cash cattle market's $6.00 to $9.00 rally. Meanwhile the lean hog complex closed mixed, with the nearby contracts able to close slightly higher ahead of the weekend, but the deferred months closed lower. May corn is down 6 3/4 cents per bushel and May soybean meal is down $1.20. The Dow Jones Industrial Average is up 674.62 points.
From Friday to Friday, livestock futures scored the following changes: April live cattle up $2.90, June live cattle up $2.88; March feeder cattle up $5.00, April feeder cattle up $3.05; April lean hog down $0.72, June lean hogs down $1.80; March corn down $0.10, March corn down $0.11.
LIVE CATTLE:What a day, what a day, WHAT A DAY! If the cash cattle market rallying $6.00 to $9.00 higher on a Friday afternoon doesn't put a little pep in your step, I'm not convinced anything will. Feedlot managers earned a well-deserved round of applause after orchestrating this week's trade as they not only had to wait patiently for the prices they yearned for to surface, but they also had to turn early bids down and stay focused on the end goal, which was a higher market again this week. Throughout the afternoon live cattle in Kansas were traded at $203, which is $6.00 higher than last week's weighted average and Northern dressed cattle were trading at $325, which is $9.00 higher than last weeks weighted. And at the time of this writing the week's movement has still been relatively thin so it wouldn't be surprising to see more trade develop ahead of the weekend. Thankfully traders saw the cash cattle market's rally unfolding before their eyes and elected to push the contracts higher ahead of the day's close. April live cattle closed $1.12 higher at $203.17, June live cattle closed $1.07 higher at $199.35.
Friday's slaughter is estimated at 102,000 head -- 6,000 head less than a week ago and 10,000 head less than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated at 587,000 head -- 9,000 head more than a week ago and 10,000 head less than a year ago.
Boxed beef prices closed lower: choice down $1.42 ($318.27) and select down $1.15 ($306.32) with a movement of 93 loads (55.40 loads of choice, 3.73 loads of select, 5.79 loads of trim and 28.22 loads of ground beef).
MONDAY'S CATTLE CALL: Steady to somewhat higher. Next week's trade will largely depend on how many cattle packers got bought this week and how strong beef demand is.
FEEDER CATTLE:The feeder cattle complex was again able to round the day out higher as the market was elated to see fed cash cattle prices trading $6.00 to $9.00 higher. Between trader's buy in of the market, to the phenomenal support the live cattle contracts lent and the fundamental support of stronger beef demand this week and higher cash prices, what more could the feeder cattle complex ask for? March feeders closed $1.75 higher at $281.97, April feeders closed $1.22 higher at $281.20 and May feeders closed $1.12 higher at $282.65. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded $8.00 to $15.00 higher and feeder heifers sold $5.00 to $12.00 stronger. Stocker steers and steer calves sold $10.00 to $20.00 higher and stocker heifer and heifer calves sold $3.00 to $8.00 higher. The CME feeder cattle index 3/13/2025: up $1.47, $282.72.
LEAN HOGS:The lean hog complex rounded out Friday's trade mixed as the nearby contracts closed slightly higher, but the deferred months closed lower again. And although the afternoon carcass price was only able to close slightly higher, a higher close is a higher close, and any support is always welcome. April lean hogs closed $1.00 higher at $86.62, June lean hogs closed $0.10 higher at $96.30 and July lean hogs closed steady at $97.27. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.10, with a weighted average price of $89.05 on 2,724 head. Pork cutouts totaled 303.68 loads, with 275.33 loads of pork cuts and 28.35 loads of trim. Pork cutout values: up $0.09, $97.38. Friday's slaughter is estimated at 480,000 head -- 5,000 head less than aw eek ago but 40,000 head more than a year ago. Saturday's slaughter is projected to be around 81,000 head. The CME lean hog index 3/12/2025: down $0.03, $89.74.
MONDAY'S HOG CALL: Steady to somewhat lower. Packers will likely want to see what demand pans out being before they jump too aggressively in the cash hog market.
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