GENERAL COMMENTS:
The livestock complex is trading mixed as the cattle contracts continue to wait for the cash cattle market to trade. Traders are hopeful that the cash market will trade higher but aren't comfortable trading the contracts higher until they see for sure. May corn is up 1/4 cent per bushel and May soybean meal is down $2.20. The Dow Jones Industrial Average is down 634.54 points.
LIVE CATTLE:
After carving out yet another new contract high just yesterday afternoon in the spot June contract, the live cattle complex is twiddling its fingers, holding the market merely steady as traders wait to see what's going to amount in this week's cash market. April live cattle are down $0.55 at $209.00, June live cattle are down $0.82 at $204.97 and August live cattle are down $0.82 at $200.97. The cash cattle complex is still sitting idle, with no major sales having been reported yet. A call was made to DTN of some cattle that traded in Iowa for $222. If that's any indication of how the week's trend may go, that's substantially higher than last week's weighted average. Asking prices are noted in the South at $211 to $212 but are still not known in the North. Trade should begin to break loose any minute.
Boxed beef prices are mixed: choice down $2.33 ($333.39) and select up $0.92 ($320.36) with a movement of 88 loads (50.70 loads of choice, 5.88 loads of select, 21.04 loads of trim and 10.85 loads of ground beef).
FEEDER CATTLE:
Once again following in the same suit as the live cattle complex, the feeder cattle contracts are trading lower as traders anxiously wait to see what's going to develop in this week's fed cash cattle market. April feeders are down $1.25 at $286.30, May feeders are down $1.85 at $284.60 and August feeders are down $1.50 at $289.15. Demand in the countryside remains incredible in terms of buyers' willingness to bid calves and feeders higher and higher, so today's hesitancy is solely technical.
LEAN HOGS:
After being able to fully absorb Thursday's supportive Quarterly Hogs and Pigs Report, the lean hog complex is trading higher thanks to the USDA's supportive report and thanks to the uptick in pork cutout prices this morning as well. April lean hogs are up $0.02 at $87.05, June lean hogs are up $0.72 at $96.92 and July lean hogs are up $0.92 at $97.70. The market will likely be able to keep this bullish tone through the day's end given all the fundamental support in which it's currently seeing.
The projected lean hog index for 3/27/2025 is down $0.35 at $88.78, and the actual index for 3/26/2025 is steady at $89.13. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.58 with a weighted average price of $87.91, ranging from $84.00 to $89.00 on 2,078 head and a five-day rolling average of $87.95. Pork cutouts total 201.02 loads with 186.25 loads of pork cuts and 14.77 loads of trim. Pork cutout values: up $3.91, $98.75.
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