GENERAL COMMENTS:
The livestock complex is trading mixed as the cattle contracts are trading higher while the lean hog complex trades slightly lower. A big line item this week will be the Quarterly Hogs and Pigs Report that's set to be released on Thursday, March 27. May corn is up 1 cent per bushel and May soybean meal is down $2.30. The Dow Jones Industrial Average is up 535.72 points.
LIVE CATTLE:
Following Friday's lower close, the live cattle complex is back to rallying, but the market doesn't seem confident in breaking through the market's high, which was established last week in the June contract at $205. Today's higher tone likely stems from the fact that Friday's Cattle on Feed report was indeed bullish, but traders are now seeming to look to the market's fundamentals to dictate whether or not higher prices are in store for the market this week. April live cattle are up $0.92 at $207.87, June live cattle are up $1.52 at $204.30 and August live cattle are up $1.67 at $201.02.
Last week Southern live cattle traded at mostly $210, which is $7.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $335, which is $10.00 higher than the previous week's weighted average. Depending on where the week's weighted averages land, it's likely that these prices mark new all-time highs in both of the regions. Last week's negotiated cash cattle trade totaled 94,956 head. Of that, 88% (83,685 head) were committed to the market's nearby delivery, while the remaining 12% (11,271 head) were committed to the deferred delivery option.
Boxed beef prices are mixed: choice down $0.13 ($325.32) and select up $2.16 ($311.78), with a movement of 42 loads (22.96 loads of choice, 6.46 loads of select, 6.34 loads of trim and 6.32 loads of ground beef).
FEEDER CATTLE:
Following in line with the live cattle market's direction, the feeder cattle complex is also trading higher. April feeders are up $2.02 at $287.00, May feeders are up $1.60 at $286.70 and August feeders are up $1.97 at $290.80. The market is fearing some resistance pressure, but if fundamental support proves to be ample again this week, there's always the chance that traders could push the market higher again this week.
LEAN HOGS:
Even though the lean hog complex closed higher Friday afternoon, the market is back to trading lower as it waits to see what demand is going to amount to this week. And yes, Pork cutout values are higher this morning, but traders are going to need to see more followed-through support than one day's trade before they'll put much credence in the demand situation. Do note that the Quarterly Hogs and Pigs Report will be released this upcoming Thursday. April lean hogs are down $0.27 at $85.65, June lean hogs are down $1.42 at $96.05 and July lean hogs are down $1.67 at $97.05.
The projected lean hog index for 3/21/2025 is down $0.09 at $88.79, and the actual index for 3/20/2025 is down $0.32 at $88.88. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.23, with a weighted average price of $88.03, ranging from $86.00 to $90.00 on 2,118 head and a five-day rolling average of $89.37. Pork cutouts total 153.90 loads, with 132.55 loads of pork cuts and 21.35 loads of trim. Pork cutout values: up $1.53, $98.39.
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