By Thursday's close, the cattle complex was still uncertain about which way the market should trade as the cash cattle complex is being slow to trade. However, the lean hog complex was able to close mostly higher as hog producers and traders alike were pleased to see that President Trump intends to delay tariffs on Mexico and Canada. May corn is up 8 1/4 cents per bushel and May soybean meal is up $5.10. The Dow Jones Industrial Average is down 514.16 points.
Thursday's export report shared that beef net sales of 13,400 mt for 2025 were down 27% from the previous week and 31% from the prior 4-week average. The three primary buyers were South Korea (3,300 mt), Japan (2,900 mt) and China (2,500 mt). Pork net sales of 42,400 mt for 2025 were up 32% from the previous week and 27% from the prior 4-week average. The three largest buyers were Mexico (21,800 mt), China (11,300 mt) and Japan (3,200 mt).
LIVE CATTLE:It was a slow, methodical day for the live cattle complex as traders merely seemed to press the pause button on the contracts until they get a better feel for what the cash cattle market is going to do this week. Bids of $195 to $197 live were offered throughout the day in the South, and dressed bids of $310 were offered in the North. There was another thin movement of cattle in the South at $197, which is mostly steady with last week's weighted average, but again, the week's volume at this price is limited. Asking prices remain firm at $198 to $200 in the South and at $315 in the North. From a technical perspective, the market is going to need to see better fundamental support before it will be able to conquer its 40-day moving average again. April live cattle closed $0.27 lower at $196.27, June live cattle closed $0.07 lower at $192.62 and August live cattle closed $0.30 lower at $190.97.
Thursday's slaughter is estimated at 122,000 head -- 4,000 head more than a week ago and steady with a year ago.
Boxed beef prices closed mixed: choice down $0.42 ($313.12) and select up $0.98 ($303.51) with a movement of 122 loads (94.31 loads of choice, 12.57 loads of select, 4.84 loads of trim and 9.80 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Although the market hasn't fully traded yet, steady prices are most likely as feedlot managers want to keep the complex from trading any lower, but packers surely don't want it to trade higher.
FEEDER CATTLE:Without the support of the live cattle complex, the feeder cattle contracts rounded out the day lower. March feeders closed $2.07 lower at $274.02, April feeders closed $1.65 lower at $274.42 and May feeders closed $1.22 lower at $273.85. The feeder cattle complex simply seems to be stalled out, waiting for support to rise but unable to gain momentum until something positive comes to fruition. At La Junta Livestock Commission in La Junta, Colorado, compared to last week, feeder steers under 550 pounds sold $2.00 to $8.00 lower, but steers over 550 pounds traded mostly $6.00 to $8.00 stronger. Feeder heifers under 550 pounds sold $3.00 to $4.00 lower and feeder heifers over 550 pounds sold $6.00 to $9.00 higher. Feeder cattle supply over 600 pounds was 45%. The CME feeder cattle index 3/5/2025: down $1.78, $276.09.
LEAN HOGS:The lean hog complex won on multiple fronts throughout the day, as today's export sales report was strong. Hog producers and traders alike were thankful for President Trump's decision to pause tariffs on Mexico and Canada for another month, and pork cutout values closed slightly higher. Needless to say, the market wasn't lacking support today, and traders confidently pushed the contracts higher. April lean hogs closed $1.95 higher at $86.65, June lean hogs closed $2.45 higher at $97.02 and July lean hogs closed $2.02 higher at $98.35. Hog prices closed higher on the Daily Direct Morning Hog Report, up $0.49 with a weighted average price of $90.77 on 3,595 head. Pork cutouts totaled 221.78 loads, with 203.28 loads of pork cuts and 18.50 loads of trim. Pork cutout values: up $0.01, $96.49. Thursday's slaughter is estimated at 485,000 head -- 4,000 head less than a week ago and 14,000 head more than a year ago. The CME lean hog index 3/4/2025: down $0.02, $90.20.
FRIDAY'S HOG CALL: Lower. Packers have likely secured enough supply that prices will likely be softer on Friday.
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