GENERAL COMMENTS:
It was a mixed day for the livestock complex as external pressures weighed heavily against the market. No cash cattle trade developed throughout the day as feedlot managers yearned to see the market trade higher on Friday. May corn is up 4 1/2 cents per bushel and May soybean meal is up $6.90. The Dow Jones Industrial Average is down 537.36 points.
Thursday's export report shared beef net sales of 14,300 mt for 2025 were up 7% from the previous week but down 13% from the prior 4-week average. The three largest buyers were Japan (4,600 mt), South Korea (3,000 mt) and China (2,500 mt). Pork net sales of 20,300 mt for 2025, a marketing year low, were down 52% from the previous week and 35% from the prior 4-week average. The three largest buyers were Mexico (6,300 mt), Japan (5,100 mt) and South Korea (3,700 mt).
LIVE CATTLE:
Even though the external pressures of the day grew more and more alarming as the day traded on, the live cattle complex was able to maintain a mixed close ahead of Thursday's end. Unfortunately, to go along with the disappointing dip of the deferred contracts (as the nearby contracts remained higher through the day's end) boxed beef prices also closed slightly lower, which isn't unusual given that the market is rallying before the spring grilling season gets underway, but slightly disappointing, nonetheless. April live cattle closed $0.65 higher at $202.05, June live cattle closed $0.40 higher at $198.27 and August live cattle closed $0.40 higher at $195.95. The cash cattle market didn't see any trade develop throughout the day as feedlot managers are sticking to their guns and hope packers will offer better bids on Friday. Asking prices are noted in the South at $202 to $204 but are still not known for the North.
Thursday's slaughter is estimated at 121,000 head -- 1,000 head less than a week ago and a year ago.
Boxed beef prices closed lower: choice down $1.41 ($319.69) and select down $0.06 ($307.47) with a movement of 162 loads (108.35 loads of choice, 23.23 loads of select, 5.78 loads of trim and 24.79 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. Feedlot managers seem determined to see cash cattle prices trade higher this week, and with the slight uptick in chain speeds, there's a chance that higher prices may be attainable.
FEEDER CATTLE:
The feeder cattle complex, unfortunately, lost its momentum and steam throughout the day and rounded out Thursday's trade fully lower as the pressures of the equity market's lower turn amid tariff battles grew to be too much for traders to look beyond. March feeders closed $0.02 lower at $280.22, April feeders closed $0.75 lower at $279.97 and May feeders closed $0.35 lower at $281.52. Although the market did close lower, it was still positive to see that even though traders elected to turn the contracts lower ahead of today's close, they still maintained a closing position above the market's previous resistance plane at $278. At Torrington Livestock Auction in Torrington, Wyoming, compared to last week feeder steers and heifers under 750 pounds traded $2.00 to $4.00 higher with instances up to $12.00 higher on long strings of replacement type heifers or cattle that would be suitable for grass. Feeder cattle supply over 600 pounds was 63%. The CME feeder cattle index 3/13/2025: up $2.54, $281.25.
LEAN HOGS:
Even though pork cutout values closed higher, the day's pressure was simply too much for traders to look past, which is why the contracts ultimately closed lower Thursday afternoon. April lean hogs closed $0.87 lower at $85.62, June lean hogs closed $2.50 lower at $96.20 and July lean hogs closed $2.35 lower at $97.27. The market started the day off weaker as traders were displeased with the morning's export report, and the equity market's lower close was just another catalyst to send the contracts even lower ahead of closing. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.49 with a weighted average price of $89.15 on 2,322 head. Pork cutouts totaled 214.64 loads, with 184.53 loads of pork cuts and 30.11 loads of trim. Pork cutout values: up $2.71, $97.29. Thursday's slaughter is estimated at 489,000 head -- 4,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 3/11/2025: up $0.07, $89.77.
FRIDAY'S HOG CALL: Lower. Packers have likely secured enough supply that they won't have to buy much in Friday's market.
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