It was lackadaisical day all throughout the livestock complex as traders weren't willing to advance the contracts without ample fundamental support, which didn't come to fruition throughout Tuesday's trade. No cash cattle trade developed throughout the day, but asking prices are known in the South at $205 plus. May corn is down 2 1/4 cents per bushel and May soybean meal is down $4.40. The Dow Jones Industrial Average is down 260.32 points.
LIVE CATTLE:It was a mixed day for the live cattle complex as the market saw some contracts close slightly higher, while others dipped slightly lower. More than anything, it seemed as though traders merely let the contracts drift sideways throughout the day. They're simply unwilling to advance the contracts ahead of seeing what this week's cash cattle trade is going to amount to. Feedlot managers see boxed beef prices inching higher and have their hopes set on higher prices again this week, but it's unlikely that any trade will develop ahead of Thursday at the absolute earliest. Asking prices are noted at $205 in the South, but are still not established for the North. And finally, from a sheerly technical standpoint, it's unlikely that traders possess enough wherewithal to break through the market's resistance at $201 without the cash cattle market's help. April live cattle closed $0.35 higher at $205.37, June live cattle closed $0.07 lower at $201.00 and August live cattle closed $0.15 lower at $198.70.
Tuesday's slaughter is estimated at 123,000 head -- 1,000 head less than a week ago but 1,000 head more than a year ago.
Boxed beef prices closed higher: choice up $2.16 ($323.32) and select up $1.33 ($309.23) with a movement of 109 loads (65.28 loads of choice, 17.50 loads of select, 9.72 loads of trim and 16.65 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady/somewhat higher. There's a chance that the cash cattle market could trade higher again this week as boxed beef prices continue to inch higher.
FEEDER CATTLE:The feeder cattle complex also closed mixed as the market wanted to continue to trade higher, but wasn't fully comfortable doing so without the support of the live cattle complex. March feeders closed $0.35 higher at $284.97, April feeders closed $0.35 higher at $284.55 and May feeders closed $0.05 lower at $285.25. The same stalling nature that was seen in the live cattle contracts was also the norm Tuesday in the feeder cattle contracts. At Joplin Regional Stockyards in Joplin, Missouri, compared to last week feeder steers sold steady to $15.00 higher, but the market saw the biggest gains on the five weight steers. Feeder heifers sold steady to $8.00 higher. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 3/17/2025: up $0.84, $284.11.
LEAN HOGS:The lean hog complex also closed lower as the market simply didn't see enough fundamental support come to fruition to justify breaking the market's resistance at $88.00. April lean hogs closed $0.47 lower at $87.60, June lean hogs closed $1.77 lower at $97.35 and July lean hogs closed $1.57 lower at $98.47. The belly was again a problem this afternoon as its $10.88 decline was the biggest leading reason why the carcass price fell. Hog prices closed higher on the Daily Direct Morning Hog Report, up $0.23 with a weighted average price of $88.28 on 10,719 head. Pork cutouts totaled 259.78 loads with 228.51 loads of pork cuts and 31.26 loads of trim. Pork cutout values: down $2.01, $95.64. Tuesday's slaughter is estimated at 488,000 head -- 1,000 head less than a week ago and 2,000 head less than a year ago. The CME lean hog index 3/14/2025: down $0.27, $89.28.
WEDNESDAY'S HOG CALL: Lower. With packers having bought over 10,000 head Tuesday, it's likely that they've secured the vast majority of their needs for the week.
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