The livestock complex closed mixed with the cattle contracts continuing to push higher thanks to supportive boxed beef demand this week, but the lean hog contracts closed sideways with traders wishing that pork cutout values would have closed higher. Bids of $200 were offered throughout the day in the cash cattle market but largely feedlot managers elected to wait the week out and see if the bids improved. May corn is down 9 1/2 cents per bushel and May soybean meal is down $1.60. The Dow Jones Industrial Average is down 82.55 points.
LIVE CATTLE:It was another positive trading day for the live cattle complex as traders were pleased with the morning's print of stronger boxed beef prices. Although the afternoon's prices closed mixed, the trend this week is undoubtedly higher for boxed beef prices and beef demand. It was also supportive for traders to see feedlot managers willing to sit on bids and wait the week out as a bid was offered early in the day at $200 in Kansas, but largely feedlot managers passed on the offer desire to see what's offered later this week. Last but not least, if you look at today's slaughter data it's encouraging to see that compared to last week packers have pumped up their chain speeds slightly as they want to capitalize on selling more beef at these prices, which consequently will likely mean that they need to be more aggressive in this week's cash market too. Asking prices are noted in the South at $202 plus but are still not established in the North. April live cattle closed $1.85 higher at $201.40, June live cattle closed $1.62 higher at $197.87 and August live cattle closed $1.27 higher at $195.55.
Wednesday's slaughter is estimated at 123,000 head -- 3,000 head more than a week ago and 8,000 head more than a year ago.
Boxed beef prices closed mixed: choice down $0.10 ($321.10) and select up $0.67 ($307.53) with a movement of 153 loads (100.79 loads of choice, 21.20 loads of select, 5.46 loads of trim and 25.34 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. With the help of positive market fundamentals, cash prices will likely be higher this week.
FEEDER CATTLE:The feeder cattle complex charged higher throughout Wednesday's market being the most aggressive trading livestock market for the day. But as traders saw the continued support of boxed beef prices, they were encouraged that there's a strong chance that cash cattle prices could trade higher this week -- all of which bodes extremely well for the feeder cattle complex. New contract highs were scored in a number of the nearby contracts as traders simply had all the support they could wish for today. March feeders closed $2.75 higher at $280.25, April feeders closed $3.02 higher at $280.72 and May feeders closed $2.92 higher at $281.87. It will be interesting to see how the market performs tomorrow as traders will naturally be pressured at the day's start given that they blew past the market's resistance at $278 and closed well above that threshold. At Winter Livestock Auction in La Junta, Colorado compared to last week feeder steers sold $5.00 to $8.00 higher and feeder heifers traded $3.00 to $8.00 higher. Breaker slaughter cows and boner cows sold steady while lean cows traded $1.00 higher. Slaughter bulls traded $5.00 higher. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 3/11/2025: up $2.17, $278.71.
LEAN HOGS:The lean hog complex closed mixed as traders weren't willing to advance the contracts anymore with pork cutout values closing slightly lower. April lean hogs closed $0.05 lower at $86.50, June lean hogs closed $0.32 higher at $98.70 and July lean hogs closed $0.12 higher at $99.62. Traders opted to merely let the contracts chop sideways throughout Wednesday's trade as they hoped better support would come on Thursday from the week's export sales report which could then justify trading the contracts higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.66 with a weighted average price of $91.64 on 8,320 head. Pork cutouts totaled 262.76 loads with 226.92 loads of pork cuts and 35.85 loads of trim. Pork cutout values: down $3.00, $94.58. Wednesday's slaughter is estimated at 489,000 head -- 123,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 3/10/2025: down $0.01, $89.70.
THURSDAY'S HOG CALL: Lower. Given that packers have now been moderately active in the cash hog market for two days in a row, it's likely that their participation in the cash market the rest of the week will be less.
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