Wednesday's market has been less chaotic than Tuesday, as the livestock contracts are trading higher into today's noon hour. Still no cash cattle trade has developed, and most of the week's trade will likely be delayed until Thursday or Friday. May corn is up 5 1/4 cents per bushel and May soybean meal is up $6.20. The Dow Jones Industrial Average is up 165.73 points.
LIVE CATTLE:The live cattle complex is trading higher again today as traders have thankfully let the live cattle contracts continue to venture higher despite trade tensions being high right now. But given that the live cattle complex has traded mostly lower since the market scored a new high late in January, it's likely traders believe the market has seen enough price correction recently and doesn't need to endure any more immediate downside pressure. April live cattle are up $0.72 at $195.35, June live cattle are up $1.17 at $191.25 and August live cattle are up $1.32 at $189.80. Still no cash cattle trade has developed but there could be a chance that the board's strong tone helps feedlot managers keep prices steady this week. Asking prices are noted in the South at $198 plus but are still not established in the North.
Boxed beef prices are lower: choice down $0.70 ($314.17) and select down $1.26 ($302.76) with a movement of 88 loads (51.22 loads of choice, 23.37 loads of select, 4.33 loads of trim and 8.76 loads of ground beef).
FEEDER CATTLE:Although the feeder cattle complex was pressured earlier this week, it seems as though traders are finding comfort in Wednesday's trade, as it's helpful the live cattle contracts are trading higher. March feeders are up $0.35 at $274.20, April feeders are up $1.80 at $274.30 and May feeders are up $2.10 at $273.10. And so long as the live cattle contracts continue to trade in a positive manner, it's likely that the feeder cattle contracts will follow in their wake.
LEAN HOGS:The pressure the lean hog complex experienced on Tuesday seems to be somewhat put behind the market now as the lean hog contracts are now also trading higher. April lean hogs are up $2.27 at $84.60, June lean hogs are up $1.40 at $94.55 and July lean hogs are up $0.80 at $96.32. But the hog complex could likely be sensitive to any trade talks that develop later this week as a strong export market is crucial for the hog sector.
The projected lean hog index for 3/4/2025 is down $0.02 at $90.20 and the actual index for 3/3/2025 is up $0.25 at $90.22. Hog prices on the Daily Direct Morning Hog Report average $89.03, ranging from $85.00 to $92.50 on 3,537 head and a five-day rolling average of $89.72. Pork cutouts totaled 137.13 loads, with 121.20 loads of pork cuts and 15.94 loads of trim. Pork cutout values: up $2.36, $100.13.
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