GENERAL COMMENTS:
The livestock complex is trading mixed with both the live cattle and feeder cattle contracts trading higher thanks mainly to continued beef demand, but the lean hog complex is trading lower. No cash cattle trade has been reported yet, but a bid has surfaced in Kansas at $200. May corn is down 11 1/4 cents per bushel and May soybean meal is down $1.80. The Dow Jones Industrial Average is down 11.19 points.
LIVE CATTLE:
Upon seeing the equity markets trading higher and the continued support of stronger boxed beef prices, the live cattle complex is back in action trading higher into Wednesday's noon hour. The timing of the market's higher climb is ideal for the cash cattle complex too as some early bids have surfaced in the South at $200, but feedlot managers aren't impressed with the packer's attempt to get cattle bought at those levels. With asking prices firm in the South at $202 plus, the board now trading higher and boxed beef prices holding strong, feedlot managers are likely going to hold out until later in the week in hopes of stronger cash prices. April live cattle are up $2.22 at $201.77, June live cattle are up $1.92 at $198.17 and August live cattle are up $1.60 at $195.87. Aside from the sole bid of $200 that's currently noted in Kansas, no other news has surfaced in the cash cattle market and trade will likely be delayed until Thursday or Friday.
Boxed beef prices are higher: choice up $0.05 ($321.25) and select up $1.65 ($308.51) with a movement of 91 loads (68.41 loads of choice, 9.36 loads of select, 4.88 loads of trim and 8.54 loads of ground beef).
FEEDER CATTLE:
The market's resistance at $278.00 didn't seem to stand a chance at holding the feeder cattle complex back Wednesday morning as the contracts are trading $2.00 to $3.00 higher. March feeders are up $2.67 at $280.17, April feeders are up $3.35 at $281.05 and May feeders are up $3.30 at $282.20. As always when the market breaks through a critical resistance plane, it will be important to see if traders keep the market's momentum through closing, and if they can, what they elect to do on Thursday. But so long as the market's fundamentals (beef demand/cash cattle prices) remain supportive, traders may be able to maintain their bullishness.
LEAN HOGS:
The lean hog complex is trading mixed as traders aren't pleased with the fact that morning pork cutout values are lower. As the market chops merely sideways (seeming to wait for demand to perk back up) traders are pressuring the spot April contract while they let the rest of the nearby contracts trading just mildly higher. April lean hogs are down $0.62 at $85.92, June lean hogs are up $0.15 at $98.52 and July lean hogs are up $0.30 at $99.80. The biggest deterrent this morning in the carcass price's ability to print higher was the belly's $11.69 drop.
The projected lean hog index for 3/11/2025 is up $0.07 at $89.77 and the actual index for 3/10/2025 is down $0.01 at $89.70. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.97 with a weighted average of $91.42, ranging from $86.00 to $94.00 on 3,125 head and a five-day rolling average of $89.80. Pork cutouts total 156.31 loads with 130.01 loads of pork cuts and 26.29 loads of trim. Pork cutout values: down $2.45, $95.13.
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