GENERAL COMMENTS:
Sharp losses in cattle futures have stolen the overall attention of all livestock markets Thursday. Active losses in financial markets -- highlighted by a 1,200 to 1,500 point loss in the Dow Jones Index -- have kept most traders extremely cautious to say the least. Cattle futures remain sharply lower with triple-digit losses across the board, while lean hog futures are mixed to mostly lower, but with much less market volatility. May corn is up 2 1/2 at $4.603 and May soybean meal is up $2.30 at $289.5. The Dow Jones Industrial Average is down 1,140.14 at 41,085.18.
LIVE CATTLE:
Live cattle futures have given back all midweek gains and even more as trade and tariff concerns rocking financial markets are having a significant impact on livestock trade and the cattle market specifically. All nearby and most deferred live cattle contracts are trading between $2 and $3 per cwt lower, with April futures hovering at $208 per cwt following a $2.12 per cwt loss. Selling pressure has continued to develop through the morning, which may lead to additional pressure leading into closing bell. Cash cattle markets remain generally quiet, although a few more bids are now on the table. In Nebraska, major packers are bidding $335, while a regional packer has bid $345. Asking prices in the North are still not well established. Southern bids are at $208, which is well below current asking prices of around $212. Packer inquiry should continue to improve as the day progresses, but significant trade volume may be delayed until later Thursday or Friday. Thursday morning's export sales report showed net sales of 9,300 metric tons (mt) for 2025, up 16% from the previous week, but down 19% from the prior 4-week average. Increases primarily for South Korea (3,400 mt, including decreases of 500 mt), Japan (2,600 mt, including decreases of 800 mt), Hong Kong (800 mt, including decreases of 100 mt), Mexico (600 mt, including decreases of 100 mt, and China (500 mt, including decreases of 100 mt), were offset by reductions for Indonesia (200 mt). Exports of 14,900 mt were up 6% from the previous week and 2% from the prior 4-week average. The destinations were primarily to South Korea (5,200 mt), Japan (3,300 mt), China (2,500 mt), Mexico (1,100 mt), and Taiwan (1,100 mt). April live cattle are $1.95 lower at $208.425, June live cattle are $2.48 lower at $204.925, August live cattle are $2.63 lower at $201.30.
Boxed beef prices are mixed: choice up $0.43 ($340.33) and select down $0.02 ($318.81) with a movement of 51.28 loads (34.82 loads of choice, 9.88 loads of select, zero loads of trim and 6.58 loads of ground beef).
FEEDER CATTLE:
Feeder cattle futures are leading the market lower with the general pressure on all cattle trade Thursday morning. The market has additional concerns about these newly instated tariffs will impact not only short-term trade and buying decisions, but also long-term market activity. The focus on overall economic health continues to be weighed heavily on overall cattle trade which may have a longer-term impact on overall beef demand. April feeders are $3.50 lower at $285.375, May feeders are $4.15 lower at $283.775 and August feeders are $3.93 lower at $289.775.
LEAN HOGS:
Lean hog futures are trading mostly lower as the general market tone Thursday remains weak. But compared to the rest of the livestock trade, lean hog futures seem to have worked most of the tariff and demand concerns into the complex. With nearby contracts trading in the bottom half of short-term market levels, it is uncertain just how much more active selling pressure will develop given the current fundamental market support. According to the weekly export sales report, net sales of 53,000 mt for 2025 -- a marketing-year high -- were up 66% from the previous week and 88% from the prior 4-week average. Increases were primarily for Mexico (30,600 mt, including decreases of 300 mt), China (10,300 mt, including decreases of 100 mt), Japan (3,400 mt, including decreases of 300 mt), South Korea (3,000 mt, including decreases of 500 mt), and Colombia (1,800 mt, including decreases of 200 mt). Exports of 32,900 mt were up 4% from the previous week and 1% from the prior 4-week average. The destinations were primarily to Mexico (12,200 mt), South Korea (5,200 mt), Japan (4,100 mt, China (2,700 mt), and Colombia (2,300 mt). April lean hogs are $0.28 higher at $87.725, May lean hogs are $0.60 lower at $88.525 and June lean hogs are $1.00 lower at $95.525. Hog prices are lower on the Daily Direct Morning Hog report, down $1.62 with a weighted average of $87.34, ranging from $84.00 to $89.00 on 2,899 head with a five-day rolling average of $88.28. Pork cutouts totaled 157.32 loads with 139.89 loads of pork cuts and 17.43 loads of trim. Pork cutout values are down $1.96 at $91.96.
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