GENERAL COMMENTS:
The livestock complex was well supported by traders as all three of the markets closed higher Tuesday afternoon. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday. May corn is up 4 1/2 cents per bushel and May soybean meal is down $0.40. The Dow Jones Industrial Average is down 11.80 points.
LIVE CATTLE:
It was a positive day for the live cattle complex as the market successfully rounded out the day fully higher. Aside from seeing boxed beef prices jolt higher, the market was mostly encouraged to trade higher by traders' simple willingness to again support the complex. After reaching a new contract high again just last week in the spot June contract, traders were leery late last week/early this week of being too supportive, but thankfully strong beef demand has helped turn the futures complex higher again. April live cattle closed $1.32 higher at $209.12, June live cattle closed $1.77 higher at $205.42 and August live cattle closed $2.30 higher at $202.32. No cash cattle trade developed throughout the day but asking prices are noted at $212 in the Southern plains.
Tuesday's slaughter is estimated at 123,000 head -- 1,000 head less than a week ago and 2,000 head more than a year ago.
Boxed beef prices closed higher: choice up $6.96 ($342.22) and select up $2.06 ($322.07) with a movement of 95 loads (59.73 loads of choice, 18.70 loads of select, 7.31 loads of trim and 9.46 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Given that packers have successfully been able to buy up some inventory in the last two weeks, it's most likely that fed cash cattle prices will trade steady/somewhat lower later this week.
FEEDER CATTLE:
The feeder cattle complex only grew stronger and stronger as Tuesday traded onward as the market saw most of its contracts close anywhere from $2.00 to $3.00 higher. April feeders closed $1.82 higher at 288.27, May feeders closed $2.65 higher at $287.15 and August feeders closed $2.90 higher at $292.40. It was especially interesting to note the change in the contract's relationship between the live cattle and feeder cattle contracts. Lately, the feeder cattle complex has simply doggishly followed the live cattle market's direction, but today the feeder cattle contracts were the leader of the bullish move. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week feeder steers and steer calves traded steady to $5.00 lower. Feeder heifers and heifer calves sold steady to $5.00 higher, except those weighing 500 to 700 pounds, which traded $1.00 to $5.00 lower. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 3/31/2025: down $0.48, $291.02.
LEAN HOGS:
The lean hog complex was also able to capitalize on the positive push from traders as its contracts closed higher. April lean hogs closed $0.35 lower at $87.37, June lean hogs closed $1.75 higher at $97.02 and July lean hogs closed $1.75 higher at $97.57. Today's move stems solely from the market's technical support as both the cash market and pork cutout values closed lower, which is not helping lend any support to the lean hog contracts. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.23 with a weighted average price of $88.26 on 8,610 head. Pork cutouts totaled 353.31 loads, with 314.58 loads of pork cuts and 38.73 loads of trim. Pork cutout values: down $1.94, $95.51. Tuesday's slaughter is estimated at 489,000 head -- 1,000 head less than a week ago and 2,000 head more than a year ago. The CME lean hog index 3/28/2025: down $0.28, $88.50.
WEDNESDAY'S HOG CALL: Steady/somewhat higher. Packers will need more hogs this week. While it's difficult to predict the market's price direction, I beli
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