GENERAL COMMENTS:
The livestock contracts are all trading higher into Tuesday's noon hour as traders have changed their demeanor toward the livestock complex. Still no cash cattle trade has developed, and the week's trade will likely be again delayed until Friday. May corn is up 4 3/4 cents per bushel and May soybean meal is down $0.30. The Dow Jones Industrial Average is up 130.17 points.
LIVE CATTLE:
The live cattle complex may have initially been trading lower this morning, but as the market nears the noon hour stronger tones have overcome the live cattle market. April live cattle are up $0.55 at $208.35, June live cattle are up $0.82 at $204.50 and August live cattle are up $1.40 at $201.42. Following the market's lower ascend on both Friday and Monday, traders now again sit in a better technical position as they are no longer up against immediate resistance pressure. From a fundamental standpoint, boxed beef prices are showing ample support, but no cash cattle trade has developed yet and won't likely develop until Friday. And yes, your choice cuts really are up over $7.00 this morning -- that's no April Fool's joke! Asking prices are noted in the South at $212 but are still not established or known for the North.
Boxed beef prices are higher: choice up $7.60 ($342.86) and select up $2.20 ($322.21) with a movement of 55 loads (32.81 loads of choice, 11.24 loads of select, 4.32 loads of trim and 6.62 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is "feeling its oats" this morning as the market is charging mostly $2.00 higher into Tuesday's noon hour. The spot May contract is still about $2.00 lower than the market's resistance threshold, so it's likely that traders will be able to maintain their stronger tune throughout the afternoon without too much opposition. April feeders are up $1.77 at $288.22, May feeders are up $2.47 at $286.97 and August feeders are up $2.55 at $292.05.
LEAN HOGS:
Although pork cutout values are trading lower, the lean hog complex is also trading higher as the market is rallying on some of the positive energy stemming from the cattle complex's change in direction. April lean hogs are up $0.40 at $88.12, June lean hogs are up $2.57 at $97.85 and July lean hogs are up $2.47 at $98.30. The biggest hindrance to the morning's pork cutout value was the $4.75 decline in the belly.
The projected lean hog index for 3/31/2025 is up $0.15 at $88.65 and the actual index for 3/28/2025 is down $0.28 at $88.50. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.37 with a weighted average price of $88.08, ranging from $85.00 to $90.00 on 338 head and a five-day rolling average of $87.92. Pork cutouts total 201.96 loads with 177.56 loads of pork cuts and 24.40 loads of trim. Pork cutout values: down $0.53, $96.92.
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