Wednesday Midday Livestock Market Summary - Cattle Regain Trader Support and Scale Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as the cattle contracts are mildly higher while the hog contracts drift lower. Asking prices are noted in Texas at $250-plus. May corn is down 4 1/4 cents per bushel and May soybean meal is up $1.10. The Dow Jones Industrial Average is up 1,211.38 points and NASDAQ is up 646.74 points.

LIVE CATTLE:

Following Tuesday's slightly lower close, the live cattle complex is back to trading mildly higher. The market isn't currently pressing beyond the resistance at $247.50 in the spot June contract, but traders are seeming to signal and show their support remains ample -- all they need is for fundamental support to remain ample as well. April live cattle are up $1.35 at $249.55, June live cattle are up $0.45 at $246.25 and August live cattle are up $0.27 at $242.65. Asking prices of $250-plus have surfaced in Texas, but otherwise the fed cash cattle market remains idle with no developments having surfaced yet.

Boxed beef prices are lower: choice down $1.21 ($381.53) and select down $0.07 ($386.26) with a movement of 67 loads (44.26 loads of choice, 3.84 loads of select, 10.70 loads of trim and 8.04 loads of ground beef).

FEEDER CATTLE:

Once again keeping in alignment with the live cattle complex, the feeder cattle contracts are trading moderately higher into Wednesday's noon hour. Between the demand recently seen in the countryside, mixed with the technical support of the upward trend in the live cattle complex -- currently traders have all the support they need to help drive the feeder cattle contracts higher. April feeders are up $1.57 at $370.47, May feeders are up $1.50 at $368.15 and August feeders are up $1.85 at $367.90.

LEAN HOGS:

Following Monday's aggressive rally, the lean hog complex has spent its time moving lower as traders aren't confident the market possess enough support to justify a higher move. Once again Wednesday, pork cutout values are lower which doesn't help add fundamental support. April lean hogs are down $0.47 at $90.30, June lean hogs are down $1.90 at $105.15 and July lean hogs are down $1.90 at $108.87. The projected CME Lean Hog Index for 4/7/2026 is up $0.24 at $90.30 and the actual index for 4/6/2026 is up $0.13 at $90.06. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 880 head have traded Wednesday morning and the market's five-day rolling average now sits at $90.34. Pork cutouts total 168.29 loads with 143.39 loads of pork cuts and 24.90 loads of trim. Pork cutout values: down $0.72, $97.10.

 

Wednesday Morning Livestock Market Update - Traders Uncertain Over Cash Strength

GENERAL COMMENTS:

It is uncertain whether the development of the two-week ceasefire agreement with Iran and the reopening of the Strait of Hormuz will affect the cattle market. If there is an impact, it would be due to the potential for fuel prices to decline, taking some of the financial pressure off consumers. However, that certainly does not mean that there would be a surge in beef demand. The market is a whole lot bigger than that, and high beef prices will continue. Packers continue to maintain slow slaughter speeds, but it is not helping their margins. Boxed beef prices plummeted on Tuesday, with choice down $5.30 and select down $2.04. Cash trade is not expected to surface today, which might leave the market choppy as traders may wait for cash to establish market direction.

Hog futures were mixed, with follow-through unable to develop after the surge in futures on Monday. Traders were unable to find further fundamental support to keep the rally going. A price change was not released for the National Daily Direct Afternoon Hog report due to no prices on Monday, resulting from light cash activity. There was nothing to compare Tuesday's price to. The weighted average price was $90.82. Unfortunately, pork cutout values declined $1.22. It may be critical for futures to hold, or they could retest the lows again.

	BULL SIDE		BEAR SIDE
1)	If crude oil prices fall back moving forward, it could maintain a positive impact on beef demand as consumers could pay less for fuel prices.	1)	The cattle market will need to see further fundamental support or traders could turn into active sellers.
2)	If cash cattle trade no worse than steady this week, cattle futures should hold support.	2)	If cash cattle trade is no better than steady this week, it could indicate that prices have found a level of resistance and limited upside price potential.
3)	Packers should step up to purchase hogs aggressively today as they need to maintain the continued higher slaughter pace.	3)	Pork cutouts are not showing consistent support. Higher slaughter keeps the market well supplied.
4)	Demand for pork remains strong as the higher slaughter pace is being absorbed without overwhelming the market. Hog supplies are remaining current.	4)	The price increase on Monday was the result of short-covering and not new buying interest. Otherwise, the market would have continued higher on Tuesday.

Tuesday Closing Livestock Market Update - Mostly Weaker Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex closed mostly lower Tuesday afternoon as traders yearn to see what will develop fundamentally this week before they'll likely advance the contracts any higher. Still no cash cattle trade has developed and asking prices remain elusive at this point. May corn is down 5 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is down 127.25 points and the NASDAQ is down 32.55 points.

LIVE CATTLE:

After seven straight days of a consecutive rally, the live cattle complex closed lower Tuesday afternoon as the market is feeling some technical exhaustion. April live cattle closed $0.17 higher at $248.20, June live cattle closed $1.22 lower at $245.80 and August live cattle closed $0.50 lower at $242.37. More than anything, traders didn't want to overdo the market's rally and risk pushing the complex to a point at which a sharp correction would be necessary. Thankfully, although the market closed slightly lower Tuesday afternoon, it was merely a sideways close for the contracts as traders want to see what's going to develop fundamentally this week before they push the contracts any higher. No cash cattle trade developed throughout the day, and likely, trade won't develop until Thursday or Friday. 

Tuesday's slaughter is estimated at 113,000 head, 5,000 head more than a week ago and 8,000 head less than a year ago.

It is worth noting that JBS workers are returning to work today (Tuesday) at the Greeley, Colorado, packing plant, which ends a long, three-week strike that began on March 16. Negotiations will continue on Thursday and Friday, as no labor agreement has been reached yet.

Boxed beef prices closed lower: choice down $5.30 ($382.74) and select down $2.04 ($386.33) with a movement of 155 loads (101.96 loads of choice, 6.28 loads of select, 33.84 loads of trim and 12.71 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Packers were able to gain some leverage in last week's market, but with spring demand seasonally expected to increase, they'll still likely need to stay aggressive in this week's cash market.

FEEDER CATTLE:

The feeder cattle complex followed the live cattle contracts lower through Tuesday's end as the market is experiencing some technical exhaustion after its impressive rally. April feeder cattle closed $3.12 lower at $368.90, May feeders closed $3.72 lower at $366.62 and August feeders closed $3.77 lower at $366.05. At Joplin Regional Stockyards in Cartage, Missouri, compared to last week, feeders steers under 600 pounds traded $15.00 higher, with instances all the way up to $50.00 high. Heavier-weight steers sold steady to $15.00 higher. Feeder heifers sold steady to $5.00 higher, except four weight heifers, which traded up to $50.00 higher. The sale report noted that, "in the state the grass is green and the market is on fire." Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 4/6/2026: up $0.04, $364.59.

LEAN HOGS:

The lean hog complex rounded out the day mixed, with most of the nearby contracts closing slightly lower while the deferred months ended the day a touch higher. Demand in the near future seems to be at the forefront of traders' minds, and with pork cutout values closing lower, that didn't bode well for the nearby contracts. April lean hogs closed $0.30 higher at $90.77, June lean hogs closed $0.65 lower at $107.05 and July lean hogs closed $0.15 lower at $109.80. Hog prices averaged $90.82 on the Daily Direct Afternoon hog report, with 4,671 head having traded and the market's five-day rolling average now sitting at $90.41. Pork cutouts totaled 306.93 loads with 285.02 loads of pork cuts and 21.91 loads of trim. Pork cutout values: down $1.22, $97.82. Tuesday's slaughter is estimated at 497,000 head, 2,000 head more than a week ago and 12,000 head more than a year ago. The CME lean hog index 4/3/2026: down $0.08, $89.93.

WEDNESDAY'S HOG CALL: Steady. With closing demand seeming soft, packers may not be overly aggressive in Wednesday's market.

Tuesday Midday Livestock Market Summary - Cattle Futures Scale Lower Following Massive Rally

GENERAL COMMENTS:

The livestock complex is mixed heading into Tuesday's noon hour as the cattle futures are experiencing some technical exhaustion and the lean hog complex is as well. Still no cash cattle trade has developed. May corn is down 5 1/2 cents per bushel and May soybean meal is down $4.70. The Dow Jones Industrial Average is down 239.41 points and NASDAQ is down 156.24 points.

LIVE CATTLE:

After rallying aggressively over the last seven trading days, the live cattle complex seems to be waiving its white flag, and is experiencing some exhaustion after such a tremendous mpve. April live cattle are up $0.35 at $248.37, June live cattle are down $1.04 at $245.97 and August live cattle are down $1.07 at $241.80. Until the market sees what's going to develop fundamentally this week, a sideways or potentially even minor lower trend may begin to develop. At this point no new cash cattle trade has developed and trade will likely be delayed until the later part of the week. Do note that JBS workers are returning to work Tuesday at the Greeley, Colorado, packing plant which ends a long, three-week strike that began on March 16. Negotiations will continue on Thursday and Friday as no labor agreement has been reached yet.

Boxed beef prices are mixed: choice down $1.87 ($386.17) and select up $0.26 ($388.63) with a movement of 73 loads (61.91 loads of choice,

FEEDER CATTLE:

Keeping in perfect unison with the live cattle complex, the feeder cattle contracts are also trading slightly lower into Tuesday's noon hour. April feeders are down $3.37 at $368.65, May feeders are down $3.65 at $366.70 and August feeders are down $3.65 at $366.17. Until the live cattle complex turns higher again, it's likely the feeder cattle contracts will remain skeptical of trading much higher.

LEAN HOGS:

Following Monday's rapid surge, the lean hog complex is also seeing some minor resistance in its nearby contracts while its deferred contracts continue to scale higher. April lean hogs are down $0.05 at $90.42, June lean hogs are down $0.65 at $107.05 and July lean hogs are down $0.27 at $109.67. Midday pork cutout values are up slightly, which is helpful from a fundamental sense, but until traders regain confidence, the market could simply hold steady.

The projected CME Lean Hog Index for 4/6/2026 is up $0.13 at $90.06, and the actual index for 4/3/2026 is down $0.08 at $89.93. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,370 head have traded this morning and the market's five-day rolling average now sits at $90.28. Pork cutouts total 165.82 loads with 151.11 loads of pork cuts and 14.71 loads of trim. Pork cutout values: up $0.51, $99.55.