The livestock complex had yet another momentous day as all three of the markets closed higher and the cattle contracts again scored new life of the contract highs. Asking prices in the South are noted at $208 to $210 but are still not established in the North. March corn is up 3 1/4 cents per bushel and March soybean meal is up $0.80. The Dow Jones Industrial Average is up 136.77 points.
LIVE CATTLE:The live cattle complex once again scored another higher close for the day as the market's momentum is truly unmatched at this point. Trader's buy-in of the market's long-term bullish trajectory has seemed to become utterly undeniable this past week as they continue to advance the contracts higher and higher, day by day. February live cattle closed $2.87 higher at $208.55, April live cattle closed $3.45 higher at $207.27 and June live cattle closed $3.15 higher at $201.35. The cash cattle complex still hasn't seen any sizeable trade develop as feedlot managers are once again aiming to trade cattle higher again this week. Asking prices are noted in the South at $208 to $210 but are not yet established in the North. Some packer interest could begin to surface on Wednesday, but trade will likely be delayed until Thursday or Friday.
Tuesday's slaughter is estimated at 124,000 head -- steady with a week ago and 3,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.37 ($332.45) and select up $1.41 ($321.96) with a movement of 126 loads (75.63 loads of choice, 22.58 loads of select, 15.83 loads of trim and 11.64 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Higher. With the help of the board, it's likely feedlot managers will once again be able to trade cattle higher this week as packers are still short bought.
FEEDER CATTLE:With the active support of the live cattle contract's higher trade, it was a no-brainer for the feeder cattle market to also trade higher amid such support from traders. March feeders closed $3.00 higher at $278.25, April feeders closed $3.37 higher at $277.80 and May feeders closed $3.47 higher at $276.27. Today's higher close is yet again another achievement of new all-time contract highs in many of the nearby contracts. At Joplin Regional Stockyards in Carthage, Missouri compared to last week feeder steers traded $2.00 to $10.00 higher. Feeder heifers weighing under 450 pounds sold $4.00 to $8.00 lower, but the heavier weighted heifers sold $2.00 to $10.00 higher as well. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 1/27/2025: not available at this time.
LEAN HOGS:The lean hog complex was also able to close fully higher as the market continues to year to trade higher and hopefully take out its nearby resistance at $91.00. The market wasn't able to accomplish that goal today, but traders once again came close to that threshold. It was a little disappointing to see pork cutout values dip slightly lower, which will make it all the more important for traders that demand is supportive on Wednesday if they're going to be able to take on the technical goals at hand. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.93 with a weighted average price of $84.32 on 3,280 head. Pork cutouts totaled 335.29 loads with 277.78 loads of pork cuts and 57.51 loads of trim. Pork cutout values: down $0.30, $92.86. Tuesday's slaughter is estimated at 489,000 head -- 7,000 head more than a week ago and 3,000 head less than a year ago. The CME lean hog index 1/24/2025: up $0.02, $81.94.
WEDNESDAY'S HOG CALL: Steady. Hog prices were notably higher today, but the week's volume will need to increase still before the week concludes.
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