The livestock complex found some late-week support, as all three of the markets were able to close mostly higher Friday afternoon. But what was most surprising was that Friday's Feb. 1 Cattle on Feed report came out neutral to somewhat supportive. March corn is down 6 3/4 cents per bushel, and March soybean meal is down $1.20. The Dow Jones Industrial Average is down 748.63 points.
Friday's export report revealed that beef net sales of 21,500 metric tons (mt) for 2025 were up 64% from the previous week and up 35% from the previous four-week average. The three primary buyers were Japan (9,800 mt), South Korea (3,400 mt) and China (2,700 mt). Pork net sales of 25,600 mt for 2025 were up 3% from the previous week, but down 27% from the prior 4-week average. The three largest buyers were Mexico (5,700 mt), Japan (4,100 mt) and Colombia (3,800 mt).
From Friday to Friday, livestock futures scored the following changes: February live cattle up $0.08, April live cattle down $0.30; March feeder cattle up $1.60, April feeder cattle up $1.13; April lean hogs down $4.93, June lean hogs down $4.05; March corn down $0.05, May corn down $0.04.
LIVE CATTLE:The live cattle complex was finally able to gain some technical support by the week's end and successfully closed fully higher on Friday afternoon. April live cattle closed $0.15 higher at $193.95, June live cattle closed $0.35 higher at $190.32, and August live cattle closed $0.57 higher at $188.97. Friday afternoon's Feb. 1 USDA Cattle on Feed report was also slightly supportive, which could potentially help traders advance the contracts higher again early next week.
Throughout the week, Southern live cattle traded for $199, which is $4 lower than last week's weighted average, but Northern dressed cattle traded for mostly $315, which is $5 lower than last week's weighted average. Friday's slaughter is estimated at 107,000 head -- 7,000 head more than a week ago and 11,000 head less than a year ago. Saturday's slaughter is projected to be around 9,000 head. The week's total slaughter is estimated to be around 563,000 head -- 2,000 head more than a week ago but 27,000 head less than a year ago.
Boxed beef prices closed lower: choice down $1.86 ($310.77) and select down $0.62 ($302.56) with a movement of 174 loads (95.92 loads of choice, 10.24 loads of select, 45.77 loads of trim and 22.18 loads of ground beef).
MONDAY'S CATTLE CALL: Lower. Until the throughput picks up, it's likely that cash prices are going to trend lower.
FEEDER CATTLE:The feeder cattle complex was also able to close higher as the market rallied alongside the live cattle complex. March feeders closed $1.12 higher at $267.95, April feeders closed $1.17 higher at $267.55, and May feeders closed $0.85 higher at $265.92. But what was most exciting for the feeder cattle complex was seeing that Friday's Cattle on Feed report came in slightly supportive, as placements weren't as high as they were projected to be. With the added support of the COF report and the continued support of buyer demand in the countryside, one could argue that next week, the market may be able to continue its upward trend. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers and traded $6 to $9 higher, and steer calves sold $8 to $11 higher. Feeder heifers and heifer calves sold $3 to $8 higher, except those weighing 500 to 600 pounds, which traded $10 higher. Slaughter cows sold $7 to $11 higher with the biggest advancement seen on the lean cows. Slaughter bulls traded $5 higher. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 2/20/2025: up $0.02, $278.84.
LEAN HOGS:The lean hog complex rounded out the week mixed as the nearby contracts closed slightly lower, but the rest of the contracts were able to maintain their slightly higher edge through the day's end. April lean hogs closed $0.85 lower at $87.67, June lean hogs closed $0.32 higher at $100.62 and July lean hogs closed $0.50 higher at $101.95. The deferred contracts were able to close higher thanks to the support that came from this morning's export report, along with the slight uptick in domestic pork demand Friday as well. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.64 with a weighted average price of $90.08 on 2,140 head. Pork cutouts totaled 357.18 loads with 300.91 loads of pork cuts and 56.27 loads of trim. Pork cutout values: up $3.04, $97.07. Friday's slaughter is estimated at 481,000 head -- 3,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 125,000 head. The CME lean hog index 2/19/2025: up $0.24, $91.22.
MONDAY'S HOG CALL: Steady. Packers were aggressive in this week's cash market, and next week, their interest will depend on whether they are still short-bought or not.
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