It's been a slow day for the livestock complex as the market seems exhausted after this week's trade. It wouldn't be unlikely to see some more cash cattle trade develop in the Northern plains as the week's movement has been relatively thin. March corn is up 3 cents per bushel and March soybean meal is up $5.00. The Dow Jones Industrial Average is down 113.98 points.
LIVE CATTLE:The live cattle complex is trailing lower into Friday's noon hour as the market has seemed to stall. Trader's slight energy they possessed on Thursday has stalled, and there's been virtually no more business in the cash cattle market either. More than anything, after a week of continued pressure, the market seems to be looking forward to the long weekend. February live cattle are down $0.75 at $198.80, April live cattle are down $1.15 at $195.37 and June live cattle are down $0.95 at $191.47. So far this week, Southern live trade has been marked at $202 to $203, $3 to $4 lower than last week's weighted averages. Northern dressed deals have been mostly $320 to $322, $5 to $7 lower than last week's weighted average, basis Nebraska. Some more trade needs to develop in the Northern plains as this week's movement has been very thin.
Boxed beef prices are lower: choice down $2.26 ($315.14) and select down $1.29 ($308.55) with a movement of 55 loads (37.33 loads of choice, 5.83 loads of select, zero loads of trim and 12.09 loads of ground beef).
FEEDER CATTLE:The feeder cattle complex has petered out as the market isn't traded nearly as aggressively as it did on Thursday. And with the live cattle contracts trading lower as well, it's unlikely that the market will change its direction ahead of today's close. But what we need to monitor is whether or not the spot March contract is going to close below its 40-day moving average. A close below that threshold isn't a good technical sign, and currently, the market is hovering right at that threshold. March feeders are down $1.30 at $266.67, April feeders are down $1.05 at $266.92 and May feeders are down $0.92 at $265.37.
LEAN HOGS:The lean hog complex has also seemed to pause its momentum after rallying robustly on Wednesday. With traders merely letting the contracts drift into Friday's afternoon it's not seeming as though they regret their decision to surpass long-term resistance earlier in the week, but instead that they'd like to reassess the market next week and determine how much immediate upside the market holds now. It is positive to see pork cutout values higher, as traders desperately need to continue to see strong consumer demand domestically and abroad. April lean hogs are up $0.27 at $93.37, June lean hogs are up $0.02 at $105.27 and July lean hogs are up $0.02 at $105.87.
The projected lean hog index for 2/13/2025 is up $0.71 at $88.77, and the actual index for 2/12/2025 is up $0.98 at $88.06. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.39 with a weighted average price of $88.03, ranging from $82.00 to $92.00 on 2,270 head and a five-day rolling average of $88.14. Pork cutouts total 167.89 loads with 158.74 loads of pork cuts and 9.15 loads of trim. Pork cutout values: up $1.34, $102.21.
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