It's another mixed day for the livestock complex as traders are unsure of what's to come next week, with tariffs expected to go into play. A few more deals have been noted in the South for the cash cattle market, where cattle are trading for $197, which is $2.00 lower than last week's weighted average. May corn is down 8 1/2 cents per bushel and May soybean meal is down $0.40. The Dow Jones Industrial Average is up 173.48 points.
LIVE CATTLE:Unfortunately, the live cattle complex has taken a lower approach to Friday's market as the cash cattle market hasn't lent the support it was hoped to. There's some light trade that has been reported in the South at $197, which is $2.00 lower than last week's weighted average. Although no new trade has developed in the North, on Thursday Northern dressed cattle sold for $313, which is $2.00 lower than last week's weighted average as well. Asking prices for cattle left on showlists remain firm at $199 to $200 in the South and $315 in the North. Between the boxed beef market's mixed tone and the lower trend in cash prices, traders feel let down by the market's fundamentals that has created the downturn in the futures complex. April live cattle are down $2.10 at $194.02, June live cattle are down $1.97 at $190.35 and August live cattle are down $1.70 at $189.37.
Boxed beef prices are mixed: choice up $0.64 ($311.82) and select down $0.07 ($302.06) with a movement of 69 loads (48.37 loads of choice, 5.34 loads of select, 8.62 loads of trim and 7.08 loads of ground beef).
FEEDER CATTLE:Although the live cattle contracts have fully elected to trade lower, the feeder cattle complex is split with the market's nearby contracts able to remain higher while the deferred months trade lower. Between the moisture the countryside received just last week combined with the continued support of excellent feeder cattle demand in the countryside, traders remain willing to continue to support the nearby contracts, while the rest of the market dips lower ahead of the weekend. At this point, it's a coin toss guess as to whether or not the nearby feeder cattle contracts will be able to remain higher through today's close or if traders will adapt to the rest of the market's trend. March feeders are up $1.42 at $277.87, April feeders are up $0.70 at $276.25 and May feeders are up $0.40 at $274.37.
LEAN HOGS:The lean hog market's uncertainty has crept into Friday's market following Thursday's sharp decline. April lean hogs are up $0.15 at $84.52, June lean hogs are down $0.27 at $97.32 and July lean hogs are down $0.40 at $99.07. But with morning pork cutout values not lending any support with a carcass decrease of $1.94 and tariff tribulation expected to hit next week, the market continues to hold its breath waiting for next week to come.
The projected lean hog index for 2/27/2025 is up $0.05 at $89.44, and the actual index for 2/26/2025 is down $0.10 at $89.39. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.02 with a weighted average price of $90.21, ranging from $84.00 to $93.00 on 3,877 head and a five-day rolling average of $90.13. Pork cutouts total 230.55 loads with 217.75 loads of pork cuts and 12.81 loads of trim. Pork cutout values: down $1.94, $99.02.
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