GENERAL COMMENTS:
Again, cattle contracts are supported as traders wait patiently for the cash cattle market trade. Bids have been offered up in both regions, but no sales have been marked yet today. March corn is up 2 3/4 cents per bushel and March soybean meal is down $1.60. The Dow Jones Industrial Average is up 149.27 points
Thursday's export report shared that beef net sales of 13,100 mt for 2025 were primarily for South Korea (7,400 mt), Japan (2,700 mt) and Mexico (1,000 mt). Pork net sales of 24,900 mt for 2025 were primarily for Japan (6,200 mt), Mexico (5,000 mt) and South Korea (3,600 mt).
LIVE CATTLE:
Seeming to have found some technical support in the morning's early trade, the live cattle complex is trading fully higher into Thursday's noon hour. February live cattle are up $0.75 at $199.90, April live cattle are up $1.12 at $196.90 and June live cattle are up $1.27 at $192.65. It's positive to see the futures complex trading lower after the sharp decline endured earlier this week, but the market still hasn't climbed back above its 40-day moving average. Scattered bids are currently being offered in the cash cattle market, but aside from the light movement that we saw earlier this week in the South -- the market hasn't trade any more cattle. Asking prices are firm in the South at $204 plus and are now noted in the North at $321. The light trade that developed earlier this week was marked at $202 to $203, which is $3.00 to $4.00 lower than last week's weighted average.
Boxed beef prices are mixed: choice down $1.12 ($318.14) and select up $1.02 ($310.16) with a movement of 84 loads (49.96 loads of choice, 10.72 loads of select, 14.17 loads of trim and 9.64 loads of ground beef).
FEEDER CATTLE:
It's utterly impressive to see the feeder cattle complex fronting a $2.00 rally this morning, with it assumed that cash cattle prices will trade lower this week and with the live cattle contracts only pushing a modest rally. But low and behold, the market is charged and trading substantially higher as traders deem that the market has recently endured enough pressure. March feeders are up $2.52 at $267.50, April feeders are up $2.25 at $267.50 and May feeders are up $2.15 at $265.90.
LEAN HOGS:
Following Wednesday's sharp advancement, the lean hog complex is trading mixed as the market is again reassessing its support. Thankfully, the morning's export report was fairly supportive, and pork cutout values are higher again -- which could lend traders some relief heading into the afternoon. But at the same time, any move they do make will likely be in a modest manner as Wednesday's move was aggressive. April lean hogs are down $0.15 at $94.17, June lean hogs are up $0.22 at $106.17 and July lean hogs are up $0.20 at $106.57.
The projected lean hog index for 2/12/2025 is up $0.98 at $88.06 and the actual index for 2/11/2025 is up $0.89 at $87.08. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.85 with a weighted average price of $90.42, ranging from $82.00 to $91.00 on 685 head and a five-day rolling average of $87.38. Pork cutouts total 146.23 loads, with 134.67 loads of pork cuts and 11.56 loads of trim. Pork cutout values: up $2.04, $100.67.
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