Tuesday Midday Livestock Market Summary - Cattle Continue to Climb Higher

GENERAL COMMENTS:

It's another promising day for the cattle complex as both the live cattle and feeder cattle markets are able to again trade higher. Still no developments have surfaced in the cash market, but asking prices are now noted in the South at $200 plus. May corn is down 5 1/2 cents per bushel and May soybean meal is up $1.50. The Dow Jones Industrial Average is up 47.75 points.

LIVE CATTLE:

The live cattle complex is continuing to trade higher and with boxed beef prices higher as well -- a sense of bullishness is again taking hold of the market. February live cattle are up $0.90 at $199.80, April live cattle are up $0.87 at $195.97 and June live cattle are up $1.15 at $192.55. The spot April contract is still tanking below its 40-day moving average, but thankfully every day that the market continues to trade higher, it's not only getting closer to that pivotal threshold in which bulls hope that the market reconquers quickly. Also, every day the market trades higher, it's distancing itself from the 100-day moving average. No developments have surfaced in the cash cattle market. Asking prices are noted at $200 plus in the South, but are still not established in the North.

Boxed beef prices are higher: choice up $1.99 ($315.72) and select up $2.20 ($306.17) with a movement of 70 loads (39.07 loads of choice, 10.47 loads of select, 12.17 loads of trim and 8.49 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is continuing to trade higher, advancing by leaps and bounds as the market is trading an additional $2.00 higher Tuesday on top of Monday's $3.00 to $4.00 higher close. Friday's supportive Cattle on Feed report has undoubtedly helped the market regain the support of traders, but even though the complex was challenged this past month, the underpinning of the marketplace remained bullish at heart. March feeders are up $2.72 at $275.02, April feeders are up $2.60 at $274.62 and May feeders are up $2.60 at $272.95.

LEAN HOGS:

The technical downturn is continuing to pressure the lean hog complex as the market is again trading lower Tuesday. And with morning cutout values lower and the cash market not lending any support -- traders have little hope of trading the market higher Tuesday. April lean hogs are down $0.52 at $86.90, June lean hogs are down $0.75 at $99.15 and July lean hogs are down $0.72 at $100.67. The loin's $4.00 decline mixed with the belly's $2.97 drop is the biggest reason why the carcass price is lower Tuesday morning.

The project lean hog index for 2/24/2025 is down $0.21 at $89.47, and the actual index for 2/21/2025 is down $0.85 at $89.68. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,116 head have traded this morning and that the market's five-day rolling average now sits at $91.69. Pork cutouts total 175.03 loads with 151.59 loads of pork cuts and 23.44 loads of trim. Pork cutout values: down $1.85, $96.58.