GENERAL COMMENTS:
The livestock complex is trading mixed as traders have hit the pause button on full-heartedly supporting the cattle contracts until they see what develops this week in the cash market. Still no cash cattle trade has developed, but packers' interest could pick up at any moment. May corn is down 1 cent per bushel and May soybean meal is down $1.20. The Dow Jones Industrial Average is down 20.57 points.
LIVE CATTLE:
Traders have seemed to press the pause button on the market's rally as they're wanting to see what pans out fundamentally this week. Boxed beef demand has improved, and prices have trended mostly higher this week -- but while there is the belief that cash prices could trade steady/somewhat higher this week, you can't count your eggs before they hatch. Traders seem keenly aware of this right now. April live cattle are down $0.67 at $195.05, June live cattle are down $0.06 at $191.60 and August live cattle are down $0.50 at $190.57. Asking prices are noted in the South at $200 to $201, but are still not established in the North. No bids are currently on the table, but packer demand could improve at any point.
Boxed beef prices are mixed: choice up $0.18 ($314.50) and select down $0.37 ($303.76) with a movement of 75 loads (47.09 loads of choice, 12.05 loads of select, 4.60 loads of trim and 11.01 loads of ground beef).
FEEDER CATTLE:
The live cattle complex may be pulling up the reins on its market. As the market heads towards Wednesday's noon hour, the nearby contracts are keeping their momentum. March feeders are up $0.37 at $274.60, April feeders are up $0.15 at $273.90 and May feeders are down $0.12 at $272.20. The deferred contracts have just recently followed the live cattle market's trend of trading lower, but that's not ailing the nearby contracts. Traders will likely watch any developments in the cash market and monitor feeder cattle buyer demand this afternoon.
LEAN HOGS:
Following immense down-pressure, the lean hog complex has again seemed to find some support as the contracts are trading higher. April lean hogs are up $1.12 at $87.70, Juen lean hogs are up $1.12 at $100.22 and July lean hogs are up $1.07 at $101.62. Pork cutout values are higher too, which is lending support, but that's not a stable facet that traders are going to hone in on just yet as prices have been finicky.
The projected lean hog index for 2/25/2025 is up $0.02 at $89.49, and the actual index for 2/24/2025 is down $0.21 at $89.47. Hog prices on the Daily Direct Morning Hog Report average $90.24, ranging from $85.00 to $93.0 on 3,536 head and a five-day rolling average of $90.04. Pork cutouts total 121.98 loads with 105.68 loads of pork cuts and 16.30 loads of trim. Pork cutout values: up $1.74, $97.39.
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