Wednesday Closing Livestock Market Update - Traders Send Contracts Lower

GENERAL COMMENTS:

The livestock complex was pressured throughout the day and all three markets closed lower. Bids were offered throughout the day in the cash market, but no trade developed. May corn is up 6 3/4 cents per bushel and May soybean meal is down $0.50. The Dow Jones Industrial Average is up 141.74 points and NASDAQ is down 14.98 points.

LIVE CATTLE:

The live cattle complex was challenged throughout the day as prices closed lower as traders began to question how much more they should advance the contracts without the steady support of fully higher boxed beef prices, without having seen what cash prices are going to do this week and knowing full well that the futures complex is overbought and do for some correction. June live cattle closed $1.80 lower at $208.40, August live cattle closed $1.62 lower at $204.05 and October live cattle closed $1.32 lower at $201.95. Bids of $216 were offered throughout the afternoon in Kansas, and bids of $218 to $220 live and $345 dressed in the North, but no substantial volumes of cattle traded. Asking prices are noted in the South at $216 plus but are still not known in the North. 

Wednesday's slaughter is estimated at 121,000 head -- 1,000 head less than a week ago and 2,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $5.49 ($348.26) and select down $1.30 ($323.82) with a movement of 108 loads (57.38 loads of choice, 24.69 loads of select, 16.90 loads of trim and 9.37 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. It's expected prices will trade higher again this week as packers are still short bought.

FEEDER CATTLE:

From a technical standpoint, the feeder cattle complex didn't stand much of a chance at trading higher as the live cattle complex lent no support. But thankfully feeder cattle demand in the countryside remained unphased by trader's weaker sediment today. May feeders closed $1.45 lower at $292.57, August feeders closed $1.87 lower at $295.02 and September feeders closed $1.80 lower at $293.80. The market is technically overbought, and traders have supported one heck of a rally since the first week of April – which leaves cattlemen and traders alike wonder: Will the market mildly pull back and hit the pause button on rallying for a while or is a more sizeable correction in play? I remain optimistic if beef demand can maintain at least a steady position. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week feeder steers over 550 pounds sold steady to $10.00 higher and heifers over 550 pounds traded $8.00 stronger. Steers and heifers under 550 pounds weren't well tested. Slaughter cows traded steady. Feeder cattle supply over 600 pounds was 79%. The CME feeder cattle index 4/29/2025: up $0.63, $295.77.

LEAN HOGS:

The lean hog complex was challenged throughout the day as the market was pressured technically and didn't receive enough fundamental support to trade higher. June lean hogs closed $1.17 lower at $98.27, July lean hogs closed $1.00 lower at $98.60 and August lean hogs closed $0.97 lower at $97.15. Pork cutout values closed slightly higher (up a merely $0.02) but cash prices closed slightly lower (down $0.02), so the market's fundamentals were a wash. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.02 with a weighted average price of $93.00 on 4,768 head. Pork cutouts totaled 303.42 loads with 264.77 loads of pork cuts and 38.65 loads of trim. Pork cutout values: up $0.02, $96.61. Wednesday's slaughter is estimated at 487,000 head – 15,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index 4/28/2025: up $0.60, $88.78.

THURSDAY'S HOG CALL: Lower. At this point, packers likely have the majority of their cash needs secured for the week.

Wednesday Midday Livestock Market Summary - Traders Take Cautious Approach

GENERAL COMMENTS:

The livestock complex is trading lower into Wednesday's noon hour as traders are hesitant to push any of the markets higher without seeing more fundamental support arise. A single bid of $218 is currently being offered in Nebraska, but no cattle have traded at this point. May corn is up 8 cents per bushel and May soybean meal is down $0.50. The Dow Jones Industrial Average is down 279.59 points and NASDAQ is down 261.29 points.

LIVE CATTLE:

It will be interesting to see what takes shape this week in the live cattle complex as earlier in the week trader support was plentiful, but upon Wednesday's arrival traders have shown some caution and packers have already begun to offer bids in the North. On the bullish side of the spectrum, feedlot managers are likely going to try to hold out and pressure packers into paying steady/higher prices later this week. On the opposite side of the spectrum, however, packers are desperate to get ahead of the cash cattle market and they're throwing every trick in the book at the marketplace to dramatically reduce throughput, including offering bids early in the week in hopes that some feedlot managers will get antsy and let some cattle go early. But as always, it's too early in the week to say what's going to exactly happen which is why we need to track the market all the more closely. June live cattle are down $0.40 at $209.85, August live cattle are down $0.57 at $205.05 and October live cattle are down $0.75 at $202.52. A single bid of $218 is currently being offered in the North -- but at this point no cattle have traded. Asking prices are firm in the South at $216-plus, but are still not established in the North.

Boxed beef prices are lower: choice down $2.49 ($345.77) and select down $0.67 ($323.15) with a movement of 65 loads (38.81 loads of choice, 5.97 loads of select, 10.87 loads of trim and 9.22 loads of ground beef).

FEEDER CATTLE:

Just like the live cattle complex, the feeder cattle contracts are also lower as traders are skeptical of getting too far ahead of themselves, and overbuying/over supporting the market much more. May feeders are down $1.37 at $292.65, August feeders are down $1.70 at $295.20 and September feeders are down $1.50 at $294.10. It's unlikely the day's lower tone in the futures complex will gravely affect sales in the countryside as buyers know that the availability of feeders/calves is thin.

LEAN HOGS:

The lean hog complex continues to trade lower as the market is under pressure technically. Without better support from its fundamentals, it's unlikely the contracts will be able to gain any momentum. June lean hogs are down $1.60 at $97.85, July lean hogs are down $1.42 at $98.17 and August lean hogs are down $1.45 at $96.67. It's interesting to see packers are already fairly aggressive in the day's cash market, but pork cutout values continue to drift lower.

The projected CME Lean Hog Index for 4/29/2025 is up $0.47 at $89.25, and the actual index is up $0.60 at $88.78. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.53 with a weighted average price of $93.29, ranging from $85.00 to $95.00 on 3,741 head and a five-day rolling average of $92.15. Pork cutouts total 170.94 loads with 147.37 loads of pork cuts and 23.58 loads of trim. Pork cutout values: up $0.23, $96.82.

Wednesday Morning Livestock Market Update - Feedlots Will Hold For Higher Cash

GENERAL COMMENTS:

Cattle futures continue to reach for the stars with traders trying to pick a top continually being run over. Record-high prices dominate the market. Many believe prices are too high and expect a decline at any time; but that idea has been prevalent for some time, yet prices continue to rise. Packers are trying their best to limit slaughter, hoping it will back up cattle in the country and cause feedlots to offer cattle more aggressively. All it seems to have done is tighten retail supplies, causing boxed beef prices to rise. Choice boxed beef price jumped $5.49, moving it to $348.26. Choice boxed beef has increased by $11.71 over the past two days. Select boxed beef declined $1.30. We can be sure feedlots will not be willing to sell cattle this week for anything less than steady cash. Wednesday is the last trading day for April live cattle. Feeder cattle prices continue to rise as demand remains strong.

Hogs moved in the other direction with no surprise that futures prices retraced Tuesday. Cash was higher as expected, with the National Direct Afternoon Hog report posting a gain of $2.88. However, weakness was seen in pork cutouts with a decline of $1.03. Packers continue to run higher slaughter speeds, keeping sufficient pork available to the market and limiting the increases in pork prices. Upside price potential has been limited due to the sheer volume of pork moving to the market. This indicates strong demand, but it has not translated into continued higher pork prices. Cash hogs are expected to be higher Wednesday.

	BULL SIDE		BEAR SIDE
1)	Traders have not been shy about buying cattle futures as the trend is up with new highs on nearly a daily basis.	1)	Cattle are overbought and traders are becoming increasingly nervous at these record-high levels.
2)	Strong boxed beef prices indicate consumers want beef and are willing to pay for it. Price resistance has not yet been reached.	2)	Consumers will reach a threshold of what they will pay for beef. We are already seeing that with export demand.
3)	Hog futures may develop support as they have been moving in a sideways range over the past week. Tuesday's decline does not indicate prices will fall back.	3)	Hog supplies remain readily available with packers purchasing sufficient hogs without difficulty.
4)	Packers continue to increase slaughter to satisfy demand. This limits the upside price potential but continues to keep hogs from backing up in the market.	4)	China's cancellation of 12,300 metric tons (mt) of pork last week was a blow to pork exports. This is a loud and clear signal China will be out of the market.

Tuesday Closing Livestock Market Update - Cattle Contracts Continue to Push Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle contracts closed higher, but the lean hog contracts struggled amid some technical resistance. Still no cash cattle trade has developed. May corn is down 15 cents per bushel and May soybean meal is up $3.50. The Dow Jones Industrial Average is up 300.03 points and NASDAQ is up 95.19 points.

LIVE CATTLE:

It was another stellar day for the live cattle complex as the contracts closed higher. Seeming to rally on the market's positives fundamentals, traders continue to advance the contracts despite the fact that boxed beef prices have been mixed this week and that there's been no cash cattle trade yet. Even so, traders remain bullish in their demeanor and continue to stairstep the contracts higher, and in the case of the spot June contract, to new contract highs nearly daily at this point. June live cattle closed $0.60 higher at $210.20, August live cattle closed $0.35 higher at $205.67 and October live cattle closed $0.15 higher at $203.27. No cash cattle trade has developed at this point, and bids and asking prices remain elusive still too.

Tuesday's slaughter is estimated at 120,000 head -- 3,000 head less than a week ago and 2,000 head less than a year ago. 

Boxed beef prices closed mixed: choice up $5.49 ($348.26) and select down $1.30 ($323.82) with a movement of 108 loads (57.38 loads of choice, 24.69 loads of select, 16.90 loads of trim and 9.37 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. It's tough calling what this week's fed cash cattle trade will amount to, given the fact that prices reach new all-time highs just last week so obviously packers are desperately trying to pull the reins back on the cash cattle market's robust rally. But the market's direction this week will largely be determined on whether or not packers are short bought still. Time will tell but no trade is expected to develop until Thursday or Friday.

FEEDER CATTLE:

The feeder cattle market's rally in the futures complex was utterly exhilarating to watch throughout the day as traders continue to chew their nails, wondering: where is the top? But with support complementing the market fully from both a technical and fundamental standpoint, answering that question is only something time can do. May feeders closed $2.22 higher at $294.02, August feeders closed $1.95 higher at $296.90 and September feeders closed $1.52 higher at $295.60. Don't neglect to read past this afternoon's CME feeder cattle index close at the end of this paragraph, as another new record high has been scored. At Callaway Livestock Center in Kingdom City, Missouri compared to last week both steer and heifer calves weighing 450 to 550 pounds traded $10.00 to $20.00 higher with instances up to $25.00 higher on the steer calves. Feeder cattle supply over 600 pounds was 33%. The CME feeder cattle index 4/28/2025: up $1.43, $295.14.

LEAN HOGS:

The lean hog complex struggled throughout the day as the market ran into some significant technical pressure, and without robust fundamental support traders didn't possess the gusto needed to take on such a threshold. June lean hogs closed $1.55 lower at $99.45, July lean hogs closed $1.62 lower at $99.60 and August lean hogs closed $1.10 lower at $98.12. Today's cash market was substantial as just over 7,000 head traded, but traders were disappointed to see pork cutout values dip lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.88 with a weighted average price of $93.02 on 7,310 head. Pork cutouts totaled 331.86 loads with 299.00 loads of pork cuts and 32.86 loads of trim. Pork cutout values: down $1.03, $96.59. Tuesday's slaughter is estimated at 488,000 head -- 3,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 4/25/2025: up $0.64, $88.18.

WEDNESDAY'S HOG CALL: Steady. Given that today's prices were higher, and a sizeable volume sold it's likely that the market may just see steady trade tomorrow.

Tuesday Midday Livestock Market Summary - Cattle Trade Higher While Hogs Dip Lower

GENERAL COMMENTS:

It's been a mixed morning for the livestock complex as the cattle contract continues to trade higher, but the lean hog complex needs more fundamental support before its contracts will be able to trade higher. No developments have surfaced in the cash market and won't likely be until Thursday or Friday. May corn is down 10 1/2 cents per bushel and May soybean meal is up $0.40. The Dow Jones Industrial Average is up 265.32 points and NASDAQ is up 27.09 points.

LIVE CATTLE:

The live cattle complex continues to diligently trade higher and higher seeming to shock even the most bullish-minded folks. Etching out new contract highs is currently the market's norm, and with ample fundamental support, it's anyone's guess at this point where the top could be. June live cattle are up $1.12 at $210.75, August live cattle are up $1.10 at $206.42 and October live cattle are up $0.95 at $204.07. Nothing has surfaced yet for this week's cash cattle trade, and it's not likely that anything will before Thursday or Friday. Feedlot managers are again going to aim for higher prices, but with packers cutting throughput drastically, steady prices may be the best feedlot managers get this week unless packers are still short-bought.

Boxed beef prices are mixed: choice is up $3.42 ($346.19) and select is down $0.31 ($324.81) with a movement of 61 loads (27.95 loads of choice, 11.18 loads of select, 13.69 loads of trim and 8.11 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is hungry for more and it's not being bashful about how it is aggressively trading higher. May feeders are up $3.00 at $294.80, August feeders are up $2.65 at $297.60 and September feeders are up $2.32 at $296.40. And thankfully, the feeder cattle complex has been robustly supported in terms of fundamental support as buyers are actively seeking out calves/feeders to sure up their orders as turn out season is quickly approaching.

LEAN HOGS:

Although pork cutout values are slightly higher, the lean hog contracts are trading mostly lower as traders simply need more fundamental encouragement. The market has posted a considerable rally since the first week of April, but now that traders are feeling some resistance pressure, it seems as though traders are scratching their heads and looking around for more support. June lean hogs are down $0.80 at $100.20, July lean hogs are down $0.65 at $100.57 and August lean hogs are down $0.20 at $99.02.

The projected lean hog index for 4/28/2025 is up $0.60 at $88.78, and the actual index for 4/25/2025 is up $0.64 at $88.18. Hog prices average $92.76 on the Daily Direct Morning Hog Report, ranging from $87.00 to $94.00 on 3,830 head and a five-day rolling average of $91.62. Pork cutouts total 175.86 loads with 159.84 loads of pork cuts and 16.02 loads of trim. Pork cutout values: up $0.30, $97.92.

Tuesday Morning Livestock Market Update - Higher Cattle Futures Expected

GENERAL COMMENTS:

Cattle futures have no technical price resistance as new all-time highs are being established. The price resistance is left up to the consumer or an unexpected event that would impact the market. Imports of cattle from Mexico might again be in jeopardy as Agriculture Secretary Rollins took a hard line on the New World Screwworm. Boxed beef prices were incredibly strong Monday, with choice up $6.22 and select up $5.01. Packers did not purchase many cattle ahead last week for deferred delivery. This puts them at a disadvantage this week. The recourse is to slow slaughter, but that has not been able to reduce cattle prices. The result has been a tighter retail beef supply and higher prices. The April contract will cease trading on Wednesday, with June taking over as the lead month.

Hog futures made a valiant effort to hold the gains of Friday and accomplished the task Monday. Futures looked a little bleak for a time, but traders became more aggressive buyers. Consistent fundamental support needs to surface for the market to continue the recent uptrend. The National Daily Direct Afternoon Hog report showed cash down $1.25. Pork cutouts struggled, declining $0.42. Hog futures cannot continue to increase without better, consistent demand. The higher slaughter pace continues to provide sufficient pork to the market and limits price potential.

	BULL SIDE		BEAR SIDE
1)	New contract highs in cattle continue to support the bullish sentiment, with traders active buyers.	1)	Cattle futures are overbought and a price correction could take place if traders decide to take profits.
2)	The large increase in boxed beef indicates strong demand even at the high beef prices. Reduced slaughter has resulted in higher retail prices, but no decrease in demand.	2)	Slower beef exports will eventually impact prices as beef could back up in the market.
	Hog futures rejected Monday's early weakness to make new highs. Technically, the futures may have established a level of support.	3)	Demand for pork may have increased, but higher slaughter and heavier weights keep demand satisfied. This may limit upside price potential.
4)	Packers are expected to be aggressive Tuesday as they purchase hogs for their needs. Increased slaughter could make them more aggressive.	4)	Pork cutouts have difficulty finding consistent support. Pork has yet to see a large benefit from high beef prices.

Monday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex successfully closed mostly higher Monday afternoon as traders remain eager to support the contracts. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado. May corn is down 3 1/4 cents per bushel and May soybean meal is down $3.00.

The Dow Jones Industrial Average is up 114.09 points and NASDAQ is down 16.81 points.

LIVE CATTLE:

The live cattle complex was able to close fully higher thanks to the added support which came from last week's strong performance in the fed cash cattle market. With new all-time highs scored again for both live cattle and dressed cattle prices, the decision seems almost effortless to push the contracts higher through Monday's close. June live cattle closed $1.35 higher at $209.60, August live cattle closed $1.22 higher at $205.32 and October live cattle closed $1.15 higher at $203.12. Monday's slaughter is estimated at 104,000 head -- 1,000 head less than a week ago and 8,000 head less than a year ago. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado.

Last week's cash cattle trade was delayed until Friday, and feedlot managers' patient marketing strategy paid dividends as prices were sharply higher. Live cattle in Kansas traded for mostly $213, which is $3 higher than the previous week's weighted average. Live cattle in Texas traded for mostly $212, which is $2 higher than the previous week's weighted average. Northern dressed cattle traded at mostly $342 to $343, which is $5 to $6 higher than the previous week's weighed average. All of which are new all-time highs for the fed cash cattle market. Last week's negotiated cash cattle trade totaled 66,661 head. Of that 91% (60,739 head) were committed to the market's nearby delivery option, while the remaining 9% (5,922 head) were committed to the deferred option.

Boxed beef prices are higher: choice up $6.22 ($342.70) and select up $5.01 ($325.12) with a movement of 69 loads (38.37 loads of choice, 12.98 loads of select, 5.97 loads of trim and 11.69 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Given that packers have drastically slashed throughput it's likely that prices could trade steady this week.

FEEDER CATTLE:

The feeder cattle complex had another robust day as sales were sharply higher in the countryside, and the futures complex successfully carved out new highs again in the spot August contract. May feeders closed $1.27 higher at $291.80, August feeders closed $0.65 higher at $294.95 and September feeders closed $0.52 higher at $294.07. Although traders are seeing ample support from strong sales in the countryside, it's likely that they could potentially hold the futures complex steady to only slightly higher until they see what cash cattle prices do later this week. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers and steer calves traded $5.00 to $10.00 higher, and feeder heifers sold $7.00 to $13.00 stronger. Heifer calves traded $5.00 to $10.00 higher as well. The feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 4/25/2025: up $3.83, $293.71.

LEAN HOGS:

The lean hog complex overall closed mostly higher, although the spot June contract felt slightly pressured throughout the day. More than anything traders mostly likely didn't feel well enough supported as both cash prices and pork cutout values dipped Monday afternoon – and given that the market has had a powerful rally since the beginning of April, it's important that fundamental support remains evident moving forward. June lean hogs closed $0.15 lower at $101.00, July lean hogs closed $0.05 higher at $101.22 and August lean hogs closed $0.15 higher at $99.22. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.25 with a weighted average price of $90.14 on 1,567 head. Pork cutouts total 322.05 loads with 276.64 loads of pork cuts and 45.41 loads of trim. Pork cutout values: down $0.42, $97.62. Monday's slaughter is estimated at 486,000 head -- 130,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 4/28/2025: up $0.27, $87.54.

TUESDAY'S HOG CALL: Lower. Given that pork cutout values were lower this afternoon, packers may be hesitant to overly participate in the cash market.

Monday Midday Livestock Market Summary - Cattle Continue to Break Into New Technical Territory and Trade Higher

GENERAL COMMENTS:

Mondays can be mundane and boring, but today is anything but the status quo. All three of the livestock markets are trading higher into Monday's noon hour and given the tremendous support seen last week in the cattle complex, it's likely that traders will continue to support the contracts amid such powerful fundamental support. May corn is down 1 cent per bushel and May soybean meal is down $2.40. The Dow Jones Industrial Average is down 123.90 points and the NASDAQ is down 217.97 points.

LIVE CATTLE:

The live cattle complex is continuing to lean into Monday trade, fully taking advantage of all the support traders are willing to lend. June live cattle are up $1.47 at $209.72, August live cattle are up $1.22 at $205.32 and October live cattle are up $1.12 at $203.10. Later this week, the spot April contract will expire, and the June live cattle contract will take front and center stage. Currently, the market's bullish push has already put the June contract at yet another new contract high. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado.

Last week's cash cattle trade was delayed until Friday, and feedlot managers' patient marketing strategy paid dividends as prices were sharply higher. Live cattle in Kansas traded for mostly $213, which is $3 higher than the previous week's weighted average. Live cattle in Texas traded for mostly $212, which is $2 higher than the previous week's weighted average. Northern dressed cattle traded at mostly $342 to $343, which is $5 to $6 higher than the previous week's weighed average. Depending on what Monday's USDA reports share in regards to weighted averages, it's likely that these prices are new record highs for most of the areas.

Boxed beef prices are higher: choice up $5.14 ($341.62) and select up $3.74 ($323.85) with a movement of 37 loads (19.78 loads of choice, 6.29 loads of select, 5.92 loads of trim and 4.61 loads of ground beef).

FEEDER CATTLE:

It's been intriguing to watch the feeder cattle complex trade this morning as at the market's start, the spot August contract gapped higher, then shortly thereafter, traders filled in the gap but have since again pushed the contract back higher. The live cattle complex was thankful to see fed cash cattle prices trade higher last week, but the feeder cattle complex hasn't been short of support either as demand in the countryside has been red hot, with buyers knowing that the turn out season is rapidly approaching. May feeders are up $1.52 at $292.05, August feeders are up $0.65 at $294.92 and September feeders are up $0.55 at $294.10.

LEAN HOGS:

The lean hog complex is continuing to rally on the momentum which the market possessed last week. If traders are going to break through the resistance created last Friday in the spot June contract, they're going to need to see tremendous fundamental support again this week. And while midday pork cutout values are mildly higher, steady and stable demand is more of what they're looking for. June lean hogs are down $0.05 at $101.07, July lean hogs are up $0.12 at $101.30 and August lean hogs are up $0.17 at $99.25.

The projected lean hog index for 4/25/2025 is up $0.64 at $88.18, and the actual index for 4/24/2025 is up $0.27 at $87.54. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 847 head have traded this morning, and that the market's five-day rolling average now sits at $90.79. Pork cutouts total 167.72 loads with 136.45 loads of pork cuts and 31.26 loads of trim. Pork cutout values: up $0.10, $98.14.

Monday Morning Livestock Market Update - High Cash Prices Should Support Market

GENERAL COMMENTS:

Cash cattle trade pushed higher with most of the business after the futures market closed Friday. Feedlots held out and were rewarded with live and dressed cattle trading from $2.00 to $4.00 higher. The April and June live cattle contracts closed at new highs, with April leading the way. Record-high prices continue to be established in live and feeder cattle cash and futures. It does not feel like the market has reached a point of resistance for beef prices or feeder cattle being purchased. Packers have been slowing slaughter pace, but that has yet to back-up cattle in the country to where feedlots want to move cattle. The higher weights have only resulted in packers purchasing fewer animals, but still receiving the same tonnage of beef. Tighter supplies and strong demand support the market. The Commitments of Traders showed fund traders as net buyers of 12,089 live cattle futures contracts, bringing their net-long position to 115,353. Traders were net buyers of 2,548 feeder cattle contracts, bringing their net-long position to 27,171.

Hog futures defied gravity with futures closing higher after the market took a breather for one day. The June and July contracts closed at the highest level since Feb. 26. This has renewed the hope that the chart gaps remaining from February may be closed. Poor weekly export sales had little impact on the market, as support may come from better demand moving through the next few months. The National Daily Direct Afternoon Hog report showed cash up $0.08, a surprise for the end of the week. Further support may stem from cutouts gaining $2.18 Friday. The Commitments of Traders report showed fund traders were net buyers of 17,974 hog futures contracts, bringing their net-long position to 55,689.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures are at a discount to cash. The gains in cash cattle last week should support higher prices.	1)	Cattle prices will not continue to make new highs indefinitely. Prices will reach resistance at some point.
2)	New contract high closes in both live and feeder cattle futures should keep traders willing to buy with the trend. Prices have not reached resistance.	2)	Feedlots have been holding cattle for higher cash prices, and those cattle are gaining weight. They may need to move them soon rather than risk a price decline.
3)	Hogs renewed the uptrend after futures took a breather. There has been renewed optimism for increasing demand.	3)	Substantially reduced export sales leave more pork available to the domestic market. This may increase domestic pork supplies.
4)	Hog futures have chart gaps above the market remaining from February. Gaps generally are closed at some point.	4)	Packers do not seem to have difficulty purchasing the hogs they need to maintain the slaughter pace. That may limit the upside price potential.

Friday Closing Livestock Market Update - Feedlot Managers Again Push Fed Cattle Prices Higher

GENERAL COMMENTS:

It was a grandiose day for the livestock complex as all three of the markets closed higher. Although the fed cash cattle market waited to trade until the week's bitter end, feedlot managers accomplished another successful trade as prices were higher. May corn is up 1 1/2 cents per bushel and May soybean meal is up $1.30. The Dow Jones Industrial Average is up 20.10 points and NASDAQ is up 216.90 points.

From last Thursday to this Friday, the livestock contracts scored the following changes: April live cattle up $4.43, June live cattle up $4.18; May feeder cattle up $3.68, August feeder cattle up $3.43; June lean hogs up $3.13, July lean hogs up $3.08; May corn down $0.03, July corn down $0.05.

LIVE CATTLE:

The cash cattle market waited to trade until the week's bitter end, but it was worth it. Feedlot managers deserve a round of applause for accomplishing yet another week of stronger trade even though prices were already substantially higher just last week. Even so, the fed cash cattle market had ample support this past week as traders full-heartedly believed in the market's bullish sediment and thankfully drove the contracts to new highs even though no cash cattle trade developed throughout the week's trading hours but was instead delayed until after closing time on Friday afternoon. June live cattle closed $0.25 higher at $20825, August live cattle closed steady at 204.10 and October live cattle closed $0.10 lower at $201.97. It would be remiss of me to neglect to mention that the spot June contract also reached new contract highs and successfully took out the previous high at $204. The week's trade is still relatively thin but at least there have been large enough samples in each region to confidently report some trends. Kansas live cattle have sold at mostly $213, which is $3.00 higher than last week's weighted average. Texas cattle are being traded at $212 which is $2.0 0higher than last week's weighted average. And Nebraska live cattle are selling at $217 which is $4.00 higher than last week's weighted average. There's yet to be any dressed trade reported. 

Friday's slaughter is estimated at 82,000 head -- 7,000 head less than a week ago and 29,000 head less than a year ago. Saturday's slaughter is projected to be around 7,000 head. The week's total slaughter is estimated at 555,000 head -- 21,000 head less than a week ago and 58,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.78 ($336.48) and select up $3.76 ($320.11) with a movement of 96 loads (67.59 loads of choice, 10.65 loads of select, 9.46 loads of trim and 8.48 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can call what next week's trend could potentially be, we need to see where this week's weighted average lands and how many cattle sell.

FEEDER CATTLE:

It was a riveting day for the feeder cattle complex as the spot August contract reached new contract highs and was thoroughly supported. Between total buy-in from traders to the unwavering support of feeder cattle demand in the countryside -- what more could the market really want? May feeders closed $1.45 higher at $290.52, August feeders closed $1.60 higher at $294.30 and September feeders closed $1.77 higher at $293.55. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers and heifers traded $6.00 to $12.00 higher, steer calves sold $4.00 to $7.00 higher and heifer calves traded $6.00 to $11.00 stronger. Slaughter cows sold steady to $3.00 higher and slaughter bulls sold steady. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 4/24/2025: up $2.64, $289.88.

LEAN HOGS:

The lean hog complex wasn't left out of the fun as its market also saw tremendous support through Friday's close. It was potentially most exciting, however, to see the spot Jun contract close $1.22 higher – which pushed the contract to its highest price point since late February. Couple that positive technical surge with the fact that pork cutout values and cash prices closed higher, and I think it's safe to say the day's performance was an incredible accomplishment. The afternoon carcass price was mostly supported however by the belly's $9.75 gain, but the loin also closed $2.93 higher. June lean hogs closed $1.22 higher at $101.15, July lean hogs closed $1.12 higher at $101.17 and August lean hogs closed $0.77 higher at $99.07. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.08 with a weighted average price of $91.39 on 3,314 head. Pork cutouts totaled 357.03 loads with 328.97 loads of pork cuts and 28.06 loads of trim. Pork cutout values: up $2.18, $98.04. Friday's slaughter is estimated at 485,000 head -- 87,000 head more than a week ago and 47,000 head more than a year ago. The CME lean hog index 4/23/2025: up $0.52, $87.27.

MONDAY'S HOG CALL: Lower. Given that packers were aggressive in this week's cash hog market, it's likely that they won't have to be aggressive on Monday when the market opens.

Friday Midday Livestock Market Update - Feedlot Managers Pressure Packers to Pay More

GENERAL COMMENTS:

The live cattle complex is on edge, trying to be patient while packers and feedlot managers again go toe-to-toe this week. Bids have surfaced in Kansas at $210 to $212, but with feedlot managers firm in their asking prices of $214 to $215 in the South and $340-plus in the North -- packers are going to need to up their ante if they're going to get cattle bought this week. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 69.80 points.

LIVE CATTLE:

The live cattle complex has been rocked back on its heels as traders try to patiently wait for this week's cash cattle trade to develop -- but their patience is running thin. It's assumed cash cattle prices will trade higher this week -- which traders loved the idea of as stronger cash prices will complement their push of the contracts this past week; but they also don't want to put the cart before the horse anymore and anticipate in good faith too much. June live cattle are down $0.20 at $207.82, August live cattle are down $0.17 at $203.92 and October live cattle are down $0.15 at $201.87. More than anything traders seem to be holding the contracts just shy of steady until developments in the cash market surface. Bids of $210 to $212 have been reported in Kansas -- but feedlot managers in the South are firm in their asking price of $214 to $215. Packer bids are going to need to improve. Asking prices are firm in the North at $340 plus.

Boxed beef prices are higher: choice up $1.46 ($335.15) and select up $3.04 ($319.39) with a movement of 41 loads (29.37 loads of choice, 6.36 loads of select, zero loads of trim and 5.36 loads of ground beef).

FEEDER CATTLE:

The spot August feeder cattle contract is inching, slowly but surely, up to the market's resistance as the August contract is currently trading at $293.35 and the market's resistance threshold is at $293.70. Given the grandiose support the market has seen this past week in the countryside for both feeder cattle and calves -- it's tough to say the market doesn't possess enough support to challenge resistance. But traders seem to be holding out, waiting to see what type of punch comes with this week's fed cash cattle trade. If prices are $1.00 or $2.00 higher than last week's jump, then there's a chance traders could pressure that threshold ahead of the week's close. But if prices hold merely steady, then there's just as likely a chance traders will throw in the towel and say, "That's a problem for next week to figure out" and let the complex close just below resistance. May feeders are up $0.45 at $289.52, August feeders are up $0.75 at $293.35 and September feeders are up $0.77 at $292.55.

LEAN HOGS:

Following the last couple days where the lean hog complex endured some pressure, traders are treating the market to a sporty rally Friday morning which is being well complemented as both cash prices and pork cutout values are higher. June lean hogs are up $1.00 at $100.92, July lean hogs are up $0.80 at $100.85 and August lean hogs are up $0.67 at $98.97. Traders have already broken through the market's resistance, so it's likely they'll maintain this rally through the day's end.

The projected CME Lean Hog Index for 4/24/2025 is up $0.27 at $87,54, and the actual index for 4/23/2025 is up $0.52 at $87.27. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.52 with a weighted average price of $91.74, ranging from $88.00 to $94.00 on 1,601 head and a five-day rolling average of $90.40. Pork cutouts total 315.16 loads with 284.82 loads of pork cuts and 30.34 loads of trim. Pork cutout values: up $1.78, $95.86.

Friday Morning Livestock Market Update - Traders Wait For Cash Cattle Trade

GENERAL COMMENTS:

Cash cattle trade has been pushed off until today as the packers and feedlots have been holding and are waiting to see who will blink first. Some light activity took place in Kansas with heifers trading at $210, but otherwise, it has been quiet. The feedlots may hold due to the strength this week in cattle futures. They may hold cattle over another week if they do not get the prices they want. The packers do not seem to have purchased many cattle ahead. Boxed beef prices indicate demand continues to remain strong. Choice cuts increased $1.73, with select up $1.83. It seems consumers have not yet reached a threshold. Feeder cattle are in strong demand, with higher prices seen at auctions. Feeder cattle futures are near contract highs with both August and September over $290.

Hog futures took a breather, unable to make a higher high on Thursday. The June contract closed below $100 again, with other contracts posting minor losses. The May contract showed the only gain of $0.07. The National Direct Afternoon Hog report showed cash lower as expected, with a decline of $0.56. Pork cutouts were $1.78 higher, regaining the loss of Wednesday. Futures may see further weakness today as traders may not want to push the market higher into the weekend. Saturday slaughter is estimated at 139,000 head.

	BULL SIDE		BEAR SIDE
1)	Traders anticipate higher cash trade with the April live cattle contract closing at a new contract high of $213.50.	1)	Cattle prices will not increase indefinitely. Bef prices will eventually reach a level at which consumers will reduce consumption.
2)	Strong boxed beef prices indicate good demand. Consumers have not reached a threshold of what they will pay for beef.	2)	Weekly beef export sales were down 41% from the previous week, with tariffs likely impacting exports.
3)	It has been a good week for cash hog prices. This may indicate a tighter hog supply and an increase in demand.	3)	Weekly pork export sales were poor, with only 5,800 MT sold. China is out of the market as tariffs impact sales.
4)	The minor weakness of hog futures on Thursday may be the market taking a breather ahead of the weekend and not a change in trend.	4)	Hog futures are due for a price correction after consistent gains over the past two weeks. Traders may liquidate some positions ahead of the weekend.

Thursday Closing Livestock Market Update - Feedlot Managers Patiently Wait the Week Out

GENERAL COMMENTS:

Although the cattle contracts were pressured throughout the earlier part of the day, trades ultimately landed at the same conclusion collectively that the market's direction was higher. Still no cash cattle trade has developed. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

Thursday's export report shared that beef net sales of 10,300 mt for 2025 were down 41% from the previous week and 11% from the prior 4-week average. The three primary buyers were South Korea (3,200 mt), Japan (1,900 mt) and Hong Kong (1,300 mt). Pork net sales of 5,800 mt for 2025, a marketing year low, were down 72% from the previous week and 82% from the prior 4-week average. The three largest buyers were Japan (6,300 mt), Mexico (3,800 mt) and South Korea (1,800 mt).

LIVE CATTLE:

The live cattle complex fought tooth and nail to sustain its rally and it did. The only contract that closed slightly lower was the spot June live cattle contract, but that's largely because traders were leery of advancing the contract ahead of seeing what this week's fed cash cattle market does. Asking prices have been noted in the South at $214 to $215, and at $340 in the North, but still no sizeable sales have been reported. It's fully anticipated that the market will trade higher again this week. The question just remains: will it be $1.00 to $2.00 higher, or closer along the lines of last week's trade where prices jumped $4.00 to $7.00 higher? June live cattle closed $0.10 lower at $208.00, August live cattle closed $0.22 higher at $204.10 and October live cattle closed $0.37 higher at $202.07. 

Thursday's slaughter is estimated at 116,000 head -- 4,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.73 ($333.70) and select up $1.83 ($316.35) with a movement of 102 loads (70.55 loads of choice, 14.60 loads of select, 9.45 loads of trim and 6.90 loads of ground beef).

FRIDAY'S CATTLE CALL: $1.00 to $2.00 higher. Given the significant price jump seen last week, I anticipate that prices won't jump as aggressively this week.

FEEDER CATTLE:

The feeder cattle complex was able to maintain its rally through the day's end even though the market was challenged at times throughout the day. But with the bullish sediment alive and well throughout the entire cattle complex, traders allowed the market to creep higher through the day's end. May feeders closed $0.72 higher at $289.07, August feeders closed $0.52 higher at $292.70 and September feeders closed $0.57 higher at $291.77. At Hub City Livestock Auction in Aberdeen, South Dakota compared to last week steers weighing 750 to 799 pounds sold $8.00 to $10.00 higher, and steers weighing 900 to 1,049 pounds traded $4.00 to $8.00 higher, with instances up to $10.00 higher. The best test on heifers was on those weighing 550 to 699 pounds, which traded $7.00 to $10.00 high, but it was the heifers weighing 650 to 699 pounds that traded as much as $15.00 higher. Feeder cattle supply over 600 pounds was 84%. The CME feeder cattle index 4/23/2025: up $1.73, $287.24.

LEAN HOGS:

The lean hog complex wasn't as fruitful as the cattle contracts, but given the recent gains the market has seen, some downside was expected. June lean hogs closed $0.22 lower at $99.92, July lean hogs closed $0.25 lower at $100.05 and August lean hogs closed $0.17 lower at $98.30. It was supportive long term however to see pork cutout values higher as the carcass price was well supported given the loin alone closed $4.70 higher, and the ham jumped $3.38. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.56 with a weighted average price of $91.31 on 4,665 head. Pork cutouts totaled 315.16 loads with 284.82 loads of pork cuts and 30.34 loads of trim. Pork cutout values: up $1.78, $95.86. Thursday's slaughter is estimated at 475,000 head -- steady with a week ago and 11,000 head less than a year ago. The CME lean hog index 4/23/2025: up $0.67, $86.75.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have fulfilled their cash needs for the week.

Thursday Midday Livestock Market Update - Traders Hit the Pause Button as They Wait to See What the Cash Cattle Market Will Do

GENERAL COMMENTS:

The livestock complex has been met with some more technical opposition today that it was faced with earlier in the week. More than anything, the cattle contracts seem to be questioning whether cash cattle prices be higher this week. If so, it's likely that traders will again turn the contracts higher, but they're still waiting patiently for trade to develop. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

Thursday's export report shared that beef net sales of 10,300 mt for 2025 were down 41% from the previous week and 11% from the prior 4-week average. The three primary buyers were South Korea (3,200 mt), Japan (1,900 mt) and Hong Kong (1,300 mt). Pork net sales of 5,800 mt for 2025, a marketing year low, were down 72% from the previous week and 82% from the prior 4-weeek average. The three largest buyers were Japan (6,300 mt), Mexico (3,800 mt) and South Korea (1,800 mt).

LIVE CATTLE:

The live cattle complex is yet again trading mostly higher as traders continue to believe in the market's long-term bullishness. Some of the nearby contracts are trading slightly lower, but that seems to be a mere pause in the market's rally until traders are given green-light fundamentally, which hopefully will come in the form of stronger cash cattle sales. It's fully anticipated that fed cash cattle prices will be higher again this week, but no trade has developed just yet. Asking prices are noted in the South at $214 to $215, and in the North at $340 plus. June live cattle are down $0.10 at $208.00, August live cattle are up $0.05 at $203.92 and October live cattle are up $0.05 at $201.75.

Boxed beef prices are higher: choice up $1.38 ($333.35) and select up $1.40 ($315.92) with a movement of 59 loads (36.16 loads of choice, 9.67 loads of select, 8.38 loads of trim and 4.59 loads of ground beef).

FEEDER CATTLE:

Aside from the May 2025 feeder cattle contract, traders have cautiously distanced themselves from the feeder cattle market. They're hoping more fundamental support will develop but have nothing tangible to ease their jitters. May feeders are up $0.35 at $288.70, August feeders are down $0.47 at $291.70 and September feeders are down $0.37 at $290.82. Demand still remains utterly incredible in the countryside, but that's not helping traders in this exact scenario.

LEAN HOGS:

The only real win thus far throughout the day for the lean hog complex has been the fact that midday pork cutout values are higher. But in the wake of sharply lower exports, lower cash prices and some technical hesitancy, the contracts are back to trading lower. June lean hogs are down $0.70 at $99.45, July lean hogs are down $0.70 at $99.60 and August lean hogs are down $0.47 at $98.00. At this point it's likely that packers have fulfilled their bulk needs in the cash market and will only vaguely participate through the remainder of the week.

The projected lean hog index for 4/23/2025 is up $0.52 at $87.27, and the actual index for 4/22/2025 is up $0.67 at $86.75. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.37 with a weighted average price of $90.22, ranging from $83.00 to $94.00 on 3,075 head and a five-day rolling average of $89.72. Pork cutouts total 135.76 loads with 125.91 loads of pork cuts and 9.85 loads of trim. Pork cutout values: up $0.83, $94.91.

Thursday Morning Livestock Market Update - Traders Wait For Cash Trade to Develop

GENERAL COMMENTS:

Cattle futures began the day stronger and closed higher. The April live cattle contract left a chart gap as traders anticipated higher cash prices would develop. The exuberance moved the April, June, and August contracts to new contract highs, with later contracts slightly shy of new highs. Feeder cattle futures are poised to make new highs. Cash cattle have not traded, but the strength of futures will increase the resolve of feedlots to hold for higher prices. The packers were able to purchase some cattle ahead for deferred delivery last week, but not enough to give them the upper hand. Boxed beef prices were less supportive, with choice up $0.24 and select down $3.13. Trading activity may be mixed today as traders hold until cash develops.

Hog futures might run out of steam unless underlying cash and cutouts provide consistent support. Cash was higher on Wednesday, with the National Daily Direct Afternoon Hog report posting a gain of $1.87. This moved the weighted average price to $91.87, a level not seen for a while. The packers likely have purchased most of their weekly needs and will pay less for any hogs purchased today. Cutouts were lower with values down $1.70. Pork cutouts continue to have difficulty finding consistent strength. The May futures contract closed lower for the first time in 10 consecutive trading days. This could indicate the market may be running out of technical buying interest and could be ready for a retracement.

	BULL SIDE		BEAR SIDE
1)	The strength in cattle futures provides confidence for feedlots to hold cattle for higher cash. The packers need cattle to maintain slaughter and fill demand.	1)	Feeder cattle futures may have difficulty moving above contract highs. There may be strong interest in selling at those levels.
2)	New contract highs in the nearby live cattle contracts and later contracts of live cattle and feeder cattle are nearing the highs, which may keep buyers active.	2)	If the cash cattle trade is less than anticipated, traders may be quick to sell futures, triggering liquidation.
3)	The recent strength of cash hogs provides support and an indication that hogs are current. The packers need to pay more to obtain what they need.	3)	The weekly hog weights increased 0.3 pounds to an average of 291.3 pounds, which is 4.3 pounds above a year ago. The packers have more pork available to them.
4)	Pork demand is anticipated to improve as consumers may slow beef purchases in favor of lower-priced pork.	4)	The packers may have purchased most of what they need for the week with cash hogs expected to be lower today.

Wednesday Closing Livestock Market Update - Traders Again Push Contracts Higher as Bullish Sediment Remains

GENERAL COMMENTS:

It was another prosperous day for the livestock complex as all three of the markets were able to close higher. Still no cash cattle trade has developed but asking prices are now noted in the South at $214 to $215. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

LIVE CATTLE:

Well, if today wasn't a bullish gift I truly don't know what would be. Traders elected to advance the live cattle contracts even though boxed beef prices are under some pressure, and despite the market not yet knowing what this week's cash cattle trade is going to amount to. But even so, traders blew past the market's resistance at $207 bright and early this morning and consistently traded the complex higher throughout the day. June live cattle closed $1.82 higher at $208.10, August live cattle closed $1.42 higher at $203.87 and October live cattle closed $1.22 higher at $201.70. The cash cattle market didn't see any trade develop throughout the day, but the sediment throughout the countryside is that feedlot managers are indeed going to demand higher prices again this week. Asking prices are noted in the South at $214 to $215 but are still not established in the North. 

Wednesday's slaughter is estimated at 122,000 head -- 1,000 head less than a week ago and 3,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.24 ($331.97) and select down $3.13 ($314.52) with a movement of 171 loads (108.37 loads of choice, 37.87 loads of select, 7.97 loads of trim and 16.58 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. Given that the board is as robustly supported as it is, it's likely that the fed cash cattle market will be able to trade higher again this week.

FEEDER CATTLE:

The feeder cattle complex wasn't quite as gusty throughout the day as the live cattle market was. Traders ran the May feeder cattle contract up to its resistance threshold, but didn't believe that there was enough support to take out the resistance at $289.10 that was established mid-March. Even so, traders showed good faith throughout the day as they did advance the contracts despite not being able to take out exiting resistance levels. May feeders closed $1.42 higher at $288.35, August feeders closed $0.92 higher at $292.17 and September feeders closed $0.95 higher at $291.20. At Ozarks Regional Stockyard in West Plains, Missouri compared to last week feeder steers and heifers traded mostly $3.00 to $6.00 higher. Steer and heifer calves under 700 pounds sold $6.00 to $12.00 higher, with peewee heifers trading as much as $20.00 higher. Feeder cattle supply over 600 pounds was 29%. The CME feeder cattle index 4/22/2025: up $0.19, $288.97.

LEAN HOGS:

The lean hog complex rounded out the day mostly higher although the market wasn't nearly as aggressive today as it was in recent trading days. June lean hogs closed $0.12 higher at $100.15, July lean hogs closed $0.02 higher at $100.30 and August lean hogs closed $0.25 higher at $98.47. Pork cutout values again closed lower as the rib saw a $3.80 dip, and the loin saw a $3.18 – both of which are somewhat expected following a post-Easter dip. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.87 with a weighted average price of $91.87 on 8,087 head. Pork cutouts totaled 326.24 loads with 287.32 loads of pork cuts and 38.91 loads of trim. Pork cutout values: down $1.70, $94.08. Wednesday's slaughter is estimated at 488,000 head, which is steady with a week ago and 8,000 head more than a year ago. The CME lean hog index 4/21/2025: up $0.37, $86.08.

THURSDAY'S HOG CALL: Lower. Given that packers have been aggressive over the last two days in the cash market, it's likely that they're close to being done buying for the week.

Wednesday Midday Livestock Market Update - Live Cattle Contracts Break Through Resistance Barriers

GENERAL COMMENTS:

Thus far through Wednesday's trade, it's been a mostly successful day as the livestock contracts are trading higher. Still no cash cattle trade has developed but trade is likely delayed until Friday. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

LIVE CATTLE:

The live cattle complex has been able to successfully maintain its higher position thus far through Wednesday's trade which is quite commendable given that the market gapped higher at the day's start and is trading slightly above the spot June contract's previous resistance level. June live cattle are up $1.25 at $207.52, August live cattle are up $0.97 at $203.42 and October live cattle are $0.92 at $201.40. Traders are likely to monitor fundamental support closely this afternoon and through the later part of the week as they're hoping to see support from both cash prices and boxed beef prices compliment their higher push this morning. Still no developments have surfaced in the cash cattle market and trade will likely be delayed until Thursday, or even Friday.

Boxed beef prices are mixed: choice up $0.63 ($332.36) and select down $1.20 ($316.45) with a movement of 62 loads (34.35 loads of choice, 13.33 loads of select, 4.47 loads of trim and 9.99 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex isn't seeing quite as much momentum in its market this morning as compared to the live cattle contracts, but they're still trading higher, nonetheless. May feeders are up $1.60 at $288.52, August feeders are up $0.30 at $291.55 and September feeders are up $0.42 at $290.67. The feeder cattle complex seems more concerned about its technical resistance pressure as traders haven't taken on the looming resistance at $293.00 in the spot August contract.

LEAN HOGS:

The lean hog complex's rally has been slightly broken as the nearby contracts are trading lower while the deferred months continue to push mildly higher. It was pretty impressive that the lean hog complex had a nine straight day consecutive rally which helped propel the spot June contract to the highest price the market has traded since late February. But after such aggressive technical footwork, the market seems to cool its momentum as traders look around to see if the markets' fundamentals are going to support such a move. June lean hogs are down $0.07 at $100.20, July lean hogs are up $0.05 at $100.32 and August lean hogs are up $0.22 at $98.45.

The projected lean hog index for 4/22/2025 is up $0.67 at $86.75, and the actual index for 4/21/2025 is up $0.37 at $86.08. Hog prices are higher on the Daily Direct Morning Hog Report, up $4.22 with a weighted average price of $91.59, ranging from $83.00 to $95.00 on 6,977 head and a five-day rolling average of $89.57. Pork cutouts total 149.19 loads with 128.06 loads of pork cuts and 21.14 loads of trim. Pork cutout values: down $0.26, $95.52.

Wednesday Morning Livestock Market Update - Follow-through Buying May Continue

GENERAL COMMENTS:

It was an impressive day for cattle, with most contracts closing over $2.00 higher. The April live cattle contract moved to a new contract high at $211.37. This contract has one week to trade, and traders expect cash to remain strong. The other live cattle contracts are knocking on the door of new contract highs. Boxed beef was not supportive on Tuesday, with choice down $1.79 and select down $1.12, but that may have limited impact on the market today. The strength of futures will increase the confidence of feedlots to hold for higher cash this week. The packers did buy some cattle ahead, but it may not have been enough to leave them in the driver's seat. Feeder cattle are in strong demand, with sharply higher prices at auctions.

Hog futures moved above technical resistance, triggering short-covering and renewed buying interest. The strength has been impressive, moving the June and July contracts above $100.00, where they have not been since February 26. Traders may continue to trade with the trend as the previous resistance is now supported. The packers were aggressive on Tuesday, with the National Daily Direct Afternoon Hog report posting a gain of $6.41, moving the weighted average price to $90.00. The packers will need more hogs and may bid higher today, but likely not as aggressively. Pork cutouts were down $0.61, but the past two days of weakness in the cutouts were minor compared to the large increase on Friday.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have nearly eliminated the losses since the beginning of April, with the April contract making a new high. Traders will continue to trade the trend.	1)	Live cattle futures could reach resistance at the previous highs. After all, the market cannot move higher forever.
2)	The large increase in cash cattle trade last week indicates strong demand, keeping the packers aggressive as demand needs to be met.	2)	The packers may not be willing to bid higher this week, as they were able to purchase some cattle for deferred delivery.
3)	The large jump in cash hogs on Tuesday indicates holiday demand was good, and supplies need to be replenished. The packers may bid higher today to obtain what they need for slaughter.	3)	The packers aggressively bid for hogs on Tuesday, but once their needs are filled for the week, prices may fall back.
4)	Hog futures moved above technical resistance, which could increase the buying interest of traders.	4)	Lower pork cutouts do not indicate a consistent improvement in demand.

Tuesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

It was a rallying day for the livestock contracts as all three of the markets were able to close fully higher. But some pressure could develop on Wednesday for the cattle contracts as boxed beef prices did close lower Tuesday afternoon and resistance levels are looming for both the live cattle and feeder cattle markets. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

LIVE CATTLE:

It was a prosperous day for the live cattle complex as the market was able to round out the day fully higher. June live cattle closed $2.52 higher at $206.27, August live cattle closed $2.45 higher at $202.45 and October live cattle closed $2.25 higher at $200.47. The market could likely be pressured, however, on Wednesday given that the futures contracts are back to trading at resistance levels and given that boxed beef prices closed lower Tuesday afternoon. If traders are to take on the future complex's resistance, they're going to need fundamental support to be unwavering, so today's lower close in the boxes isn't supportive of that. Still no trade has developed in the cash cattle complex and will likely be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 123,000 head -- 1,000 head more than a week ago and 3,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.79 ($331.73) and select down $1.12 ($317.65) with a movement of 134 loads (78.82 loads of choice, 16.08 loads of select, 28.51 loads of trim and 10.45 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Packers advanced the market aggressively last week, which could be because they're sitting comfortably with supplies and won't need to procure cattle as aggressively this week.

FEEDER CATTLE:

The feeder cattle complex successfully kept its momentum through Tuesday's end as demand in the countryside is incredible. More than anything it's likely that buyers are keenly aware that supplies simply aren't as ample this year as they have been in years past. And, as the later buyers try to fill their orders ahead of going to grass, the more expensive turn-out cattle are likely to become. May feeders closed $1.40 higher at $286.92, August feeders closed $2.10 higher at $291.25 and September feeders closed $2.25 higher at $290.25. At Russell Livestock Auction in Russell, Iowa compared to their last sale two weeks ago, steers sold $6.00 to $33.00 higher, while heifers traded $12.00 to sharply higher. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 4/21/2025: down $0.52, $288.78.

LEAN HOGS:

The lean hog complex potentially had the best day of all the livestock contracts as its market was able to push a large break out in the spot June contract and was well-complimented by strong market fundamentals. June lean hogs closed $2.22 higher at $100.27, July lean hogs closed $2.02 higher at $100.27 and August lean hogs closed $1.35 higher at $98.22. Pork cutout values closed slightly lower – mainly because of a post-Easter drop in the rib (down $3.87) but cash prices were notably higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $6.41 with a weighted average price of $90.00 on 8,479 head. Pork cutouts totaled 336.37 loads with 310.62 loads of pork cuts and 25.75 loads of trim. Pork cutout values: down $0.61, $95.78. Tuesday's slaughter is estimated at 485,000 head -- 2,000 head less than a week ago and 3,000 head less than a year ago. The CME lean hog index 4/18/2025: up $0.25, $85.71.

WEDNESDAY'S HOG CALL: Steady. Packers need more hogs this week, and they'll likely be aggressive again in Wednesday's market.

Tuesday Midday Livestock Market Update - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is having a fruitful day as all three of the markets are back to trading higher. But with resistance pressure looming for the cattle contracts, it will be vital that fundamental support remain active in the market later this week. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

LIVE CATTLE:

The live cattle complex is back in action as the market is fronting a promising $1.00 to $2.00 push heading into Tuesday's noon hour. The market is close to nearing resistance pressure in the spot June contract, but if fundamental support is ample this week (especially in the form of strong box prices and fed cash cattle prices) there's a chance that traders could take on the market's resistance. The only other key fundamental component that needs to be monitored this week is throughput, as Monday's slaughter was light at just 100,000 head. June live cattle are up $2.45 at $206.22, August live cattle are up $2.47 at $202.47 and October live cattle are up $2.37 at $200.60.

Boxed beef prices are higher: choice up $1.53 ($335.05) and select up $1.40 ($320.17) with a movement of 54 loads (40.28 loads of choice, 6.51 loads of select, zero loads of trim and 7.37 loads of ground beef).

FEEDER CATTLE:

The bullish front of the cattle complex is being spurred on by the feeder cattle complex as all of its contracts are trading $2.00 to $3.00 higher into the day's noon hour. May feeders are up $1.92 at $287.45, August feeders are up $2.55 at $291.65 and September feeders are up $2.82 at $290.82. Like the spot June live cattle contract, the spot May feeder cattle contract is nearing market resistance that could be problematic for traders if they don't see continued fundamental support later this week.

LEAN HOGS:

The lean hog complex is also enjoying a fruitful day where most of its nearby contracts are at least trading above $1.00 higher. It's rather impressive to see the spot June contract trading at the highest it's been since the end of February, and the market is also on its ninth consecutive day of higher trading. June lean hogs are up $1.80 at $99.85, July lean hogs are up $1.60 at $99.85 and August lean hogs are up $1.22 at $98.10. The additional support of stronger pork cutout values is lending a helping hand as well, which is mainly to thank again this morning because of the $3.47 jump in the belly.

The projected lean hog index for 4/21/2025 is up $0.37 at $86.08, and the actual index for 4/18/2025 is up $0.25 at $85.71. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.95 with a weighted average price of $87.37, ranging from $83.00 to $91.00 on 1,567 head and a five-day rolling average of $86.00. Pork cutouts total 181.37 loads with 167.60 loads of pork cuts and 13.77 loads of trim. Pork cutout values: up $0.31, $96.70.

Tuesday Morning Livestock Market Update - Futures Remain Supported

GENERAL COMMENTS:

Traders took a step back in the cattle market Monday as they held back from aggressive buying, waiting to see further fundamental developments. Feedlots believe they will be able to obtain more money as the market is strong with tight supplies. Feeder cattle prices continue to climb as demand is high. Technical traders may be anticipating prices could move to contract highs, which then may be a selling opportunity again. However, with the current bullish mindset, futures could push through the highs, triggering renewed buying interest. One has to wonder how long consumer demand will remain strong. Consumers have not reached a threshold for prices. Boxed beef prices closed higher on Monday, with choice up $2.00 and select up $3.22.

Hog futures continue to show surprising strength. It seems some traders have been purchasing and holding for the long term, anticipating demand will improve through the summer. Futures have increased substantially since the low, but are not in an overbought position. This could keep buying interest strong. The National Daily Direct Afternoon Hog report showed cash up $0.24. Packers are expected to be aggressive Tuesday as they need hogs to maintain their slaughter pace. Pork cutouts were down $0.61, but that was not bearish considering the $4.22 increase Friday.

	BULL SIDE		BEAR SIDE
1)	The cattle market likely has the Cattle on Feed report factored in. The fundamentals remain bullish with traders looking for higher prices.	1)	Cattle futures have recovered most of the loss since the tariff news at the beginning of the month, but are nearing technical resistance, which may be difficult to penetrate.
2)	Contract highs are not far away and, if exceeded, renewed buying interest will develop. Beef prices have yet to see consumer resistance.	2)	International demand may slow as beef prices remain high. Packers may reduce slaughter as cattle weights are high.
3)	Hog futures may continue to grind higher as traders anticipate improving demand.	3)	Hog futures may run out of steam without continued fundamental support. Futures have been supported technically.
4)	There is a chart gap remaining above the market for February. It may take a monumental effort to close the gap, but gaps generally are closed.	4)	Packers have not had to bid aggressively to obtain the hogs they need for slaughter. Supplies remain readily available

Monday Closing Livestock Market Update - Cattle Markets Gingerly Ease into the New Week

GENERAL COMMENTS:

It was a dismal day for the cattle contracts as the external pressures regarding trade disputes weighed heavily on the live and feeder cattle contracts. Meanwhile, the lean hog complex traded higher throughout the day with ease. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.

LIVE CATTLE:

It was a lackluster day for the live cattle complex as the contracts drifted slightly lower through Monday's close, seeming mostly fixated on the unsettled nature of the equity markets amid continued concerns over trade chatter. June live cattle closed $0.32 lower at $203.75, August live cattle closed $0.12 lower at $200.00 and October live cattle closed $0.10 lower at $198.22. If boxed beef demand remains prevalent throughout the rest of the week, there's a chance that traders could turn their attention to that positive market fundamental factor. Still, at this point, hesitancy was the market's fixation. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado. Monday's slaughter is estimated at 100,000 head -- 2,000 headless than both a week and a year ago.

Last week Northern dressed cattle traded at mostly $332 to $335 which is $4.00 to $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $208 to $210 which is $4.00 to $6.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 67,218 head. Of that, 83% (56,088 head) were committed to the nearby delivery while the remaining 17% (11,130 head) were committed to the deferred delivery option.

Boxed beef prices closed higher: choice up $2.00 ($333.52) and select up $3.22 ($318.77) with a movement of 75 loads (38.50 loads of choice, 9.91 loads of select, 7.86 loads of trim and 19.07 loads of ground beef)

TUESDAY'S CATTLE CALL: Steady/somewhat higher. Given that packers were willing to advance substantially the market last week, it's likely that they're still short bought and will need to be active again in this week's market so long as processing speeds aren't cut drastically.

FEEDER CATTLE:

Without the help of the live cattle complex, the feeder cattle contracts fell lower through Monday's close as traders simply didn't see enough support in today's market to justify taking on resistance thresholds without proper support. May feeders closed $1.32 lower at $285.52, August feeders closed $1.72 lower at $289.15 and September feeders closed $1.57 lower at $288.00. At Joplin Regional Stockyard in Carthage, Missouri compared to last week feeder steers $5.00 lower to $10.00 higher and feeder heifers traded $5.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 4/18/2025: down $3.12, $289.30.

LEAN HOGS:

The cattle contracts let external factors minimize their ability to trade higher here on Monday, but the lean hog complex didn't see trade concerns derail its momentum. June lean hogs closed $0.02 higher at $98.05, July lean hogs closed $0.15 higher at $98.25 and August lean hogs closed $0.42 higher at $96.87. For the spot June contract to trade much higher (given that the market is facing some short-term resistance pressure) it will be vital that fundamental support is evident throughout the week.

Monday's slaughter is estimated at 356,000 head -- 131,000 head less than a year ago and 125,000 head less than a year ago. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.24 with a weighted average price of $83.59 on 1,312 head. Pork cutouts totaled 230.42 loads 207.43 loads of pork cuts and 22.99 loads of trim. Pork cutout values: down $0.61, $96.39. The CME lean hog index 4/17/2025: up $0.25, $85.46.

TUESDAY'S HOG CALL: Higher. Given that today's movement was thin, trade will likely be more robust on Tuesday.