GENERAL COMMENTS:
Thankfully, the livestock contracts were able to round out the week on a stronger note following the market turmoil that sent the contracts trading sharply lower late last week and early this week regarding tariffs. The cash cattle market could see a little more trade develop later this afternoon as the week's movement has been thin, but the week's prices are likely established at this point. May corn is up 7 1/4 cents per bushel and May soybean meal is up $1.70. The Dow Jones Industrial Average is up 659.72 points.
From Friday to Friday, livestock futures scored the following changes: April live cattle down $0.15, June live cattle down $1.40; April feeder cattle up $5.75, May feeder cattle up $3.82; April lean hogs down $1.95, June lean hogs up $1.78; May corn up $0.30, July corn up $0.30
LIVE CATTLE:
The live cattle complex was thankfully able to maintain its higher position through Friday's end, but the spot June contract still wasn't able to conquer its 40-day moving average ahead of the weekend. Traders likely saw pushing the spot contract above that threshold as an overstepping move as boxed beef prices softened this past week, and so did cash prices. Throughout the week, Southern live cattle traded at $204, which is $4.00 lower than last week's weighted average and Northern dressed cattle traded at mostly $328, which is $9.00 lower than last week's weighted average. April live cattle closed $1.62 higher at $202.47, June live cattle closed $1.60 higher at $196.80 and August live cattle closed $1.65 higher at $193.85.
Friday's slaughter is estimated at 96,000 head -- 13,000 head less than a week ago and 10,000 head less than a year ago. Saturday's slaughter is projected to be around 5,000 head. The week's total slaughter is estimated at 564,000 head -- down 27,000 head compared to a week ago and 34,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.07 ($334.22) and select down $1.00 ($313.96) with a movement of 102 loads (66.95 loads of choice, 8.81 loads of select, 11.97 loads of trim and 14.57 loads of ground beef).
MONDAY'S CATTLE CALL: Lower. Given the slight regression in boxed beef prices, it's not likely that packers are going to chase the cash market aggressively enough to push cash prices higher anytime soon.
FEEDER CATTLE:
The feeder cattle complex didn't bat an eye about cashing out Friday's market for all that it was worth. Traders ambitiously pushed the feeder cattle contracts anywhere from $2.00 to $3.00 higher as they saw an opportunity to regain some of what the market lost late last week. April feeders closed $2.40 higher at $285.17, May feeders closed $3.40 higher at $278.70 and August feeders closed $3.75 higher at $283.67. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steer and steer calves traded $8.00 to $13.00 lower. Feeder heifers sold $6.00 to $11.00 lower, but heifer calves traded $8.00 to $13.00 lower. Slaughter cows sold steady to $2.00 lower, but slaughter bulls traded $6.00 higher. It was noted that sale receipts were noticeably lighter this week, which was likely because of the market turmoil amid the tariff disputes. The CME feeder cattle index 4/10/2025: down $1.16, $286.13.
LEAN HOGS:
The lean hog contracts were able to rally through Friday's end thanks to the stability that the futures complex was able to muster as traders gained some technical footing in the marketplace this past week. The spot June contract will likely face some pressure next week as the market's nearing its resistance level at $94.00, but if support prevails, anything could happen. June lean hogs closed $0.15 higher at $93.32, July lean hogs closed $0.47 higher at $93.60 and August lean hogs closed $0.47 higher at $91.90. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.57 with a weighted average price of $83.10 on 3,371 head. Pork cutouts total 430.92 loads, with 387.91 loads of pork cuts and 43.00 loads of trim. Pork cutout values: up $2.26, $91.96. Friday's slaughter is estimated at 486,000 head -- 6,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 55,000 head. The CME lean hog index 4/9/2025: down $0.33, $87.67.
MONDAY'S HOG CALL: Steady. Packers will likely want to see what the week's demand is going to amount to before they buy too aggressively in the cash market.
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