GENERAL COMMENTS:
The livestock complex is pleasantly trading higher into Friday's noon hour as the market seems less threatened by tariff chatter today. Some more light cash cattle trade has developed in Texas, but no more Northern sales have occurred yet although more trade is expected to develop ahead of the week's end. May corn is up 5 3/4 cents per bushel and May soybean meal is up $2.70. The Dow Jones Industrial Average is up 153.54 points.
LIVE CATTLE:
The live cattle complex is back to breathing somewhat normally as the market is trading mildly higher. As you can see when you look at all the live cattle contracts, traders are just mildly supporting the nearby contracts as more trade chatter will affect those months more than the deferred contracts that are trading up to $2.50 higher. April live cattle are up $0.82 at $201.67, June live cattle are up $1.02 at $196.22 and August live cattle are up $1.35 at $193.55. There's been more trade this morning in the South at $204 which is $4.00 lower than last week's weighted average and steady with Thursday's trade. No new developments have surfaced in the North, but a bid of $208 is currently on the table in Nebraska. Yesterday some dressed cattle traded in the North at $328 which is $9.00 lower than last week's weighted average. More trade is expected to develop ahead of the day's close.
Boxed beef prices are mixed: choice up $0.83 ($335.12) and select down $0.44 ($314.52) with a movement of 70 loads (45.43 loads of choice, 5.12 loads of select, 8.09 loads of trim and 11.66 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is the leader of today's rally as its contracts are confidently trading $1.00 to $2.00 higher. April feeders are up $1.35 at $284.12, May feeders are up $2.35 at $277.60 and August feeders are up $2.87 at $282.80. The market is again up against its 40-day moving average which could pose some technical pressure ahead of today's end.
LEAN HOGS:
Continuing to remain confident in the technical position it possesses, the lean hog contracts are yet again inching their way higher. June lean hogs are up $0.40 at $93.57, July lean hogs are up $0.80 at $93.92 and August lean hogs are up $0.95 at $92.37. The market could face some pressure around the $94.00 mark, but it's not likely that traders take on that challenge ahead of today's close even though pork cutout values are higher and offering some additional support.
The projected lean hog index for 4/10/2025 is down $0.81 at $86.86, and the actual index for 4/9/2025 is down $0.33 at $87.67. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.70 with a weighted average price of $83.04, ranging from $78.00 to $85.00 on 2,555 head and a five-day rolling average of $86.72. Pork cutouts total 285.69 loads with 265.32 loads of pork cuts and 20.37 loads of trim. Pork cutout values: up $1.89, $91.59.
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