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.
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