GENERAL COMMENTS:
Although it's late in the week, the livestock complex continues to be well supported by traders as all three of the markets are trading higher into Thursday's noon hour. Bids are on the table in Nebraska, but otherwise the cash cattle market sits in silence. May corn is up 1 1/4 cents per bushel and May soybean meal is down $1.60. The Dow Jones Industrial Average is down 502.64 points.
Beef net sales of 17,500 mt for 2025 were up 47% from the previous week and 78% from the prior 4-week average. The three largest buyers were Japan (7,700 mt), South Korea (3,700 mt) and Mexico (2,100 mt). Pork net sales of 20,500 mt for 2025 were down 14% from the previous week and 35% from the prior 4-week average. The three largest buyers were Japan (7,100 mt), Mexico (3,200 mt) and South Korea (2,300 mt).
LIVE CATTLE:
Traders are patiently waiting for this week's fed cash cattle trade to get underway, but that's not holding them back from pushing the live cattle contracts higher. April live cattle are up $2.15 at $209.22, June live cattle are up $1.55 at $203.62 and August live cattle are up $0.97 at $199.92. There's a chance that the anticipation of this afternoon's Cattle on Feed report could derail some of trader's will to continue to drive the contracts higher, but at this point, that's not yet been the case. There are few bids on the table in parts of Nebraska at $208 live and $328 dressed, but still no cattle have traded. The South remains quiet without any bids having surfaced, but asking prices are noted at $208 to $210. At this point, trade could develop later this afternoon or potentially be delayed until Friday.
Boxed beef prices are higher: choice up $1.34 ($334.87) and select up $2.82 ($317.21) with a movement of 49 loads (26.97 loads of choice, 5.52 loads of select, 7.71 loads of trim and 8.90 loads of ground beef).
FEEDER CATTLE:
Again, the feeder cattle complex is relentlessly rallying into the day's noon hour, despite the fact that later today the month's Cattle on Feed report will be released. Given that the estimated values of which placements could be, there's a chance that some market hesitation could creep into the complex this afternoon leading up to that report. But all throughout Thursday's trade, the feeder cattle contracts have willfully traded higher as bullish undertones continue to be the market's biggest theme. May feeders are up $2.30 at $286.72, August feeders are up $1.72 at $291.17 and September feeders are up $1.17 at $289.80.
LEAN HOGS:
The lean hog complex is leaning into Thursday's noon hour fully higher and is very appreciative of the help of stronger pork cutout values late this week. June lean hogs are up $0.52 at $98.47, July lean hogs are up $0.67 at $98.57 and Augst lean hogs are up $0.62 at $96.90. It's rather impressive to note that this morning, not a single major cut is reported lower, but the belly does take today's cake with the highest day-over-day gain of $6.36. However, it's followed by the picnic, which is up $3.89.
The projected lean hog index for 4/16/2025 is up $0.12 at $85.21, and the actual index for 4/15/2025 is down $0.28 at $85.09. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 201 head have traded and that the market's five-day rolling average now sits at $85.03. Pork cutouts total 175.11 loads with 152.72 loads of pork cuts and 22.39 loads of trim. Pork cutout values: up $2.15, $94.19.
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