GENERAL COMMENTS:
The livestock complex closed mostly higher on Tuesday afternoon as a bullish sediment continues to be the theme of the marketplace. Still no cash cattle trade developed, but packer interest should improve by Wednesday. May corn is down 3 3/4 cents per bushel and May soybean meal is down $2.90. The Dow Jones Industrial Average is down 68.95 points.
LIVE CATTLE:
The live cattle complex was also able to round out the day higher as traders see the opportunity to advance the complex amid the bullish tone in which has again surfaced in the livestock complex. June live cattle closed $0.72 higher at $199.80, August live cattle closed $1.02 higher at $196.85 and October live cattle closed $1.10 higher at $196.17. The spot June contract successfully closed above its 40-day moving average, which continues to signal strong technical support. The cash cattle complex was quiet throughout Tuesday's trade as packers continue to hope that they'll be able to keep prices from trading higher. However, feedlot managers are hopeful that the possibility of a post-Easter beef demand bump could potentially allow prices to trade steady this week. Asking prices are firm in the South at $208 but have not yet been established in the North. Some early bids could begin to develop on Wednesday, but it's just as likely that trade could be totally delayed until Thursday.
Tuesday's slaughter is estimated at 122,000 head -- steady with a week ago and 2,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.20 ($335.43) and select down $0.61 ($315.24) with a movement of 147 loads (104.57 loads of choice, 17.55 loads of select, 9.33 loads of trim and 15.55 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Packers have enough supply built up around them to likely keep prices from trading higher this week, but feedlot managers will likely dig their heels in the ground and demand prices are at least steady.
FEEDER CATTLE:
The feeder cattle complex triumphed the day as the market not only closed higher, but it also continued to fill in the gap made a week ago when news broke about tariffs. A bullish mindset has taken root in the marketplace and the feeder cattle complex was bold in its upward push as the complex is finding ample fundamental support in the form of strong feeder cattle sales in the countryside. May feeders closed $1.57 higher at $282.52, August feeders closed $2.10 higher at $288.25 and September feeders closed $2.05 higher at $287.47. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 675 pounds sold $15.00 to $30.00 higher with heavier weights selling $5.00 to $10.00 higher. Feeder heifers under 625 pounds sold $15.00 to $30.00 higher with heavier weights selling $5.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 4/14/2025: up $0.91, $288.07.
LEAN HOGS:
The lean hog complex also had a positive day as most of its contracts were able to close higher too. June lean hogs closed $0.05 higher at $95.17, July lean hogs closed $0.02 lower at $95.47 and August lean hogs closed $0.20 higher at $93.92. Pork cutouts values didn't lend any support as the carcass price closed lower, which was mainly to blame because of the $626 decline in the belly. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.85 with a weighted average price of $85.84 on 7,837 head. Pork cutouts totaled 339.09 loads with 302.82 loads of pork cuts and 36.26 loads of trim. Pork cutout values: down $1.05, $91.73. Tuesday's slaughter is estimated at 487,000 head -- 1,000 head less than a week ago and 5,000 head more than a year ago. The CME lean hog index 4/11/2025: down $0.86, $86.00.
WEDNESDAY'S HOG CALL: Steady/somewhat lower. Given that pork cutout values are tick lower and that packers bought a sizeable volume today, prices will likely be steady at best on Wednesday.
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