GENERAL COMMENTS:
It was a mixed day for the livestock complex as the cattle contracts closed higher, but the lean hog contracts struggled amid some technical resistance. Still no cash cattle trade has developed. May corn is down 15 cents per bushel and May soybean meal is up $3.50. The Dow Jones Industrial Average is up 300.03 points and NASDAQ is up 95.19 points.
LIVE CATTLE:
It was another stellar day for the live cattle complex as the contracts closed higher. Seeming to rally on the market's positives fundamentals, traders continue to advance the contracts despite the fact that boxed beef prices have been mixed this week and that there's been no cash cattle trade yet. Even so, traders remain bullish in their demeanor and continue to stairstep the contracts higher, and in the case of the spot June contract, to new contract highs nearly daily at this point. June live cattle closed $0.60 higher at $210.20, August live cattle closed $0.35 higher at $205.67 and October live cattle closed $0.15 higher at $203.27. No cash cattle trade has developed at this point, and bids and asking prices remain elusive still too.
Tuesday's slaughter is estimated at 120,000 head -- 3,000 head less than a week ago and 2,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $5.49 ($348.26) and select down $1.30 ($323.82) with a movement of 108 loads (57.38 loads of choice, 24.69 loads of select, 16.90 loads of trim and 9.37 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. It's tough calling what this week's fed cash cattle trade will amount to, given the fact that prices reach new all-time highs just last week so obviously packers are desperately trying to pull the reins back on the cash cattle market's robust rally. But the market's direction this week will largely be determined on whether or not packers are short bought still. Time will tell but no trade is expected to develop until Thursday or Friday.
FEEDER CATTLE:
The feeder cattle market's rally in the futures complex was utterly exhilarating to watch throughout the day as traders continue to chew their nails, wondering: where is the top? But with support complementing the market fully from both a technical and fundamental standpoint, answering that question is only something time can do. May feeders closed $2.22 higher at $294.02, August feeders closed $1.95 higher at $296.90 and September feeders closed $1.52 higher at $295.60. Don't neglect to read past this afternoon's CME feeder cattle index close at the end of this paragraph, as another new record high has been scored. At Callaway Livestock Center in Kingdom City, Missouri compared to last week both steer and heifer calves weighing 450 to 550 pounds traded $10.00 to $20.00 higher with instances up to $25.00 higher on the steer calves. Feeder cattle supply over 600 pounds was 33%. The CME feeder cattle index 4/28/2025: up $1.43, $295.14.
LEAN HOGS:
The lean hog complex struggled throughout the day as the market ran into some significant technical pressure, and without robust fundamental support traders didn't possess the gusto needed to take on such a threshold. June lean hogs closed $1.55 lower at $99.45, July lean hogs closed $1.62 lower at $99.60 and August lean hogs closed $1.10 lower at $98.12. Today's cash market was substantial as just over 7,000 head traded, but traders were disappointed to see pork cutout values dip lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.88 with a weighted average price of $93.02 on 7,310 head. Pork cutouts totaled 331.86 loads with 299.00 loads of pork cuts and 32.86 loads of trim. Pork cutout values: down $1.03, $96.59. Tuesday's slaughter is estimated at 488,000 head -- 3,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 4/25/2025: up $0.64, $88.18.
WEDNESDAY'S HOG CALL: Steady. Given that today's prices were higher, and a sizeable volume sold it's likely that the market may just see steady trade tomorrow.
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