GENERAL COMMENTS:
The livestock complex ended the day mixed as the equity market's lower ascend ahead of the day's close again put traders on edge. Still no cash cattle trade has developed and no bids or asking prices have surfaced. May corn is up 4 1/2 cents per bushel and May soybean meal is up $2.60. The Dow Jones Industrial Average is down 320.01 points.
LIVE CATTLE:
The live cattle complex wasn't able to close fully higher as the spot June contract and the nearby August contract both closed lower, but otherwise, the rest of the market was able to maintain a higher ending price even though the equity markets weakened ahead of Tuesday's end. April live cattle closed $0.17 higher at $199.10, June live cattle closed $0.55 lower at $193.62 and August live cattle closed $0.07 lower at $190.45. The spot June contract again closed lower than the market's 40-day moving average. With some stable equity support and if the market's fundamentals can lend any extra confidence, then there's a good chance that the contract may be able to conquer that threshold later in the week. No developments surfaced in the fed cash cattle market as no bids surfaced and asking prices remain elusive. It's looking like the bulk of this week's business will be delayed until Thursday or Friday of this week.
Tuesday's slaughter is estimated at 122,000 head -- 1,000 head less than a week and a year ago.
Boxed beef prices closed mixed: choice down $1.40 ($338.10) and select up $2.76 ($322.06) with a movement of 144 loads (95.59 loads of choice, 17.49 loads of select, 16.14 loads of trim and 14.78 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Somewhat lower. Given that packers were again able to secure more inventory to the nearby delivery option, it's likely that they won't need to be overly aggressive in this week's cash market.
FEEDER CATTLE:
The feeder cattle complex wasn't able to close fully higher, but at least its nearby contracts held onto their higher position while the deferred months fell lower ahead of Tuesday's close. Without the full confidence of the live cattle complex, the feeder cattle contracts also lost their strength by the day's end as the equity markets turned South shortly after Tuesday's noon hour. April feeders closed $2.60 higher at $280.42, May feeders closed $0.45 higher at $271.72 and August feeders closed $0.45 lower at $277.60. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder stees traded $5.00 to $10.00 lower, and steer calves over 500 pounds sold $15.00 lower, but steers under 500 pounds traded steady. Feeder heifers sold $12.00 to $15.00 lower, and heifer calves traded $20.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 44%. The CME feeder cattle index 4/7/2025: up $0.53, $290.53.
LEAN HOGS:
The lean hog complex had a mixed day where not only did the futures contracts close mixed, but the market's fundamentals did as well. April lean hogs closed $0.02 higher at $87.82, June lean hogs closed $0.27 lower at $89.77 and July lean hogs closed $0.65 lower at $89.20. Meanwhile, the cash hog market had a splendid day where cash prices were marked higher and over 14,000 head traded – but pork cutout values were disappointing. The biggest reason why the carcass price fell lower was because of a $7.35 decline in the ham, then followed by a $4.45 drop in the belly. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.85 with a weighted average price of $86.83 on 14,369 head. Pork cutouts totaled 390.21 loads with 328.47 loads of pork cuts and 61.74 loads of trim. Pork cutout values: down $3.82, $93.45. Tuesday's slaughter is estimated at 488,000 head -- 1,000 head less than a week ago but 15,000 head more than a year ago. The CME lean hog index 4/4/2025: down $0.17, $88.19.
WEDNESDAY'S HOG CALL: Lower. Given that packers were so aggressive this afternoon, it's likely that they won't need as many hogs on Wednesday.
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