GENERAL COMMENTS:
The livestock complex is continuing to trade higher as ample trader interest is helping push the contracts higher again today. Still no cash cattle trade has developed, but some early bids could develop potentially this afternoon. May corn is down 4 cents per bushel and May soybean meal is down $4.00. The Dow Jones Industrial Average is up 99.88 points.
LIVE CATTLE:
The live cattle complex is continuing to trade higher as the market continues to feel well supported by ample trader interest, strong trade throughout the equity markets and day-by-day the continued feeling that some of the pressure from the announcement of tariffs is sitting on the backburner now. April live cattle are up $0.60 at $204.55, June live cattle are up $0.45 at $199.52 and August live cattle are up $0.85 at $196.67. It's most interesting this morning to note that the spot June contract is trading back above the market's 40-day moving average, which again, will continue to be a threshold to monitor. Still no developments have surfaced in the fed cash cattle market, but some early bids could surface as early as this afternoon due to the holiday-shortened week. Packers cut throughput dramatically last week, so it's assumed that prices will trade steady/somewhat lower again this week.
Boxed beef prices are mixed: choice down $0.94 ($334.69) and select down $0.22 ($316.07) with a movement of 93 loads (68.41 loads of choice, 9.95 loads of select, 3.99 loads of trim and 11.05 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is continuing to trade higher, not fearful of filling in the gap that was created when tariffs were brought to the forefront of everyone's mind a little over a week ago. May feeders are up $1.20 at $282.15, August feeders are up $1.87 at $288.02 and September feeders are up $1.80 at $287.22. Demand has seemed to improve again this week for feeder cattle in the countryside as buyers are pleased to see the futures complex again finding ease in the marketplace.
LEAN HOGS:
The lean hog complex is trading mostly steady to slightly lower in some of the nearby contracts, but slightly higher in some of the deferred months. Traders seem to be holding steady in the spot and nearby contracts, as pork cutout values are a little lower this morning. And as some resistance pressure is being felt in the June lean hog contract, as traders near the point in which prices fell upon the tariff announcement. If demand happens to prevail later this week at the meat counter, then there's a chance that traders may deem enough support in the market to justify facing resistance pressure.
The projected lean hog index for 4/14/2025 is down $0.63 with a weighted average price of $85.37, and the actual index for 4/11/2025 is down $0.86 with a weighted average price of $86.00. Hog prices are higher on the Daily Direct Morning Hog report, up $1.17 with a weighted average price of $84.67, ranging from $76.00 to $86.00 on 3,143 head and a five-day rolling average of $84.28. Pork cutouts total 190.99 loads with 169.50 loads of pork cuts and 21.49 loads of trim. Pork cutout values: down $0.16, $92.62.
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