GENERAL COMMENTS:
The livestock complex is having a fruitful day as all three of the markets are back to trading higher. But with resistance pressure looming for the cattle contracts, it will be vital that fundamental support remain active in the market later this week. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.
LIVE CATTLE:
The live cattle complex is back in action as the market is fronting a promising $1.00 to $2.00 push heading into Tuesday's noon hour. The market is close to nearing resistance pressure in the spot June contract, but if fundamental support is ample this week (especially in the form of strong box prices and fed cash cattle prices) there's a chance that traders could take on the market's resistance. The only other key fundamental component that needs to be monitored this week is throughput, as Monday's slaughter was light at just 100,000 head. June live cattle are up $2.45 at $206.22, August live cattle are up $2.47 at $202.47 and October live cattle are up $2.37 at $200.60.
Boxed beef prices are higher: choice up $1.53 ($335.05) and select up $1.40 ($320.17) with a movement of 54 loads (40.28 loads of choice, 6.51 loads of select, zero loads of trim and 7.37 loads of ground beef).
FEEDER CATTLE:
The bullish front of the cattle complex is being spurred on by the feeder cattle complex as all of its contracts are trading $2.00 to $3.00 higher into the day's noon hour. May feeders are up $1.92 at $287.45, August feeders are up $2.55 at $291.65 and September feeders are up $2.82 at $290.82. Like the spot June live cattle contract, the spot May feeder cattle contract is nearing market resistance that could be problematic for traders if they don't see continued fundamental support later this week.
LEAN HOGS:
The lean hog complex is also enjoying a fruitful day where most of its nearby contracts are at least trading above $1.00 higher. It's rather impressive to see the spot June contract trading at the highest it's been since the end of February, and the market is also on its ninth consecutive day of higher trading. June lean hogs are up $1.80 at $99.85, July lean hogs are up $1.60 at $99.85 and August lean hogs are up $1.22 at $98.10. The additional support of stronger pork cutout values is lending a helping hand as well, which is mainly to thank again this morning because of the $3.47 jump in the belly.
The projected lean hog index for 4/21/2025 is up $0.37 at $86.08, and the actual index for 4/18/2025 is up $0.25 at $85.71. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.95 with a weighted average price of $87.37, ranging from $83.00 to $91.00 on 1,567 head and a five-day rolling average of $86.00. Pork cutouts total 181.37 loads with 167.60 loads of pork cuts and 13.77 loads of trim. Pork cutout values: up $0.31, $96.70.
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