GENERAL COMMENTS:
The livestock complex is trading mixed as the cattle complex is electing to focus on the equity market's strength and use that as a springboard to trade higher, but the lean hog complex isn't as open to trading higher as the cattle contracts are. Still no developments have surfaced in the cash sector. May corn is up 2 1/4 cents per bushel and May soybean meal is up $4.00. The Dow Jones Industrial Average is up 980.01 points.
LIVE CATTLE:
The live cattle complex continues to follow the direction of the equity markets as traders continue to watch closely for any changes in the external facets of the marketplace. Thankfully, with the equity markets finding support and stability, the live cattle complex is also trading higher. April live cattle are up $0.67 at $199.60, June live cattle are up $0.07 at $194.25 and August live cattle are up $0.32 at $190.85. Still no developments have surfaced for this week's cash cattle trade, and it's likely that if the board continues to trade favorably feedlot managers may elect to hold strong and push the week's trade out until Thursday or Friday.
Boxed beef prices are higher: choice up $0.03 ($339.53) and select up $5.09 ($324.39) with a movement of 75 loads (45.35 loads of choice, 10.77 loads of select, 9.81 loads of trim and 8.66 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex leaped higher at Tuesday's start and has continued to trade higher ever since. With the added support of the equity market's higher direction and the live cattle market's stronger trend, the feeder cattle complex feels well-equipped to trade higher as well. April feeders are up $3.35 at $281.22, May feeders are up $1.55 at $272.82 and August feeders are up $1.40 at $279.27.
LEAN HOGS:
The lean hog complex isn't as confident about the marketplace today as the nearby contracts are trading higher, but the rest of the contracts are still trading lower. April lean hogs are up $0.07 at $87.87, June lean hogs are down $0.20 at $89.85 and July lean hogs are down $0.40 at $89.45. Pork cutout values are lower which isn't helping matters either as traders could use the added support of stronger market fundamentals.
The projected lean hog index for 4/7/2025 is down $0.03 at $88.16, and the actual index for 4/4/2025 is down $0.17 at $88.19. Hog prices are on the Daily Direct Morning Hog Report average $88.11, ranging from $82.50 to $89.00 on 8,432 head and a five-day rolling average of $88.13. Pork cutouts total 173.94 loads with 142.02 loads of pork cuts and 31.92 loads of trim. Pork cutout values: down $1.16, $96.11.
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