GENERAL COMMENTS:
The livestock complex was again able to close fully higher thanks to the ample support from traders as bullish tones continue to take centerstage for the livestock markets. Some bids developed in the fed cash cattle market, but no substantial trade developed. May corn is up 3 cents per bushel and May soybean meal is up $2.50. The Dow Jones Industrial Average is down 584.20 points.
LIVE CATTLE:
It was a prosperous day for the live cattle complex as the nearby contracts ran anywhere from $1 to $2 higher, but all the contracts successfully rounded out stronger. June live cattle closed $2.27 higher at $202.07, August live cattle closed $2.10 higher at $198.95 and October live cattle closed $1.40 higher at $197.57. The spot June contract has inched up to the gap created by the announcement around tariffs, and some technical pressure could be burdensome around $203. But if fed cash cattle prices hold steady or even trade $1 or $2 higher, then maybe the technical pressure won't be anything traders bat an eye at. Bids were offered throughout the day in Nebraska at $212 live and $328 dressed, but no substantial volumes of cattle have traded yet. Asking prices are noted at $208 to $210 in the South, but are still not known for the North. Prices are expected to hold at least steady as feedlot managers are keenly aware that boxed beef prices could see a post Easter bump. Wednesday's slaughter is estimated at 123,000 head -- steady with a week ago and 1,000 head less than a year ago.
Boxed beef prices are delayed because of packer submission issues.
THURSDAY'S CATTLE CALL: Steady. Feedlot managers won't likely let cattle trade lower this week as they know that demand should only begin to increase as spring temperatures get warmer, more anxious consumers become to pull out their grill and enjoy prime grilling season.
FEEDER CATTLE:
The feeder cattle complex ran higher through Wednesday's close as the market was well supported again by traders and is seeing phenomenal support fundamentally from the stronger sales in the countryside. May feeders closed $1.87 higher at $284.40, August feeders closed $1.20 higher at $289.45 and September feeders closed $1.15 higher at $288.62. Do take note that on Thursday, the monthly Cattle on Feed report will be shared, and placements are expected to be a bit of a wild card. At Kingsville Livestock Auction in Kingsville, Missouri compared to last week, steer calves under 600 pounds gained back all the losses from last week and then some even sold sharply higher. Heifer calves traded $5 to $20 higher and yearling heifers sold steady to $4 higher. The tariff fears have eased and the markets have rebounded, apparently injecting plenty of confidence back into the cattle market with cash calf and feeder prices back to all-time highs in the countryside. Slaughter cows sold steady to $2 higher, and bulls $2 to $5 higher. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 4/15/2025: down $0.04, $288.03.
LEAN HOGS:
The lean hog complex had a tremendous day as the market was able to rally $1 to $2 higher, which pushed the spot contract to the highest price point it's traded at in the last two weeks. If the market is able to hold or sustain this price point, that will be a feat as technical pressure has been problematic since the middle of February. June lean hogs closed $2.27 higher at $202.07, August lean hogs closed $2.10 higher at $198.95 and October lean hogs closed $1.40 higher at $197.57. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.38 with a weighted average price of $86.22 on 8,937 head. Pork cutout values are not available at this time because of packer submission issues. Wednesday's slaughter is estimated at 488,000 head -- 1,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 4/14/2025: down $0.63, $85.37.
THURSDAY'S HOG CALL: Lower. At this point, it's likely that packers have bought the vast majority of their cash needs for the week.
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