GENERAL COMMENTS:
It's another fruitful day for the livestock complex as traders continue to help encourage stronger trade. A single bid of $328 has surfaced in Nebraska, but otherwise the cash cattle market hasn't seen any developments yet. May corn is up 1 3/4 cents per bushel and May soybean meal is up $1.20. The Dow Jones Industrial Average is down 8.58 points.
LIVE CATTLE:
The live cattle complex is also trading higher as traders continue to capitalize on the opportunity to recover some of the lost position, which was quickly eroded away from the market amid the tariff announcements. June live cattle are up $1.87 at $201.67, August live cattle are up $1.55 at $198.40 and October live cattle are up $1.12 at $197.30. The further the market can trade away from its 40-day moving average, the more comfortable traders seem to be of the technical turmoil that plagued the market amid external noise and chaos is dwindling for the time being. The cash cattle complex remains quiet with no trade having developed yet, but a region bid has been noted in Nebraska at $328. Asking prices remain firm in the South at $208, but are still not known for Northern dressed cattle. It's assumed that prices will remain at least steady this week as the market is somewhat expecting a post Easter bounce for boxed beef prices.
Boxed beef prices are lower: choice down $1.37 ($334.06) and select down $0.45 ($314.79) with a movement of 100 loads (75.52 loads of choice, 13.41 loads of select, 3.91 loads of trim and 7.08 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is actively moving and shaking as traders remain eager to continue to capitalize on the bullish energy that's again resurfaced. May feeders are up $2.00 at $284.52, August feeders are up $1.37 at $289.62 and September feeders are up $1.25 at $288.72. With today's strong move, traders have completely filled in the gap that was made last week in the May contract.
LEAN HOGS:
The lean hog complex is trading the highest of the livestock contracts this morning as support is plentiful both on the market's technical and fundamental sides. June lean hogs are up $2.62 at $97.80, July lean hogs are up $2.45 at $97.72 and August lean hogs are up $2.02 at $95.95. Helping prop up today's pork cutout value was the healthy $6.17 jump in the rib, but both the ham and the belly's gain above $1 helped too.
The projected lean hog index for 4/15/2025 is down $0.28 at $85.09, and the actual index for 4/14/2025 is down $0.63 at $85.37. Hog prices on the Daily Direct Morning Hog Report are up $1.73 with a weighted average price of $86.40, ranging from $80 to $89 on 6,593 head and a five-day rolling average of $85.13. Pork cutouts total 168.80 loads with 143.74 loads of trim and $25.06 loads of trim. Pork cutout values: up $0.89, $92.62.
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