GENERAL COMMENTS:
Thus far through Wednesday's trade, it's been a mostly successful day as the livestock contracts are trading higher. Still no cash cattle trade has developed but trade is likely delayed until Friday. 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 has been able to successfully maintain its higher position thus far through Wednesday's trade which is quite commendable given that the market gapped higher at the day's start and is trading slightly above the spot June contract's previous resistance level. June live cattle are up $1.25 at $207.52, August live cattle are up $0.97 at $203.42 and October live cattle are $0.92 at $201.40. Traders are likely to monitor fundamental support closely this afternoon and through the later part of the week as they're hoping to see support from both cash prices and boxed beef prices compliment their higher push this morning. Still no developments have surfaced in the cash cattle market and trade will likely be delayed until Thursday, or even Friday.
Boxed beef prices are mixed: choice up $0.63 ($332.36) and select down $1.20 ($316.45) with a movement of 62 loads (34.35 loads of choice, 13.33 loads of select, 4.47 loads of trim and 9.99 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex isn't seeing quite as much momentum in its market this morning as compared to the live cattle contracts, but they're still trading higher, nonetheless. May feeders are up $1.60 at $288.52, August feeders are up $0.30 at $291.55 and September feeders are up $0.42 at $290.67. The feeder cattle complex seems more concerned about its technical resistance pressure as traders haven't taken on the looming resistance at $293.00 in the spot August contract.
LEAN HOGS:
The lean hog complex's rally has been slightly broken as the nearby contracts are trading lower while the deferred months continue to push mildly higher. It was pretty impressive that the lean hog complex had a nine straight day consecutive rally which helped propel the spot June contract to the highest price the market has traded since late February. But after such aggressive technical footwork, the market seems to cool its momentum as traders look around to see if the markets' fundamentals are going to support such a move. June lean hogs are down $0.07 at $100.20, July lean hogs are up $0.05 at $100.32 and August lean hogs are up $0.22 at $98.45.
The projected lean hog index for 4/22/2025 is up $0.67 at $86.75, and the actual index for 4/21/2025 is up $0.37 at $86.08. Hog prices are higher on the Daily Direct Morning Hog Report, up $4.22 with a weighted average price of $91.59, ranging from $83.00 to $95.00 on 6,977 head and a five-day rolling average of $89.57. Pork cutouts total 149.19 loads with 128.06 loads of pork cuts and 21.14 loads of trim. Pork cutout values: down $0.26, $95.52.
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