GENERAL COMMENTS:
The livestock complex is back to trading skeptically as the market continues to hold its breath amid the tariff turmoil. Bids have surfaced in the cash market, but no cattle have traded yet. May corn is down 3/4 cent per bushel and May soybean meal is up $3.80. The Dow Jones Industrial Average is up 200.69 points.
LIVE CATTLE:
The live cattle complex is back to trading lower as pressure again reared its nasty head. More than anything, the psychological pressure of not knowing what's to come seems to be plaguing the market as trades sit uneasily. April live cattle are down $0.65 at $198.45, June live cattle are down $1.00 at $192.55 and August live cattle are down $1.12 at $189.32. A few bids have surfaced leading up to Wednesday's noon hour as live bids are currently being offered in Nebraska at $205 to $208, and in Texas at $200. Asking prices are firm in the South at $208, but it will be interesting to see who gives this week and where the trade's weighted average lands this week. But it's still assumed that the week's trade will be delayed until Thursday or Friday.
Boxed beef prices are mixed: choice up $1.56 ($339.66) and select down $0.72 ($321.34) with a movement of 74 loads (52.31 loads of choice, 8.71 loads of select, 5.98 loads of trim and 6.84 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is trying to hold its nearby contracts higher while the rest of the market follows the direction of the live cattle complex. April feeders are up $1.55 at $281.97, May feeders are up $1.47 at $273.20 and August feeders are down $1.07 at $276.57. Helping keep the nearby feeder cattle contracts higher is also the fact that turnout season is nearing, and order buyers want to fill their orders before supplies run out.
LEAN HOGS:
The lean hog complex is trading mixed with the market's nearby contracts trading mildly higher while the deferred months continue to venture lower. More than anything it's appearing as though the nearby contracts have found technical support which traders are mildly rallying from. Hopefully, Thursday's WASDE report will offer some guidance into what the demand picture looks like moving forward. June lean hogs are up $0.47 at $90.30, July lean hogs are up $0.57 at $89.77 and August lean hogs are up $0.32 at $88.17.
The projected lean hog index for 4/8/2025 is down $0.16 at $88.00, and the actual index for 4/7/2025 is down $0.03 at $88.16. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 724 head have traded this morning and that the week's five-day rolling average now sits at $87.88. Pork cutouts total 237.31 loads with 189.37 loads of pork cuts and 47.94 loads of trim. Pork cutout values: down $2.17, $91.28.
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