GENERAL COMMENTS:
The livestock complex is trading mixed as the cattle contracts are trading mildly higher into midday Monday, while the lean hog complex is mixed. So long as fundamental support remains strong this week, the cattle complex seems to be willing to maintain its higher trend. July corn is up 1 1/4 cents per bushel and July soybean meal is down $0.50. The Dow Jones Industrial Average is up 67.09 points and the NASDAQ is down 52.17 points.
LIVE CATTLE:
The live cattle complex is trading higher into Monday's noon hour as the market seems pleased with the slight technical reset last week. Upon veering away from the market's resistance threshold, trades appear to be more at ease with advancing the contracts, not to mention the added support of stronger boxed beef prices helps too. June live cattle are up $1.02 at $213.25, August live cattle are up $1.50 at $208.25 and October live cattle are up $1.52 at $205.50.
Last week, Southern live cattle traded at mostly $218 to $220, which is $1.00 lower to $1.00 higher than the previous week's weighted average. Northern dressed cattle traded at mostly $358, which is $2.00 higher than last week's weighted average.
Boxed beef prices are higher: choice up $1.40 ($353.89) and select up $2.17 ($344.56) with a movement of 42 loads (17.70 loads of choice, 6.64 loads of select, 8.51 loads of trim and 8.68 loads of ground beef).
FEEDER CATTLE:
Aside from the soon-to-expire May feeder cattle contract, the feeder cattle complex as a whole is trading higher thanks to the added support of the live cattle market's higher trend and stronger boxed beef prices. August feeders are up $0.55 at $298.15, September feeders are up $0.80 at $297.07 and October feeders are up $0.60 at $294.50. With the technical reset that shook out last week, the market is no longer up against immediate technical pressure, which could mean that traders have an easier time advancing the contracts this week if support remains plentiful.
LEAN HOGS:
The lean hog complex is trading mixed into Monday's noon hour as the nearby contracts aren't confident that the market possesses enough immediate support to sustain its position above resistance pressure. Meanwhile, the deferred contracts are trading mildly higher. June lean hogs are down $1.02 at $99.30, July lean hogs are down $0.65 at $103.52 and August lean hogs are down $0.47 at $103.15.
The projected lean hog index for 5/16/2025 is up $0.20 at $91.46, and the actual index for 5/15/2025 is up $0.24 at $91.26. Hog prices on the Daily Direct Morning Hog Report are unavailable because of confidentiality. However, we can see that only 1,277 head have traded this morning and that the week's five-day rolling average now sits at $93.73. Pork cutouts total 114.21 l
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