GENERAL COMMENTS:
The livestock complex had a somewhat lethargic day, as the only real excitable action was in the lean hog complex. No new cash cattle trade developed throughout the day. May corn is up 2 1/2 cents per bushel and May soybean meal is down $0.60. The Dow Jones Industrial Average is down 119.07 points and the NASDAQ is up 0.78 points.
From Friday to Friday, livestock futures scored the following changes: June live cattle up $3.58, August live cattle up $2.80; May feeder cattle up $3.03, August feeder cattle up $3.40; June lean hogs down $1.77, July lean hogs down $0.28; May corn down $0.20, July corn down $0.19.
LIVE CATTLE:
The live cattle complex closed mostly lower, other than the spot June contract, which was able to keep a mildly elevated position through the day's end, mostly because of the success this week in the fed cash cattle market. June live cattle closed $0.42 higher at $214.67, August live cattle closed $0.42 lower at $209.57 and October live cattle closed $0.52 lower at $206.95. Throughout the week, Northern dressed cattle traded at mostly $355, which is $6.00 higher than last week's weighted average, and Southern live cattle were marked at mostly $219 to $220, which is $1.00 to $2.00 higher than last week's weighted average.
Friday's slaughter is estimated at 88,000 head -- 1,000 head more than a week ago and 29,000 head less than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated at 559,000 head -- steady with a week ago and 56,000 head less than a week ago.
Boxed beef prices closed lower: choice down $1.92 ($345.97) and select down $2.03 ($331.17) with a movement of 105 loads (70.61 loads of choice, 14.45 loads of select, 3.91 loads of trim and 15.94 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Until packers have enough supply bought up around them, they're going to have to be active and engaged in the fed cash cattle market. Before we can try to call next week's market, we need to see exactly how many cattle were bought this week and for what delivery option they were committed to.
FEEDER CATTLE:
All in all, it was a quiet day for the feeder cattle complex as the market mainly followed the direction of the live cattle complex, seeming somewhat exhausted from the rally in which the market has successfully managed over the last month. May feeders closed $0.50 higher at $297.97, August feeders closed $0.95 lower at $300.30 and September feeders closed $1.20 lower at $299.02. It's likely that, again, next week the feeder cattle complex will closely follow the live cattle market's direction as this is new territory for the marketplace and traders will want all the support and reassurance they can get. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers and steer calves traded fully steady, while feeder heifers traded $1.00 to $6.00 higher and heifer calves weighing 300 to 400 pounds sold $10.00 higher. Slaughter cows sold $2.00 to $4.00 higher and slaughter bulls sold steady. Feeder cattle supply over 600 pounds was 70%. The CME feeder cattle index 5/8/2025: up $0.36, $296.14.
LEAN HOGS:
The lean hog complex closed mixed, with the nearby contracts able to close higher thanks to added support from stronger pork cutouts, while the deferred contracts closed slightly lower. It was interesting to see that pork cutouts had a big movement this afternoon of 417 loads, with the rib seeing the biggest gain of $9.78, but the butt jumped $6.53 higher and the loin closed $6.30 higher. June lean hogs closed $0.40 higher at $97.57, July hogs closed $0.17 higher at $100.42 and August lean hogs closed $0.60 higher at $99.12. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.45 with a weighted average price of $94.47 on 3,689 head. Pork cutouts totaled 417.03 loads, with 381.31 loads of pork cuts and 35.72 loads of trim. Pork cutout values: up $3.33, $97.83. Friday's slaughter is estimated at 477,000 head -- 3,000 head less than a week ago and 15,000 head more than a year ago. Saturday's slaughter is projected to be around 38,000 head. The CME lean hog index 5/7/2025: down $0.09, $90.07.
MONDAY'S HOG CALL: Lower. Packers are rarely aggressive in the cash market on Mondays and likely won't be next week.
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