Friday Midday Livestock Market Summary - Still Waiting for Cash Cattle to Trade

GENERAL COMMENTS:

It's been a slow starting day for the livestock complex as there's no new cash cattle trade noted. This afternoon market participants will be looking for developments in the fed cash cattle market and for the afternoon's monthly Cattle on Feed report. July corn is down 3 1/2 cents per bushel and July soybean meal is down $3.20. The Dow Jones Industrial Average is down 284.27 points and the NASDAQ is down 199.15 points.

LIVE CATTLE:

The live cattle complex is trading indecisively, higher one minute, lower the next as traders are currently juggling the mixed signals from the marketplace. Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded. There was some trade in the North on Wednesday afternoon at $354 to $370, but mostly at $360 which is $2.00 higher than last week's record-breaking weighted average. But since then, there's been virtually no trade to speak of. That being said, more trade will need to develop at some point today if traders are going to keep themselves from being short bought in the weeks ahead. There's currently one single bid of $218 on the table in Kansas. Feedlot managers could be holding firm, waiting for the afternoon's Cattle on Feed report to be released as it's expected to be bullish and that would help them in their argument as to why prices should be higher again this week. June live cattle are up $0.20 at $215.82, August live cattle are up $0.17 at $210.67 and October live cattle are up $0.17 at $208.40.

Boxed beef prices are higher: choice up $0.82 ($361.79) and select up $2.10 ($351.05) with a movement of 44 loads (35.27 loads of choice, 3.82 loads of select, zero loads of trim and 4.70 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher as traders are anxiously awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully anticipated that the report will be bullish as feed totals and placements are both expected to be lighter than a year ago. August feeders are up $1.05 at $300.82, September feeders are up $1.22 at $299.85 and October feeders are up $1.35 at $297.80.

LEAN HOGS:

The lean hog complex is trading fully lower as not only is the market battling its own resistance pressure, but it's also concerned about continued tariff dilemmas. June lean hogs are down $0.42 at $98.27, July lean hogs are down $0.90 at $101.15 and August lean hogs are down $).95 at $101.07. And while is always helpful for the market to see pork cutout values higher, traders seem dull to the fundamental support.

The projected lean hog index for 5/22/2025 is up $0.19 at $92.94, and the actual index for 5/21/2025 is up $0.41 at $92.75. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.28 with a weighted average price of $95.73, ranging from $91.00 to $99.00 on 1,756 head and a five-day rolling average of $95.39. Pork cutouts total 188.79 loads with 172.99 loads of pork cuts and 15.80 loads of trim. Pork cutout values: up $0.73, $101.00.