GENERAL COMMENTS:
Traders have again changed their tune toward the livestock contracts as all three of the markets are trading higher into Friday's noon hour. No more trade has developed in the fed cash cattle market, but some more clean up trade could develop still in the South. May corn is down 1 1/2 cents per bushel and May soybean meal is up $5.00. The Dow Jones Industrial Average is up 597.01 points and NASDAQ is up 309.01 points.
LIVE CATTLE:
After seeming like the market may have received all the technical support it was going to for the week on Friday traders decided to give the cash cattle market the support it undeniably deserves and to again push the contracts higher. Currently the spot August contract is trading at yet another new contract high, which will be something to watch for at today's close. June live cattle are up $1.95 at $211.57, August live cattle are up $2.27 at $206.92 and October live cattle are up $2.35 at $204.57. No new cash cattle trade has developed today and it's likely that aside from a few clean up deals here and there, that the bulk of this week's trade is done with. So far this week, Southern live trade has been at $214 to mostly $218, $5 to $6 higher than the prior week's weighted averages, while Northern dress deals have had a range of $340 to $352, mostly $350, $8 higher than the previous week's weighted averages.
Boxed beef prices are mixed: choice down $0.23 ($342.94) and select up $1.36 (325.64) with a movement of 61 loads (42.94 loads of choice, 10.77 loads of select, zero loads of trim and 7.24 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is seeing the same support in which the live cattle contracts are this morning as most of its contracts are trading above $3.00 higher into Friday's noon hour. May feeders are up $2.22 at $295.45, August feeders are up $3.32 at $297.75 and September feeders are up $3.42 at $296.27. Support has poured into the feeder cattle complex from nearly all directions -- higher fed cash cattle prices, stronger support in the futures complex and nearly unfathomable demand in the countryside for feeder cattle. The only major factor to monitor this afternoon will be whether or not traders continue to maintain these high price point on the futures complex or not.
LEAN HOGS:
With a little extra help from stronger morning pork cutout values, the lean hog complex is also trading higher into today's noon hour. June lean hogs are up $1.32 at $99.50, July lean hogs are up $1.85 at $100.77 and August lean hogs are up $1.95 at $99.27. The gains are wild this morning in terms of the individual pork cuts as the butt is up $10.67, and the loin is up $5.34.
The projected lean hog index for 5/1/2025 is up $0.12 at $89.69, and the actual index for 4/30/2025 is up $0.33 at $89.57. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.21 with a weighted average price of $92.23, ranging from $89.00 to $95.00 on 1,388 head and a five-day rolling average of $92.74. Pork cutouts totaled 260.01 loads with 241.21 loads of pork cuts and 18.80 loads of trim. Pork cutout values: up $2.96, $99.42.
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