GENERAL COMMENTS:
It's another mixed day for the livestock complex as traders seem apprehensive about supporting the cattle contracts much more ahead of this week's close. Meanwhile, with the help of stronger pork cutout values, the lean hog complex is trading higher. May corn is up 3 1/2 cents per bushel and May soybean meal is up $1.30. The Dow Jones Industrial Average is down 168.95 points and the NASDAQ is down 32.72 points.
LIVE CATTLE:
The live cattle complex has traded mixed throughout the day, but upon seeing midday boxed beef prices lower, traders have eased their support of the complex even more. June live cattle are up $0.02 at $214.27, August live cattle are down $0.62 at $209.35 and October live cattle are down $0.47 at $207.00. A few new cash cattle bids have surfaced in the North at $225 to $228 live, but at this point, no new sales have been reported. So far this week, Northern dressed deals have been marked at mostly $355, $6 higher than last week's weighted average, basis Nebraska, a Regional, paid as much as $360 for some cattle set for delayed delivery (the week of May 26th). The South had live sales marked at $218 to $221, mostly $219 to $220, $1 to $2 higher than last week's weighted averages. Some more clean-up trade could develop, but by and large, it's looking like this week's trade is mostly done with. Asking prices for cattle left to trade are firm at $221 plus in the South and $356 plus in the North.
Boxed beef prices are lower: choice down $1.36 ($346.53) and select down $0.68 ($332.52) with a movement of 75 loads (54.93 loads of choice, 7.62 loads of select, zero loads of trim and 12.20 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex has also run out of steam ahead of the weekend as its contracts are trading mostly lower into midday Friday. And while the market's support was grandiose throughout the earlier part of the week, traders simply seem exhausted and seem to be welcoming the idea of pausing and catching their breath. May feeders are up $0.15 at $297.62, August feeders are down $1.22 at $300.10 and September feeders are down $1.30 at $298.92.
LEAN HOGS:
With the help of strong midday pork cutout values, the nearby lean hog contracts are trading higher into Friday's noon hour. June lean hogs are up $0.50 at $97.67, July lean hogs are up $0.42 at $100.67 and August lean hogs are up $0.55 at $99.07. The gains seen this morning in pork cutout values have been wild as the butt jumped $7.30, and the loin jumped $7.06. It also seems to be true that the spot June contract is finding some technical support around $97.00, which is helping find some balance in the contracts as well.
The projected lean hog index for 5/8/2025 is down $0.08 at $89.99, and the actual index for 5/7/2025 is down $0.09 at $90.07. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.14 with a weighted average price of $94.78, ranging from $88.00 to $98.00 on 3,164 head and a five-day rolling average of $93.84. Pork cutouts total 309.73 loads with 283.82 loads of pork cuts and 25.91 loads of trim. Pork cutout values: up $3.44, $97.94.
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