GENERAL COMMENTS:
It was a mixed day for the livestock complex as the cattle contracts closed higher, but the lean hog complex closed mixed. New showlists appear to be mixed, higher in Texas and Nebraska/Colorado, but lower in Kansas. May corn is down 14 3/4 cents per bushel and May soybean meal is down $1.50. The Dow Jones Industrial Average is down 98.60 points and NASDAQ is down 133.49 points.
LIVE CATTLE:
It was another victorious day for the live cattle complex as the futures complex scored new contract highs yet again, and boxed beef prices closed higher. June live cattle closed $2.55 higher at $213.65, August live cattle closed $2.30 higher at $209.07 and October live cattle closed $1.92 higher at $206.40. It will be especially interesting to see how traders treat the spot June live cattle contract at Tuesday's start. If traders are entirely on the same page after having pushed the contract to new highs, technical pressure could surface. It's too early for any bids or asking prices to have surfaced yet, but it's assumed that prices will trade at least steady again this week. New showlists appear to be mixed, higher in Texas and Nebraska/Colorado, but lower in Kansas. Monday's slaughter is estimated at 109,000 head -- 5,000 head more than a week ago and 8,000 head less than a year ago.
Last week, Southern live cattle traded at mostly $218, which is $5.00 to $6.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $350, which is $8.00 higher than the previous week's weighted average. And both last week's live cattle and dressed cattle prices successfully scored yet again, new all-time highs for the industry. Last week's negotiated cash cattle trade totaled 99,262 head. Of that, 71% (70,046 head) were committed to the nearby delivery option, while the remaining 29% (29,216 head) were committed to the deferred delivery option. And please note, that the purchase of 99,262 head is the largest weekly volume thus far for 2025.
Boxed beef prices closed higher: choice up $0.67 ($343.57) and select up $2.72 ($328.07) with a movement of 81 loads (58.61 loads of choice, 8.37 loads of select, 3.83 loads of trim and 9.82 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady. It's tough telling whether prices will trade steady or somewhat higher again this week as packers did buy sizeable volume last week, but to keep a foothold on the cash market, they need to stay engaged in the cash sector.
FEEDER CATTLE:
The cash cattle market traded higher through Monday's close as traders felt confident in pushing the feeder cattle contracts higher amid the support of the live cattle contracts higher trend. May feeders closed $1.12 higher at $296.07, August feeders closed $2.00 higher at $298.90 and September feeders closed $2.00 higher at $297.55. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers over 850 pounds traded $2.00 to $7.00 higher, while steers under 850 pounds sold $5.00 to $10.00 higher. Feeder heifers traded steady to $5.00 higher. Steer calves sold $6.00 to $11.00 higher, and heifer calves sold $4.00 to $5.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 5/2/2025: down $2.98, $293.40.
LEAN HOGS:
The lean hog complex closed mixed as the nearby contracts closed slightly lower while the deferred months traded higher. More than anything, I find it most likely that traders simply weren't willing to advance the nearby contracts without better consumer support. The biggest deterrent in the carcass's price was the fact that the belly closed $5.50 lower but was then followed by a sharp $2.90 decline in the picnic. June lean hogs closed $0.35 lower at $99.00, July lean hogs closed $0.30 lower at $100.40 and August lean hogs closed $0.20 lower at $98.92. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.55 with a weighted average price of $89.96 on 1,489 head. Pork cutouts totaled 343.72 loads with 278.50 loads of pork cuts and 65.22 loads of trim. Pork cutout values: down $1.72, $96.66. Monday's slaughter is estimated at 482,000 head -- 4,000 head less than a week ago and 4,000 head more than a year ago. The CME lean hog index 5/1/2025: down $0.12, $89.69.
TUESDAY'S HOG CALL: Steady. Until packers see improve in consumer demand, they may not overly support the cash market.
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