Monday Midday Livestock Market Update - Cattle Continue to Charge Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into Monday's noon hour as cattle futures continue to trade higher -- mainly being fueled by the bullish sentiment of the market -- but the hog complex is mixed. No bids or asking prices have surfaced yet for this week's cash cattle market. May corn is down 12 1/2 cents per bushel and May soybean meal is down $0.20. The Dow Jones Industrial Average is up 99.00 points and NASDAQ is down 68.61 points.

LIVE CATTLE:

The live cattle complex has aggressively stepped into the new week as the market is trading upwards of $1.00 to $2.00 higher in all contracts. Just when you think the futures complex has found a top -- traders seem to catch a second wind and run the contracts higher. Of course, at these levels, risk is always looming, but the name of the game Monday morning is bold bullishness. June live cattle are up $2.60 at $213.67, August live cattle are up $2.25 at $209.02 and October live cattle are up $1.82 at $206.30.

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. Prices for both regions will likely mark new record highs depending on where the USDA report's weighted averages land.

Boxed beef prices are higher: choice up $2.89 ($345.79) and select up $2.41 ($327.76) with a moment of 30 loads (20.23 loads of choice, 5.04 loads of select, zero loads of trim and 4.60 loads of ground beef).

FEEDER CATTLE:

With the added encouragement from the live cattle complex, the feeder cattle contracts have leapt back into action as they're trading mostly $2.00 higher into Monday's noon hour. May feeders are up $1.45 at $296.40, August feeders are up $1.80 at $298.70 and September feeders are up $1.95 at $297.50. So long as fundamental support remains plentiful again this week, there's a chance the feeder cattle complex will be able to at least maintain its position, if not trade a little higher as buyers will likely stay engaged in the feeder cattle market as turn-out season to grass is just a month away.

LEAN HOGS:

The lean hog complex is trading mixed to kick the week off as traders want to see more fundamental support before they do any more advancing on the futures front. June live cattle are up $0.37 at $99.72, July lean hogs are up $0.20 at $100.90 and August lean hogs are up $0.12 at $99.25. But if pork cutout values find some stability in terms of consistent price and daily support, then there's a chance traders may be will to mildly trade the contracts higher.

The projected CME Lean Hog Index for 5/2/2025 is up $0.18 at $89.87, and the actual index for 5/1/2025 is up $0.12 at $89.69. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.57 with a weighted average price of 90.66, ranging from $87.50 to $94.00 on 644 head and a five-day rolling average of $92.65. Pork cutouts total 170.13 loads with 133.65 loads of pork cuts and 36.48 loads of trim. Pork cutout values: down $1.13, $97.25.