GENERAL COMMENTS:
It was a mixed day for the livestock complex as the markets received mixed messages from technical and fundamental indicators. The lean hog complex was thrilled to have a strong export report, and fed cash cattle prices soared higher, but traders remain mildly cautious when it complex to the cattle contracts. May corn is down 3 cents per bushel and May soybean meal is down $3.50. The Dow Jones Industrial Average is up 83.60 points and NASDAQ is up 264.40 points.
Thursday's export report shared that beef net sales of 12,900 mt for 2025 were up 25% from the previous week and up 6% from the prior 4-week average. The three primary buyers were Japan (4,000 mt), South Korea (3,700 mt) and Mexico (1,400 mt). Pork net sales of 34,500 mt for 2025 were up noticeably from the previous week and up 34% from the prior 4-week average. The three largest buyers were Mexico (20,000 mt), Japan (3,500 mt) and South Korea (2,900 mt).
LIVE CATTLE:
The live cattle complex eventually gave the cash cattle market the respect it deserved, although traders took their precious time in doing so. Upon hearing that the cash cattle market was trading $5.00 to $10.00 higher on top of last week's all-time highs, one would have logically thought the contracts would have traded higher. But given the substantial rally in which the markets have supported since early April, traders have been hesitant over the last couple of days of being too bullish from a technical standpoint. But as time rolled on throughout the day, and prices grew even stronger in the cash market, traders came around to mildly allowing the contracts to trade and close higher. June live cattle closed $1.25 higher at $209.65, August live cattle closed $0.60 higher at $204.65 and October live cattle closed $0.27 higher at $202.22.
Thursday's slaughter is estimated at 120,000 head -- 4,000 head more than a week ago and steady with a year ago.
It's been a whirlwind of a week for the cash cattle complex as prices have been sharply higher again this week. A few new deals were marked at midday at $352 which is $10.00 higher than last week's record-breaking weighted average. On Wednesday afternoon live cattle were selling for mostly $218 which is $5.00 to $6.00 higher than last week's weighted average, and Northern dressed cattle were sold at mostly $350 which is $8.00 higher than last week's weighted average.
Boxed beef prices closed mixed: choice down $2.14 ($343.17) and select up $2.26 ($324.28) with a movement of 99 loads (67.38 loads of choice, 10.96 loads of select, 10.45 loads of trim and 10.53 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that record-breaking trade has now developed in both regions, it's likely that any more trade that develops will be at the week's trend.
FEEDER CATTLE:
Although the live cattle complex gave the fed cash cattle market the respect it deserved ahead of today's close, the feeder cattle complex wasn't as quick to react to the positive news of sharply higher cash cattle prices. May feeders closed $0.65 higher at $293.22, August feeders closed $0.57 lower at $294.45 and September feeders closed $0.95 lower at $292.85. More than anything it's likely the feeder cattle complex remains skeptical of being overly supportive following the impressive run that the futures complex has accomplished since the first week of April. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 350 to 550 pounds traded $9.00 to $15.00 higher. Feeder steers weighing 600 to 850 pounds sold $3.00 to $12.00 stronger. Heifer calves and feeder yearlings weighing 500 to 650 pounds sold $5.00 to $12.00 higher. Slaughter cows traded steady to $2.00 lower, and slaughter bulls sold steady to $4.00 lower. Feeder cattle supply over 600 pounds was 36%. The CME feeder cattle index 4/30/2025: up $0.33, $296.10.
LEAN HOGS:
The lean hog complex was granted a strong export report Thursday morning, which helped persuade traders that the market would be ok to trade higher because it was no longer up against immediate resistance pressure. June lean hogs closed $0.10 lower at $98.17, July lean hogs closed $0.32 higher at $98.92 and August lean hogs closed $0.17 higher at $97.32. It's unlikely that traders will continue to advance the contracts much on Friday as pork cutout values and cash prices were lower Thursday afternoon and that could be the case again on Friday. Hog prices closed lower on the daily Direct Afternoon Hog Report, down $0.61 with a weighted average price of $92.39 on 6,038 head. Pork cutouts totaled 250.71 loads with 225.71 loads of pork cuts and 25.00 loads of trim. Pork cutout values: down $0.15, $96.46. Thursday's slaughter is estimated at 483,000 head -- 8,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 4/29/2025: up $0.47, $89.25.
FRIDAY'S HOG CALL: Lower. The bulk of this week's cash trade is likely done with.
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