GENERAL COMMENTS:
It was a quiet, uneventful day for the livestock complex as traders allowed most of the contracts to again drift higher, but not much developed fundamentally. Asking prices are noted in the South at $224 to $225. May corn is down 4 1/4 cents per bushel and May soybean meal is down $5.20. The Dow Jones Industrial Average is down 269.67 points and the NASDAQ is up 301.74 points.
LIVE CATTLE:
The live cattle complex was to close mostly higher, although the June contract was the only month to close just slightly lower. Following Monday's big jump, traders were at first leery of overly supporting the complex and advancing the market too much ahead of seeing what fundamental support was going to develop. But as the day traded on, trader support grew stronger and led to, yet again, a mostly higher close. June live cattle closed $0.50 lower at $216.32, August live cattle closed $0.02 higher at $211.62 and October live cattle closed steady at $208.45. No cash cattle trade developed throughout the day, but asking prices are noted in the South at $224 to $225.
Tuesday's slaughter is estimated at 121,000 head -- steady with a week ago and 3,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.96 ($350.10) and select down $0.76 ($334.47) with a movement of 135 loads (86.88 loads of choice, 23.24 loads of select, 12.43 loads of trim and 12.52 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Packers were able to buy up some supply over the last couple of weeks, which could lessen their need to buy as aggressively in this week's market.
FEEDER CATTLE:
Although most of the live cattle complex closed higher, the feeder cattle complex was a bit more skeptical throughout the day. May feeders closed $0.27 lower at $302.82, August feeders closed $0.37 lower at $306.00 and September feeders closed $0.05 lower at $305.05. Likely, following the steep advancement made on Monday, traders were simply less keen on the idea of pushing the feeder cattle contracts even higher until they see how the rest of the week's dynamics are going to play out. At Joplin Regional Stockyard in Carthage, Missouri, compared to last week, feeder steers under 625 pounds traded $10.00 to $25.00 higher, with the heavier weights traded $3.00 to $15.00 stronger. Feeder heifers under 625 pounds sold $4.00 to $15.00 higher, with the heavier weights trading anywhere from $4.00 lower to $5.00 higher. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 5/12/2025: up $1.37, $302.40.
LEAN HOGS:
The lean hog complex was again able to round out the day higher, still unwilling to challenge the spot June contract's resistance at $100, but higher, nonetheless. June lean hogs closed $1.20 higher at $99.50, July lean hogs closed $0.72 higher at $103.20 and August lean hogs closed $0.80 higher at $102.12. The day's biggest gains via pork cutout values were seen in the rib which bounced $5.65 higher, and then in the butt which jumped $3.97 higher. Hog prices are not available at this time because of packer submission issues. Pork cutouts total 359.99 loads with 324.91 loads of pork cuts and 35.08 loads of trim. Pork cutout values: up $0.51, $97.02. Tuesday's slaughter is estimated at 481,000 head -- 4,000 head less than a week ago and 1,000 head less than a year ago. The CME lean hog index 5/9/2025: down $0.07, $89.92.
WEDNESDAY'S HOG CALL: Higher. With pork cutout values slightly higher, packers could be more inclined to support the cash market on Wednesday.
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