GENERAL COMMENTS:
It's a mixed day for the livestock complex as the cattle complex is again receiving all the support it could ever wish for, but the lean hog complex is failing to receive that same support. Some light cash cattle trade has already begun to develop at $218 to $220 in the South. May corn is down 1 cent per bushel and May soybean meal is down $2.70. The Dow Jones Industrial Average is down 185.68 points and NASDAQ is down 90.66 points.
LIVE CATTLE:
It may only be Tuesday, but trade is rocking and rolling already this week as traders continue to advance the cattle contracts higher as the market's fundamentals are shining through early this week. Along with the note of higher midday boxed beef prices, some light cash cattle trade has already begun to develop in the South where live cattle are trading for mostly $218, but some up to $220 as both regional and major packers are hitting up the market early this week. It's too early to say that any sort of a trend has been established for the week just yet, but those early prices would be considered steady to $2 higher than last week's weighted average. Asking prices left for cattle to trade in the South are firm at $221 and are still not established in the North. June live cattle are up $0.37 at $214.02, August live cattle are up $0.65 at $209.77 and October live cattle are up $0.70 at $207.10.
Boxed beef prices are higher: choice up $0.60 ($344.17) and select up $5.51 ($333.58) with a movement of 76 loads (57.80 loads of choice, 7.45 loads of select, 4.23 loads of trim and 6.85 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is continuing to rally as the market possesses all the support it needs to successfully trade higher at this point. Without a doubt there is risk in the market's current all-time high position. However, with the live cattle contracts trading higher, boxed beef prices showing good demand, and cattle buyer interest still red-hot in the countryside -- traders have all the support they could ever wish for in the marketplace right now. May feeders are up $0.15 at $296.22, August feeders are up $0.87 at $299.77 and September feeders are up $0.67 at $298.22.
LEAN HOGS:
The lean hog complex isn't having as splendid of a day as the contracts are trading lower amid some technical uncertainty. While midday pork cutout values may be slightly higher, traders simply aren't seeing the support they'd wish to have to take on the nearby top that was established just a week ago. June lean hogs are down $1.62 at $97.37, July lean hogs are down $1.37 at $99.02 and August lean hogs are down $1.17 at $97.75.
The projected lean hog index for 5/5/2025 is up $0.27 at $90.13 and the actual index for 5/2/2025 is up $0.18 at $89.87. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 165 head have traded this morning, and that the week's five-day rolling average now sits at $92.61. Pork cutouts total 178.87 loads with 162.14 loads of pork cuts and 16.73 loads of trim. Pork cutout values: up $0.73, $97.39.
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