GENERAL COMMENTS:
The livestock complex is trading mostly higher, besides a few of the nearby cattle contracts. Traders appear hopeful and seem somewhat interested in maintaining the levels achieved on Monday, now they just need fundamental support to come in full-fledged this week to complement their move. May corn is down 6 3/4 cents per bushel and May soybean meal is steady. The Dow Jones Industrial Average is down 218.12 points and the NASDAQ is up 300.27 points.
LIVE CATTLE:
The live cattle complex is again trading higher, which is an improvement from the morning's earlier tone, as at first, traders were leery of overly supporting the cattle contracts. And aside from the spot June contract, all of the live cattle contracts are currently trading higher into Tuesday's noon hour. June live cattle are down $0.12 at $216.70, August live cattle are up $0.17 at $211.77 and October live cattle are up $0.05 at $208.50. The only news that has developed in the cash cattle complex is that asking prices in the South are now noted at $223 to $225, but remain unestablished in the North. Trade will likely be delayed until later in the week.
Boxed beef prices are mixed: choice up $1.43 ($349.57) and select down $1.35 ($333.88) with a movement of 84 loads (51.25 loads of choice, 14.76 loads of select, 8.15 loads of trim and 9.43 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is trading mostly higher, although some of the nearby contracts are trading slightly lower. More than anything, traders just simply seem to be looking around, wondering: after Monday's sharp advancement, can the complex sustain these levels? May feeders are down $0.27 at $302.82, August feeders are down $0.17 at $306.20 and September feeders are down $0.17 at $305.27.
LEAN HOGS:
The lean hog complex is again trading higher as traders are hopeful that trade relations with China will improve soon. Meanwhile, the spot June contract is trading near the market's resistance at $100, but it has not yet surpassed that threshold. June lean hogs are up $1.12 at $99.42, July lean hogs are up $0.85 at $103.32 and August lean hogs are up $0.70 at $102.02. It is also supportive that morning pork cutout values are higher, which traders are also hopeful will be a trend this week.
The projected lean hog index for 5/12/2025 is up $0.39 at $90.31, and the actual index for 5/9/2025 is down $0.07 at $89.92. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 3,570 head have traded, and that the market's five-day rolling average now sits at $94.12. Pork cutouts totaled 177.91 loads, with 153.41 loads of pork cuts and 24.50 loads of trim. Pork cutout values: up $0.71, $97.22.
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