GENERAL COMMENTS:
The livestock complex is again trading mixed into the midday Wednesday as hogs run aggressively into the noon hour with ample support from traders, but the cattle complex is a tick more cautious today following Tuesday's higher run. Still no cash cattle trade has developed. March corn is up 2 1/4 cents per bushel and March soybean meal is up $1.20. The Dow Jones Industrial Average is down 273.41 points and the NASDAQ is down 373.82 points.
LIVE CATTLE:
The live cattle complex is trading lower into midday Wednesday as traders are confident that they possess enough support to push the contracts any higher. On Tuesday, the market was charged with bullishness, but today, traders seem to look at the markets a tick more level-headed, and while they believe that the bullish sentiment is justified, they also know that they need to see immediate fundamental support before they can confidently push the contracts higher in the near term. February live cattle are down $2.07 at $235.17, April live cattle are down $1.62 at $237.35 and June live cattle are down $1.25 at $232.15. Still no cash cattle trade has developed.
Boxed beef prices are higher: choice up $1.34 ($359.33) and select up $0.33 ($357.51) with a movement of 78 loads (52.90 loads of choice, 5.14 loads of select, 12.17 loads of trim and 8.20 loads of ground beef).
FEEDER CATTLE:
And once again, in alignment with the direction of the live cattle complex, the feeder cattle contracts are also trading lower into Wednesday's noon hour. January feeders are down $2.72 at $363.55, March feeders are down $2.75 at $359.37 and April feeders are down $2.30 at $358.30. Until the live cattle complex trades higher, the feeder cattle complex will likely continue to trade in a cautious, lower manner.
LEAN HOGS:
Traders continue to push the lean hog complex higher, with not a lot of fundamental support behind their ambitions. Both cash prices and pork cutout values have been lax this week, but even so, traders continue to aggressively push the contracts. February lean hogs are up $1.22 at $85.85, April lean hogs are up $1.50 at $92.75 and June lean hogs are up $1.07 at $105.40.
The projected lean hog index for 1/13/2026 is down $0.11 at $80.39 and the actual index for 1/12/2026 is down $0.10 at $80.50. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 418 head have traded and that the market's five-day rolling average sits at $68.56. Pork cutouts total 216.53 loads with 171.37 loads of pork cuts and 45.15 loads of trim. Pork cutout values: down $0.12, $91.68.
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