GENERAL COMMENTS:
The livestock complex is trading mixed into Thursday's noon hour as the cattle contracts would like to see stronger fundamental support because the market's resistance pressure is growing stronger; the lean hog complex also is mixed. Bids are currently being offered in Nebraska and Texas but no cattle have traded yet. May corn is steady and May soybean meal is steady. The Dow Jones Industrial Average is down 164.11 points and NASDAQ is down 381.12 points.
Thursday's export report shared that beef net sales of 12,900 mt for 2026 were down 12% from the previous week and 23% from the prior 4-week average. The three largest buyers were Japan (4,500 mt), Mexico (1,900 mt) and South Korea (1,900 mt). Pork net sales of 42,600 mt for 2026 were up 56% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (25,600 mt), Japan (4,000 mt) and Colombia (2,800 mt).
LIVE CATTLE:
The live cattle complex is trading mostly lower into Thursday's noon hour as the market seems to be holding its breath, unsure what's going to shake out in this week's fed cash cattle market and whether or not a strike is going to happen at JBS's plant in Greeley, Colorado. And with the market nearing resistance pressure, traders are simply unwilling to advance the contracts without further fundamental support. There are bids currently on the table in Nebraska and Texas, but no cattle have traded yet. Asking prices are noted at $388 to $390 in the North and at $250-plus in the South. April live cattle are down $3.47 at $236.80, June live cattle are down $3.42 at $233.27 and August live cattle are down $3.22 at $231.37.
Boxed beef prices are mixed: choice down $0.24 ($378.99) and select up $3.79 ($370.86) with a movement of 49 loads (28.44 loads of choice, 5.69 loads of select, 4.04 loads of trim and 10.55 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is feeling the full effect of the market's underlying uncertainty as its contracts are trading $5.00 to $6.00 lower into Thursday's noon hour. Without seeing the live cattle contracts trading higher -- and still no reassurance as to what's going to come of this week's fed cash cattle trade -- the feeder cattle contracts are left to trade sharply lower. March feeders are down $6.05 at $360.25, April feeders are down $6.57 at $357.45 and May feeders are down $6.57 at $354.07.
LEAN HOGS:
After an impressive seven-day rally, some of the nearby lean hog contracts are trading slightly lower into Thursday's noon hour. April lean hogs are down $0.25 at $95.95, June lean hogs are down $0.12 at 110.05 and July lean hogs are up $0.05 at $112.10. With pork cutout values down again slightly, traders may be opting to reel back their support of the contracts until the market's fundamentals improve.
The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, up $0.88 with a weighted average price of $90.97, ranging from $88.00 to $93.00 on 1,465 head and a five-day rolling average of $90.89. Pork cutouts total 169.03 loads with 145.92 loads of pork cuts and 23.11 loads of trim. Pork cutout values: down $0.32, $97.30.
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