GENERAL COMMENTS:
The livestock complex ended the day mixed, with the cattle contracts seeing modest growth throughout the day, but the lean hog contracts fell lower throughout the day's close. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. May corn is down 6 cents per bushel, and May soybean meal is down $1.40. The Dow Jones Industrial Average is up 631.00 points, and the NASDAQ is up 299.15 points.
LIVE CATTLE:
The live cattle complex had a semi-fruitful day. The futures complex was not only able to close higher, but the spot June contract even closed above the market's 40-day moving average. April live cattle closed $1.25 higher at $235.30, June live cattle closed $1.22 higher at $234.65 and August live cattle closed $0.92 higher at $231.75. The reason I say "somewhat fruitful" is because boxed beef prices closed mixed, and it's still anyone's guess on how this week's fed cash cattle market is going to pan out. But with next week being a holiday-shortened week for Easter and packers able to buy some cattle last week for the deferred delivery option, I tend to believe steady prices may be the best-case scenario that the cash market can pull off. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. Monday's slaughter is estimated at 105,000 head -- 7,000 head more than a week ago and 12,000 head less than a year ago.
Last week, Northern dressed cattle traded at mostly $372, which is steady with the previous week's weighted average, and Southern live cattle traded at mostly $235, which is also steady with the previous week's weighted average.
Boxed beef prices are mixed: choice down $0.98 ($399.13) and select up $0.89 ($393.83) with a movement of 73 loads (50.60 loads of choice, 10.81 loads of select, 3.00 loads of trim and 8.76 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady/somewhat lower. With boxed beef prices being choppy and demand lagging, I tend to believe that prices will trade steady at best this week.
FEEDER CATTLE:
The feeder cattle complex again followed in the same direction as the live cattle contracts, as it was pleased to see not only some technical support but continued fundamental support from strong feeder cattle sales in the countryside. March feeders closed $0.70 higher at $358.45, April feeders closed $1.30 higher at $352.47 and May feeders closed $1.97 higher at $348.35. With turnout to grass pastures quickly approaching, it's likely that the demand for grass-type cattle will continue to be seen in the countryside and potentially help keep demand strong. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point compared to last week, feeder steers were trading mostly steady, but steer calves were trading $5 to $15 higher. Both feeder heifers and heifer calves were trading steady to $5 higher. Grazing-type steers were selling steady to $5 higher, but grazing-type heifers were trading sharply higher -- up to $25 higher on some sales. Feeder cattle supply of over 600 pounds was 77%. The CME feeder cattle index 3/20/2026: down $0.73, $361.33.
LEAN HOGS:
The lean hog complex wasn't met with the same level of support as the cattle contracts were, and once again, the market scaled lower throughout the day. April lean hogs closed $0.47 lower at $90.80, June lean hogs closed $0.07 lower at $104.40 and July lean hogs closed $0.17 lower at $106.52. And, yes, you may be quick to point out the fact that pork prices closed slightly higher. But before traders are going to confidently rest in that fundamental win, they need to see it consistently play out for a number of days. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.58 with a weighted average price of $91.96, ranging from $87 to $93 on 2,388 head and five-day rolling average of $92.47. Pork cutouts totaled 299.19 loads of pork cuts and 39.87 loads of trim. Pork cutout values: up $0.40, $99.60. Monday's slaughter is estimated at 492,000 head -- 99,000 head more than a week ago and 21,000 head more than a year ago. The CME feeder cattle index 3/19/2026: down $0.09, $91.95.
TUESDAY'S HOG CALL: Higher. Packers didn't show the cash market much interest on Monday, but they may be slightly more aggressive by Tuesday.
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