GENERAL COMMENTS:
All in all, it was a good day for the livestock complex, as the contracts closed higher, and the fed cash cattle market saw some light trade develop at steady prices. Throughout the day, there was a thin movement in the North at $372, which is steady with last week's weighted average. May corn is down 1/4 cent per bushel, and May soybean meal is up $2.30. The Dow Jones Industrial Average is down 469.38 points, and the NASDAQ is down 521.75 points.
Beef net sales of 10,700 metric tons (mt) for 2026 were up noticeably from the previous week, but down 19% from the prior four-week average. The three largest buyers were Japan (2,900 mt), Taiwan (1,600 mt) and South Korea (1,600 mt). Pork net sales of 40,300 mt for 2026 were up 43% from the previous week and 23% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), China (9,700 mt) and Japan (5,800 mt).
LIVE CATTLE:
The live cattle complex was able to close slightly higher thanks to some stable support found in the cash market. A few dressed deals have been marked at $372 in eastern Nebraska, which is fully steady with last week's weighted average. And given that, in recent weeks, packers have been able to secure some inventory and boxed beef prices have been pressured lately, it was anyone's guess as to where cash prices would land this week. But thank goodness the light test that the market has seen thus far has lent the complex some much-needed fundamental support. April live cattle closed $0.67 higher at $235.10, June live cattle closed $0.95 higher at $234.80 and August live cattle closed $0.80 higher at $232.40. Asking prices are noted at $238 to $240 in the South, and bids were offered throughout the day, but at this point in time, no Southern live cattle have traded yet.
Thursday's slaughter is estimated at 97,000 head -- 9,000 head less than a week ago and 23,000 head less than a year ago.
Boxed beef prices closed lower: choice down $1.84 ($389.85) and select down $3.83 ($391.66) with a movement of 93 loads (65.58 loads of choice, 6.96 loads of select, 8.09 loads of trim and 12.56 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that some light trade has developed in the North at steady, it's likely that prices would trend lower at this point.
FEEDER CATTLE:
The feeder cattle complex was trading higher throughout the day, but once the market saw the live cattle contracts begin to trade higher, the feeder cattle market's confidence grew, and the contracts ended the day stronger. April feeders closed $1.72 higher at $355.07, May feeders closed $1.70 higher at $351.75 and August feeders closed $1.15 higher at $350.37. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 500 pounds sold lower, but steers weighing 500 to 550 pounds traded $15 to $22 higher. Feeder steers weighing 600 to 900 pounds sold $7 to $19 lower, while steers weighing 900 to 950 pounds traded $9 higher. Heifer calves sold lower with heifers weighing 500 to 550 pounds traded $15 to $25 lower. Feeder heifers were steady to $15 lower. Slaughter cows sold $6 to $10 higher and slaughter bulls traded $6.00 stronger. Feeder cattle supply over 600 pounds was 45%. The CME feeder cattle index 3/25/2026: up $1.46, $363.24.
LEAN HOGS:
The lean hog complex closed mostly higher Thursday afternoon as traders were hopeful that the quarterly USDA Hogs and Pigs report was going to be fruitful. And by in large, the report was found to be mixed, as there was a slight decline in the breeding herd, but market-ready supplies of pigs could be burdensome.
April lean hogs closed $0.07 lower at $90.82, June lean hogs closed $0.17 higher at $104.30 and July lean hogs closed $0.52 higher at $106.70. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.76 with a weighted average price of $90.89 on 2,490 head. Pork cutouts totaled 319.09 loads with 273.62 loads of pork cuts and 45.47 loads of trim. Pork cutout values: down $1.05, $95.35. Thursday's slaughter is estimated at 492,000 head -- steady with a week ago and 3,000 head more than a year ago. The CME lean hog index 3/24/2026: down $0.06, $91.65.
FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured the vast majority of their cash needs for the week.
No comments:
Post a Comment