GENERAL COMMENTS:
All in all, it was a quiet day for the livestock complex without much development and traders needing more fundamental support to develop. Still no cash cattle trade has developed, and trade will likely be delayed until the latter half of the week. May corn is up 3 cents per bushel, and May soybean meal is down $4.20. The Dow Jones Industrial Average is down 84.41 points, and the NASDAQ is down 184.87 points.
LIVE CATTLE:
The live cattle complex enjoyed a mostly fruitful day where the market quietly traded higher (other than in the spot June contract), and boxed beef prices closed higher as well. April live cattle closed $0.07 higher at $235.37, June live cattle closed $0.05 lower at $234.60, and August live cattle closed $0.35 higher at $232.10. More than anything, the spot June contract closed slightly lower, as traders decided that after advancing the contract above its 40-day moving average on Monday, it's going to need to see a tick more fundamental support before pushing it much higher. Still no cash cattle trade has developed.
Tuesday's slaughter is estimated at 107,000 head -- 2,000 head more than a week ago and 18,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.78 ($399.91) and select up $0.67 ($394.50) with a movement of 92 loads (62.08 loads of choice, 6.51 loads of select, 9.22 loads of trim and 14.16 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Given that packers have some cattle committed to them already, I assume that prices will be steady at best this week.
FEEDER CATTLE:
The feeder cattle complex continued to scale higher through Tuesday afternoon, as the market was pleased to have support pouring into its sector from numerous sources. From the live cattle market's higher trend to stronger feeder cattle demand in the countryside, the feeder cattle complex had more than enough support to close higher Tuesday afternoon. March feeders closed $1.85 higher at $360.30, April feeders closed $1.97 higher at $354.45 and May feeders closed $2.35 higher at $350.70. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers and heifers sold unevenly steady from $8 lower to $10 higher. Feeder cattle supply over 600 pounds was 57%. The CME feeder cattle index 3/23/2026: up $0.26, $361.59.
LEAN HOGS:
The lean hog complex closed mixed Tuesday afternoon with the nearby contracts ending the day mostly lower, while the deferred months were able to close mostly higher. April lean hogs closed $0.25 higher at $91.05, June lean hogs closed $0.35 lower at $104.05, and July lean hogs closed $0.52 lower at $106. With pork cutout values down this afternoon, traders simply didn't see enough immediate support in the market to justify trading the nearby contracts higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.66 with a weighted average price of $92.62 on 8,075 head. Pork cutouts totaled 349.47 loads with 312.38 loads of pork cuts and 37.10 loads of trim. Pork cutout values: down $2.63, $96.97. Tuesday's slaughter is estimated at 495,000 head -- 1,000 head less than a week ago and 7,000 head more than a year ago. The CME lean hog index 3/20/2026: down $0.17, $91.78.
WEDNESDAY'S HOG CALL: Steady. With pork demand mixed, cash prices will likely be steady on Wednesday.
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