GENERAL COMMENTS:
The livestock complex is again trading mixed as the cattle contracts continue to scale higher while the lean hog contracts are trading slightly lower. Still no cash cattle trade has developed and won't likely until Thursday at the earliest. May corn is up 3 1/4 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is up 141.34 points and NASDAQ is down 75.81 points.
LIVE CATTLE:
The live cattle complex wasn't confident about its position at the day's start, but upon seeing midday boxed beef prices stronger, the market has gained some momentum and is currently trading fully higher into Tuesday's noon hour. April live cattle are up $0.60 at $235.90, June live cattle are up $0.62 at $235.27 and August live cattle are up $0.92 at $232.67. Still no developments have surfaced yet in the fed cash cattle market, and it's likely that the day's trade will be delayed until the later part of the week. But at this point in time, both bids and asking prices remain elusive.
Boxed beef prices are higher: choice up $1.07 ($400.20) and select up $2.47 ($396.30) with a movement of 53 loads (34.92 loads of choice, 3.25 loads of select, 5.11 loads of trim and 9.62 loads of ground beef).
FEEDER CATTLE:
In keeping alignment with the live cattle complex, the feeder cattle contracts are trading higher into Tuesday's noon hour as well. Not only are traders pleased to see the slight improvement in the live cattle sector and in boxed beef prices, but they're also pleased to see greater interest again this week in the countryside for feeder cattle. March feeders are up $2.70 at $361.15, April feeders are up $4.00 at $356.50 and May feeders are up $4.32 at $352.67.
LEAN HOGS:
The lean hog complex continues to scale lower as the market needs to see greater fundamental support before it will be able to establish a technical bottom for the market's current move. April lean hogs are down $0.02 at $90.77, June lean hogs are down $0.62 at $103.77 and July lean hogs are down $0.67 at $105.85. Thankfully, again today, midday pork cutout values are slightly higher, but traders need to see consistent and stable support before they'll likely lend any aid to the complex.
The projected lean hog index for 3/23/2026 is down $0.07 at $91.70 and the actual index for 3/20/2026 is down $0.18 at $91.77. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However we can see that 245 head have traded and that the market's five-day rolling average now sits at $91.29. Pork cutouts total 171.77 loads with 158.76 loads of pork cuts and 13.01 loads of trim. Pork cutout values: up $0.83, $100.43.
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