GENERAL COMMENTS:
The livestock complex is trading lower into midday Wednesday as traders simply aren't seeing enough support to keep the markets steady, let alone allow them to trade higher. Some light cash cattle trade has begun to develop, and currently, prices are trading at $372 in the North, which is $8.00 lower. May corn is up 9 1/2 cents per bushel and May soybean meal is up $2.40. The Dow Jones Industrial Average is down 457.27 points and the NASDAQ is down 29.85 points.
LIVE CATTLE:
The live cattle complex has been trading lower, but with new developments surfacing in the fed cash cattle market, where cattle are trading sharply lower than compared to a week ago, there's a slim chance the market will do anything but continue to scale lower through the day's end. April live cattle are down $2.32 at $229.97, June live cattle are down $2.52 at $227.67 and August live cattle are down $2.40 at $225.95. Some light cash cattle trade is currently being noted in the North at $372, which is $8.00 lower than last week's weighted average. And a handful of steers have also been sold in Kansas at $235, which is $5.00 lower than last week's weighted average. Asking prices are noted in the North at $374, but are not established yet in the South.
Boxed beef prices are higher: choice up $1.27 ($395.94) and select up $1.85 ($388.62) with a movement of 52 loads (36.33 loads of choice, 2.76 loads of select, 7.35 loads of trim and 5.17 loads of ground beef).
FEEDER CATTLE:
It's been a "bah humbug"-like day for the cattle complex, but especially for the feeder cattle market as currently its contracts are trading anywhere from $5.00 to $7.00 lower. The onset of weaker market fundamentals in the cash sector is why the feeder cattle complex is trading significantly lower and is currently even pressuring the market's 100-day moving average in the spot April contract. March feeders are down $5.55 at $347.80, April feeders are down $7.02 at $342.72 and May feeders are down $7.37 at $339.02.
LEAN HOGS:
The lean hog complex is also trading lower as a weaker note has overcome the entire livestock complex. April lean hogs are down $0.72 at $95.35, June lean hogs are down $1.67 at $108.97 and July lean hogs are down $1.62 at $111.20. And with midday pork cutout values lower, it's unlikely that the market turns around and begins to trade higher ahead of the day's end.
The projected lean hog index for 3/10/2026 is up $0.23 at $91.20 and the actual index for 3/9/2026 is up $0.10 at $90.97. Hog prices are higher on the Daily Direct Morning Hog report, up $0.37 with a weighted average price of $93.05, ranging from $86.00 to $94.00 on 7,000 head and a five-day rolling average of $92.69. Pork cutouts total 185.08 loads with 157.29 loads of pork cuts and 27.79 loads of trim. Pork cutout values: down $0.72, $98.38.
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