GENERAL COMMENTS:
The livestock complex closed mixed Friday afternoon, with the cattle contracts scaling higher while the hog contracts closed lower. More than anything, fundamental support needs to be strong next week if the contracts are to scale any higher. July corn is down 1/4 cent per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is down 79.61 points and the NASDAQ is up 398.10 points.
From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.65, June live cattle down $2.13; April feeder cattle down $3.70, May feeder cattle down $4.37; June lean hogs up $0.85, July lean hogs up $1.23; May corn up $0.06, July corn up $0.06.
LIVE CATTLE:
The live cattle complex ended the day with a modest rally as traders quickly absorbed the extra technical support that poured into the market late this week. June live cattle closed $1.72 higher at $245.22, August live cattle closed $1.50 higher at $241.65 and October live cattle closed $1.75 higher at $237.47. No new cash cattle trade developed following Wednesday's and Thursday's business. Throughout the week, Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which are $2.00 lower than the previous week's weighted average.
Friday's slaughter is estimated at 93,000 head, 16,000 head more than a week ago and 10,000 head more than a year ago. Saturday's slaughter is projected to be around 11,000 head. The week's total slaughter is estimated at 529,000 head, 15,000 head more than a week ago and 26,000 head less than a year ago.
Boxed beef prices closed higher: choice up $3.50 ($387.00), select up $3.49 ($386.07) with a movement of 71 loads (42.42 loads of choice, 4.33 loads of select, 10.93 loads of trim and 13.29 loads of ground beef).
MONDAY'S CATTLE CALL: Lower. With packers able to secure more inventory at lower prices, they're slowly gaining more leverage in the marketplace.
FEEDER CATTLE:
The feeder cattle complex also ended the day stronger, with most of the contracts able to close anywhere from $2.00 to $3.00 higher. May feeders closed $2.02 higher at $360.90, August feeder cattle closed $2.42 higher at $361.77 and September feeder cattle closed $2.67 higher at $359.75. Luckily, although the market came close to falling below its 40-day moving average in the spot May contract, with the added technical support late in the week, the contract has again moved away from that threshold. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $1.00 to $6.00 lower and feeder heifers traded $5.00 to $10.00 lower. Steer calves sold $7.00 to $10.00 lower and heifer calves sold $5.00 to $8.00 lower. Slaughter cows traded $1.00 to $4.00 stronger, and slaughter bulls sold $1.00 lower. The weekly report did include this note, which I found interesting: Packers continue to be outbid by aggressive return to feed buyers, as cows that would typically go for slaughter are instead being returned to grass. Feeder cattle supply over 600 pounds was 75%. The CME feeder cattle index 4/25/2026: down $0.68, $369.32.
LEAN HOGS:
The lean hog complex ended the day mixed, with the market's nearby contracts closing a tick lower while the deferred contracts held onto their slightly higher position. More than anything, traders need to see greater fundamental support, and while you may want to point to today's uptick in pork demand, traders saw that support come in a little too late in the week to do much good. June lean hogs closed $1.55 lower at $101.90, July lean hogs closed $1.52 lower at $104.90 and August lean hogs closed $1.30 lower at $105.57. Hog prices averaged $90.42 on the Daily Direct Afternoon Hog Report, ranging from $88.00 to $92.00 on 1,306 head and a five-day rolling average of $92.19. Pork cutouts totaled 339.71 loads with 303.52 loads of pork cuts and 36.20 loads of trim. Pork cutout values: up $1.79, $99.61. Friday's slaughter is estimated at 485,000 head, 44,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 31,000 head. The CME lean hog index 4/23/2026: down $0.38, $91.43.
MONDAY'S HOG CALL: Lower. Packers rarely invest aggressively in the cash market on Mondays.
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