GENERAL COMMENTS:
The livestock complex is seeing mixed trade at midday Friday, as the cattle contracts are trading higher thanks to some additional technical support. However, the lean hog complex is stalling and trading mostly lower. No new cash cattle trade has developed, and it's looking like the bulk of this week's trade is done with. July corn is down 1 1/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is down 124.47 points and the NASDAQ is up 372.28 points.
LIVE CATTLE:
The live cattle complex is trading higher into Friday's noon hour as the market has thankfully stumbled into some technical support. June live cattle are up $1.35 at $244.85, August live cattle are up $1.27 at $241.40 and October live cattle are up $1.57 at $237.30. Following the market's regression earlier this week, on Thursday, the market seemed to have established a short-term bottom for the time being. And it's pretty impressive that the market has done this while receiving no support from the cash market, as prices have been lower this week. So far this week, Northern dressed deals have had a range of $385 to mostly $386, $2 lower than the prior week's weighted averages. Southern live trade has been marked at $246, $2 lower than the previous week's weighted averages. At this point, some more clean-up trade could develop in the cash market, but the bulk of the week's trade is likely done with.
Boxed beef prices are higher: choice up $3.66 ($387.16) and select up $2.38 ($384.96) with a movement of 44 loads (27.98 loads of choice, 2.72 loads of select, 5.56 loads of trim and 8.09 loads of ground beef).
FEEDER CATTLE:
And in keeping with alignment to the live cattle market, the feeder cattle contacts are also trading higher. May feeders are up $2.22 at $361.10, August feeders are up $2.45 at $361.80 and September feeders are up $2.65 at $359.72. The market's change in direction has thankfully kept the spot May contract above its 40-day moving average, which remains a critical threshold to monitor.
LEAN HOGS:
The lean hog complex is trading lower into Friday's noon hour as the market seems to be stalling out. Although pork demand may seem stronger today as the carcass price is up $2.63, demand has been choppy this week, and traders need more fundamental support if they're going to successfully trade the contracts any higher. June lean hogs are down $0.67 at $102.77, July lean hogs are down $0.77 at $105.65 and August lean hogs are down $0.70 at $106.17.
The projected lean hog index for 4/23/2026 is up $0.01 at $91.44 and the actual index for 4/22/2026 is up $0.38 at $91.43. Hog prices are unavailable at this time because of packer submission issues. Pork cutouts totaled 226.21 loads with 204.55 loads of pork cuts and 21.65 loads of trim. Pork cutout values: up $2.63, $100.45.
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