GENERAL COMMENTS:
The livestock complex is mixed Monday with the live cattle contracts fully higher while the feeder cattle and lean hog contracts are mixed. If stronger cash cattle trade develops during the week, trades will likely feel more comfortable pushing the contracts higher. May corn is up 3 1/2 cents per bushel and July soybean meal is down $4.60. The Dow Jones Industrial Average is down 68.00 points and NASDAQ is down 157.54 points.
LIVE CATTLE:
The live cattle complex is enjoying a modest rally at the week's start as traders feel the market endured enough immediate downward pressure late last week and they're also pleased with last Friday's Cattle on Feed report. It's too early in the week to say whether the market will be able to scale higher following last week's slight correction -- as really that decision is going to be based on whether fundamental support arises (especially from the cash market). April live cattle are up $0.87 at $250.82, June live cattle are up $0.40 at $247.75 and August live cattle are up $0.67 at $243.50.
Last week Northern dressed cattle traded at $385 to $392, but mostly at $388 which is steady to $1.00 lower than the previous week's weighted average and Southern live cattle traded at mostly $248 which is generally steady with the previous week's weighted average.
Boxed beef prices are higher: choice up $2.00 ($383.06) and select up $5.92 ($383.52) with a movement of 30 loads (20.91 loads of choice, 3.72 loads of select, zero loads of trim and 5.26 loads of ground beef).
FEEDER CATTLE:
The feeder cattle contracts were trading mostly higher throughout the morning, but as the noon hour nears the market is seeing most of its nearby contracts change directions and trade lower. April feeder cattle are up $0.15 at $371.47, May feeders are down $0.32 at $364.95 and August feeders are down $0.30 at $365.37. More than anything it's likely traders yearn to see greater fundamental support before they advance the contracts much more.
LEAN HOGS:
The lean hog contracts are mixed headed into Monday's noon hour with the nearby contracts slightly higher while the deferred months scale lower. June lean hogs are up $0.50 at $101.55, July lean hogs are up $0.10 at $103.77 and August lean hogs are steady at $103.90. Thankfully some of the upward movement in the nearby contracts likely stems from traders recognizing the fundamental support from consumers which has trended higher over the last several trading days.
The projected CME Lean Hog Index for 4/17/2026 is down $0.14 at $90.37, and the actual index for 4/16/2026 is down $0.15 at $90.51. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality; however we can see that only 330 head have traded this morning and the market's five-day rolling average now sits at $91.13. Pork cutouts total 134.05 loads with 115.19 loads of pork cuts and 18.87 loads of trim. Pork cutout values: up $1.86, $101.06.
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