GENERAL COMMENTS:
The livestock complex ended the day lower as traders continue to yearn for one thing -- greater fundamental support. Some light cash cattle trade did develop, and prices were mostly steady in the South to $1.00 lower in the North. May corn is down 2 3/4 cents per bushel and May soybean meal is down $1.70. The Dow Jones Industrial Average is up 115.00 points and the NASDAQ is up 86.68 points.
Thursday's export report shared beef net sales of 12,100 metric tons (mt) for 2026, which were down 31% from the previous week, but up 12% from the prior four-week average. Increases were primarily for South Korea (4,900 MT, including decreases of 500 MT), Japan (2,400 MT, including decreases of 400 MT), Mexico (1,400 MT), Taiwan (1,300 MT, including 100 MT switched from Hong Kong and decreases of 200 MT), and Canada (400 MT). Pork exports of 13,400 MT were up 1 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (3,000 MT), Hong Kong (1,500 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).
LIVE CATTLE:
After a large rally over the last three weeks, with the spot June live cattle contract rallying $12.82 as of this afternoon's close in the last 15 days, the market is at a tipping point. Either trades need to see more fundamental support to justify allowing the contracts to trade higher, or there's a chance that the top is in for this stint of the bull run. It's too hard to say which is more likely at this point, and as always, time will need to play out, and our answer will eventually unveil itself. April live cattle closed $2.30 lower at $250.30, June live cattle closed $3.45 lower at $247.62 and August live cattle closed $3.05 lower at $243.07. A few deals have been reported sold in parts of the South at $248, about steady with last week's weighted averages, and some dressed sales in parts of Nebraska have been marked at $388, nearly $1 lower than the previous week's weighted average.
Thursday's slaughter is estimated at 104,000 head, 1,000 head less than a week ago and 16,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.41 ($381.57) and select down $0.10 ($378.48) with a movement of 104 loads (73.48 loads of choice, 8.76 loads of select, 9.87 loads of trim and 12.21 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that some light trade has now developed, likely, prices will mostly hold steady with the week's trend, but with there only being light test traded so far, there's still a chance that prices could improve on Friday after the Cattle on Feed report.
FEEDER CATTLE:
The feeder cattle complex followed in the same direction as the live cattle complex, seeming uncomfortable to advance its own contracts without the support of the live cattle market. April feeder cattle closed $0.42 lower at $373.07, May feeders closed $3.85 lower at $367.10 and August feeders closed $3.67 lower at $368.52. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold unevenly in large numbers, with 550-to-600-pound steers traded $15.00 to $18.00 higher. Feeder steers traded steady to $15.00 lower. Heifer calves weighing 450 to 500 pounds sold $18.00 to $20.00 higher. Feeder heifers weighing 700 to 750 pounds sold $10.00 higher. Slaughter cows sold steady to $5.00 higher, but slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 37%. The CME feeder cattle index 4/15/2026: up $3.63, $379.09.
LEAN HOGS:
And again, this afternoon, the lean hog complex stair-stepped its way lower as the market seems unable to gain any technical support. Yes, afternoon pork cutout values did close a bit higher today, but to traders, that seems like support that came a little too late in the week to really make an impact. June lean hogs closed $0.27 lower at $101.67, July lean hogs closed $0.62 lower at $104.35 and August lean hogs closed $0.57 lower at $104.57. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.72 with a weighted average price of $90.16 on 717 head. Pork cutouts totaled 276.93 loads with 223.86 loads of pork cuts and 53.06 loads of trim. Pork cutout values: up $1.54, $96.68. Thursday's slaughter is estimated at 491,000 head, 4,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 4/14/2026: up $0.27, $90.60.
FRIDAY'S HOG CALL: Lower. At this point, packers have the vast majority of their buying done for the week.
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