GENERAL COMMENTS:
The livestock contracts ended the day higher, as traders were willing to mildly support the contracts even without there being strong developments in the cash market. There was another thin movement on Thursday in the cash complex, but prices held steady with Wednesday's business, which is $2 lower in both regions. May corn is up 1 1/4 cents per bushel, and July soybean meal is up $0.20. The Dow Jones Industrial Average is down 179.71 points, and the NASDAQ is down 219.07 points.
Thursday's export report shared that beef net sales of 15,100 metric tons (mt) for 2026 were up 26% from the previous week and 17% from the prior four-week average. The three largest buyers were South Korea (5,100 mt), Japan (4,100 mt) and Mexico (2,100 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 57% from the previous week and 60% from the prior 4-week average. The three largest buyers were Mexico (8,900 mt), South Korea (3,300 mt) and Columbia (3,300 mt).
LIVE CATTLE:
All in all, it was a mixed day for the live cattle complex as, yes, the futures contracts were able to close higher, but the cash market kept with Wednesday's trend and cattle traded mostly $2 lower in both regions than compared to last week's weighted average. Thursday was a mixed case, as the futures contracts received a tick more technical support following the six previous days when the market scaled lower, but the market's fundamentals didn't see the same uptick in enthusiasm, as cash prices still traded lower than last week's weighted average and boxed beef prices closed lower. Some more cash cattle trade developed throughout the day with Northern dressed cattle trading at $386, and Southern live cattle traded at $246, both of which were steady prices with Wednesday's business and $2 lower than last week's weighted average. At this point, some more cleanup trade could develop, but it's looking like the bulk of this week's trade is done.
Thursday's slaughter is estimated at 106,000 head -- 2,000 head more than a week ago and 10,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.69 ($383.50) and select down $0.75 ($382.58) with a movement of 105 loads (71.24 loads of choice, 4.68 loads of select, 13.94 loads of trim and 14.83 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady with the week's trend. Some more cleanup trade could develop on Friday, but it's likely that the week's trend is set and any cattle that do trade will keep with the week's weighted average.
FEEDER CATTLE:
The feeder cattle contracts also ended the day slightly higher as the market closely followed the direction of the live cattle contracts. May feeders closed $0.45 higher at $358.87, August feeders closed $0.47 higher at $359.35 and September feeders closed $0.65 higher at $357.07. And with the market's change of direction, the spot May contract was able to maintain a position above its 40-day moving average. At Mobridge Livestock Exchange in Mobridge, South Dakota, compared to last week, the best test on steers was those weighing 850 to 899 pounds, which traded $12 to $14 higher on a thin test. Heifers weren't well tested. Feeder cattle supply over 600 pounds was 98%. The CME feeder cattle 4/22/2026: down $3.44, $370.
LEAN HOGS:
The lean hog complex was able to maintain a slightly higher position through Thursday's close, as more than anything, traders were simply willing to support the contracts. It was disappointing to note that pork cutout values closed lower again Thursday afternoon, and the cash market has been of little support this week, too. June lean hogs closed $0.82 higher at $103.45, July lean hogs closed $0.72 higher at $106.42 and August lean hogs closed $0.75 higher at $106.87. Hog prices were unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 2,261 head traded throughout the day and that now the market's five-day rolling average sits at $92.12. Pork cutouts totaled 255.36 loads with 209.99 loads of pork cuts and 45.36 loads of trim. Pork cutout values: down $0.73, $97.82. Thursday's slaughter is estimated at 490,000 head -- 1,000 head less than a week ago and 18,000 head more than a year ago. The CME lean hog index 4/21/2026: up $0.54, $91.05.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely filled the needs in the cash market and won't likely participate on Friday.
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