GENERAL COMMENTS:
Cattle futures started the day with follow-through buyer support trickling into the market. Following the aggressive market gains earlier in the week, traders seem to be still optimistic, but much less aggressive as the week comes to a close. With markets closed Friday due to the Easter Holiday break, late-day pressure may continue to trickle into most contract months, with traders focusing more on position squaring before the three-day weekend, rather than additional market adjustments based on demand or outside market indicators. Live cattle futures remain slightly higher, but have backed away from early highs, while feeder cattle futures are mixed in limited trade at midday. Hog futures are also steady to moderately lower at midday as traders continue to see very little fundamental or technical market shifts developing in the market ahead of the closed trading day Friday. May corn is down 1 3/4 at $4.525 and May soybean meal is down $4.20 at $314.00. The Dow Jones Industrial Average is down 188.30 at 46,377.44.
LIVE CATTLE
Live cattle futures remain positive at midday with light to moderate gains redeveloping early Thursday morning. Although prices continue to shift higher, the lack of market support and enthusiasm seen earlier in the week seems to have dwindled significantly as traders try to find a balance at the higher price points. The potential for firming cash cattle trade and firming beef values will continue to be watched significantly over the next couple of weeks, but currently, traders seem to be comfortable with current positions and willing to keep markets within a narrow to moderate range through the end of the week. Futures trade will remain closed Friday due to the Good Friday holiday, leaving markets closed until next Monday. This could allow for some additional market shifts before the end of trade Thursday, but without a major outside market disruption, prices will likely coast into the long weekend with the current light to moderate gains, especially in nearby live cattle futures contracts. Cash cattle markets are starting to slowly develop, with bids now on the table in many areas, but so far, they are being passed by feeders. Asking prices have not been fully established as of yet. Packer inquiry will continue to improve as the day progresses; however, significant trade volume may be delayed until later today or Friday. In the weekly export sales report, for the period ending March 26, beef net sales of 11,900 MT for 2026 were up 12 percent from the previous week, but down 6 percent from the prior 4-week average. Increases primarily for South Korea (3,800 MT), Japan (3,100 MT), Mexico (1,300 MT), Taiwan (1,200 MT), and Hong Kong (800 MT) were offset by reductions for the Philippines (100 MT). Exports of 13,600 MT were down 5 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to South Korea (4,500 MT), Japan (2,900 MT), Mexico (1,500 MT), Taiwan (1,100 MT), and Hong Kong (1,100 MT). April live cattle are $1.13 higher at $245.175, June live cattle are $0.90 higher at $245.25 and August live cattle are $0.78 higher at $241.45.
Boxed beef prices are Lower: choice down $3.99 ($390.43) and select down $4.91 ($387.68) with a movement of 65.64 loads (39.66 loads of choice, 5.14 loads of select, 18.48 loads of trim and 2.36 loads of ground beef).
FEEDER CATTLE:
Feeder cattle markets started higher early Thursday morning but have been moving in a narrow but mixed trading range through most of the morning. Limited overall trade is seen Thursday as traders continue to focus on aggressive gains seen earlier in the week, while the overall outlook for beef and cattle markets still remains bullish. But with markets closed Friday and a long holiday weekend approaching, limited new buyer interest is seen Thursday morning, allowing for some end-of-the-week position-taking and market squaring activity. Within one week, the markets have focused on aggressive outside market swings, end-of-month adjustments, quarter-end positioning, and a holiday-shortened trading week. While there are very few strong foundational fundamental changes developing in the cattle or feeder cattle markets through the week. April feeders are $0.68 higher at $371.425, May feeders are $1.00 higher at $369. and August feeders are $1.25 higher at $368.1.
LEAN HOGS:
Lean hog prices have softened slightly in futures trade Thursday morning. The lack of new information in both outside markets and the hog complex has left traders seemingly directionless at the end of the week. Markets will remain closed Friday due to Good Friday and the upcoming Easter weekend. Hog slaughter will also remain moderately subdued Friday and Saturday, and traditionally, next Monday has limited processing runs also, which, given the current amount of market-ready hogs, will limit cash buying intensity by packers over the next week. This is in part focused on current supply, and also outside economic concerns, which may impact pork demand through the end of the year. April lean hogs are $0.38 lower at $90.55, May lean hogs are $0.48 lower at $96.3 and June lean hogs are $0.50 lower at $104.675. Hog Prices are unreported due to confidentiality on the Daily Direct Morning Hog report. Pork Cutouts totaled 127.08 loads with 108.56 loads of pork cuts and 18.52 loads of trim. Pork cutout values are up $1.84 at $97.97.
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