GENERAL COMMENTS:
The livestock complex closed mostly lower Tuesday afternoon as traders yearn to see what will develop fundamentally this week before they'll likely advance the contracts any higher. Still no cash cattle trade has developed and asking prices remain elusive at this point. May corn is down 5 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is down 127.25 points and the NASDAQ is down 32.55 points.
LIVE CATTLE:
After seven straight days of a consecutive rally, the live cattle complex closed lower Tuesday afternoon as the market is feeling some technical exhaustion. April live cattle closed $0.17 higher at $248.20, June live cattle closed $1.22 lower at $245.80 and August live cattle closed $0.50 lower at $242.37. More than anything, traders didn't want to overdo the market's rally and risk pushing the complex to a point at which a sharp correction would be necessary. Thankfully, although the market closed slightly lower Tuesday afternoon, it was merely a sideways close for the contracts as traders want to see what's going to develop fundamentally this week before they push the contracts any higher. No cash cattle trade developed throughout the day, and likely, trade won't develop until Thursday or Friday.
Tuesday's slaughter is estimated at 113,000 head, 5,000 head more than a week ago and 8,000 head less than a year ago.
It is worth noting that JBS workers are returning to work today (Tuesday) at the Greeley, Colorado, packing plant, which ends a long, three-week strike that began on March 16. Negotiations will continue on Thursday and Friday, as no labor agreement has been reached yet.
Boxed beef prices closed lower: choice down $5.30 ($382.74) and select down $2.04 ($386.33) with a movement of 155 loads (101.96 loads of choice, 6.28 loads of select, 33.84 loads of trim and 12.71 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Packers were able to gain some leverage in last week's market, but with spring demand seasonally expected to increase, they'll still likely need to stay aggressive in this week's cash market.
FEEDER CATTLE:
The feeder cattle complex followed the live cattle contracts lower through Tuesday's end as the market is experiencing some technical exhaustion after its impressive rally. April feeder cattle closed $3.12 lower at $368.90, May feeders closed $3.72 lower at $366.62 and August feeders closed $3.77 lower at $366.05. At Joplin Regional Stockyards in Cartage, Missouri, compared to last week, feeders steers under 600 pounds traded $15.00 higher, with instances all the way up to $50.00 high. Heavier-weight steers sold steady to $15.00 higher. Feeder heifers sold steady to $5.00 higher, except four weight heifers, which traded up to $50.00 higher. The sale report noted that, "in the state the grass is green and the market is on fire." Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 4/6/2026: up $0.04, $364.59.
LEAN HOGS:
The lean hog complex rounded out the day mixed, with most of the nearby contracts closing slightly lower while the deferred months ended the day a touch higher. Demand in the near future seems to be at the forefront of traders' minds, and with pork cutout values closing lower, that didn't bode well for the nearby contracts. April lean hogs closed $0.30 higher at $90.77, June lean hogs closed $0.65 lower at $107.05 and July lean hogs closed $0.15 lower at $109.80. Hog prices averaged $90.82 on the Daily Direct Afternoon hog report, with 4,671 head having traded and the market's five-day rolling average now sitting at $90.41. Pork cutouts totaled 306.93 loads with 285.02 loads of pork cuts and 21.91 loads of trim. Pork cutout values: down $1.22, $97.82. Tuesday's slaughter is estimated at 497,000 head, 2,000 head more than a week ago and 12,000 head more than a year ago. The CME lean hog index 4/3/2026: down $0.08, $89.93.
WEDNESDAY'S HOG CALL: Steady. With closing demand seeming soft, packers may not be overly aggressive in Wednesday's market.
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