GENERAL COMMENTS:
The livestock complex ended the day mixed, with the cattle contracts rallying while the hog contracts fell further. Still no cash cattle trade has developed. May corn is up 2 3/4 cents per bushel and May soybean meal is down $2.20. The Dow Jones Industrial Average is up 317.74 points and the NASDAQ is up 455.34 points.
LIVE CATTLE:
Tuesday was a red-hot day for the live cattle complex as the market charged higher, scoring a new contract high for the spot June contract at $251.42 and currently sitting $7.67 higher than the top reached last October. Today's strength largely stemmed from the support of the equity markets, as traders are hopeful that tensions may be easing in the Middle East. Traders are also hopeful that greater fundamental support will develop later this week, as packers were unable to secure many cattle purchases in last week's cash market. April live cattle closed $1.90 higher at $252.55, June live cattle closed $2.90 higher at $251.42 and August live cattle closed $2.07 higher at $246.52. Still no cash cattle trade has developed, and business will likely be delayed until Thursday or Friday.
And it's worth noting that for the first time in the last six trading days, choice cuts closed at a higher price point than select cuts did. Tuesday's slaughter is estimated at 112,000 head, 1,000 head less than a week ago and 9,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.28 ($383.20) and select down $3.84 ($379.80) with a movement of 95 loads (62.41 loads of choice, 14.88 loads of select, 6.49 loads of trim and 10.86 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers weren't able to get many cattle bought last week in the cash market (less than 40,000 head), it's likely that they'll need to be more aggressive this week.
FEEDER CATTLE:
With plenty of support rushing to lend a hand and encourage the feeder cattle contracts to trade higher, the market did just that. All throughout Tuesday's market, the feeder cattle complex traded higher as traders are pleased to note the uptick in the live cattle contracts and are still seeing stable support in the countryside. April live cattle closed $1.40 higher at $375.87, May feeders closed $2.02 higher at $374.85 and August feeders closed $2.50 higher at $375.82. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers sold steady to $10.00 lower, except light four weights and three weights traded $20.00 to $35.00 lower. But heavy eight weights traded $5.00 stronger. Feeder heifers sold steady to $12.00 higher. Feeder cattle supply over 600 pounds was 63%. The CME feeder cattle index 4/13/2026: up $1.08, $375.02.
LEAN HOGS:
The lean hog complex ended the day lower once again as traders simply don't believe the market possesses enough support to confidently trade the complex higher. June lean hogs closed $0.67 lower at $102.45, July lean hogs closed $0.72 lower at $105.35 and August lean hogs closed $0.55 lower at $105.40. And not helping matters today was the fact that pork cutout values closed lower, too. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.73 with a weighted average price of $90.77 on 5,593 head. Pork cutouts totaled 311.42 loads with 267.85 loads of pork cuts and 43.57 loads of trim. Pork cutout values: down $0.50, $98.64. Tuesday's slaughter is estimated at 491,000 head, 6,000 head less than a week ago and 5,000 head more than a year ago. The CME lean hog index 4/10/2026: down $0.01, $90.27.
WEDNESDAY'S HOG CALL: Steady. Packers were a tick more aggressive today in the cash market, but they still likely need more hogs.
No comments:
Post a Comment