GENERAL COMMENTS:
The cattle contracts are enjoying a midmorning rally Tuesday, which has helped push both the live cattle and feeder cattle futures higher thanks to an uptick in the equity markets. Meanwhile the lean hog complex continues to trade lower as traders remain unconvinced that there's enough support to push the market higher. June lean hogs are down $0.60 at $102.525, May corn is up 3 3/4 cents per bushel and May soybean meal is down $0.00. The Dow Jones Industrial Average is up 280.07 points and NASDAQ is up 390.69 points.
LIVE CATTLE:
The live cattle complex seems to be looking beyond Monday's nervous state and has taken a bullish approach to Tuesday's trade as the market is trading anywhere from $1.00 to $2.00 higher into Tuesday's noon hour. April live cattle are up $2.00 at $252.65, June live cattle are up $2.52 at $251.05 and August live cattle are up $1.97 at $246.42. But the real question remains: Why and what next? Is it because the higher equity markets are hopeful that tensions are easing in the Middle East and that has helped live cattle contracts regain some bullishness? Or are traders hopeful the market will see greater fundamental support later in the week? Either way, it will be vital for the market to see stable support because if it doesn't, this bullish run may be short-lived given the massive rally the market has already seen over the last two weeks. No cash cattle trade has developed yet.
Boxed beef prices are mixed: choice up $2.86 ($384.78) and select down $0.56 ($383.08) with a movement of 43 loads (29.90 loads of choice, 5.89 loads of select, zero loads of trim and 6.94 loads of ground beef).
FEEDER CATTLE:
Keeping with the same trend, the feeder cattle contracts are enjoying a fruitful rally into Tuesday's noon hour. April feeders are up $1.27 at $375.75, May feeders are up $1.77 at $374.50 and August feeders are up $2.15 at $375.47. As long as the live cattle contracts continue to trend higher and lend extra technical support and buyer demand remains robust in the countryside, the feeder contracts will likely continue to trend higher, if not at least hold steady.
LEAN HOGS:
Simply unwilling to change its direction, the lean hog contracts are again trading lower. One would think the market would be pleased with the slight uptick in demand from consumers, but that isn't seeming to ease the technical pressure the market continues to endure. June lean hogs are down $0.57 at $102.55, July lean hogs are down $0.72 at $105.35 and August lean hogs are down $0.50 at $105.45.
The projected CME Lean Hog Index for 4/13/2026 is up $0.06 at $90.33 and the actual index for 4/10/2026 is down $0.01 at $90.27. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.03 with a weighted average price of $90.26, ranging from $88.00 to $92.50 on 3,289 head and a five-day rolling average of $89.97. Pork cutouts total 156.39 loads with 140.49 loads of pork cuts and 15.90 loads of trim. Pork cutout values: up $0.38, $99.52.
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