GENERAL COMMENTS:
The livestock complex is trading mostly lower into Wednesday's noon hour as traders would simply like to see more fundamental support arise before they advance the contracts any further. No cash cattle trade has developed but there's a bid currently offered in Kansas at $248. May corn is up 7 3/4 cents per bushel and May soybean meal is up $3.10. The Dow Jones Industrial Average is down 198.24 points and NASDAQ is up 255.86 points.
LIVE CATTLE:
Following Tuesday's sizeable rally, once again the live cattle complex is mildly retreating as traders look to the market's fundamentals and desperately hope something bullish arises from the cash market later this week when trade develops. April live cattle are down $0.32 at $252.22, June live cattle are down $0.70 at $250.72 and August live cattle are down $0.72 at $245.80. More than anything traders are scanning the marketplace, hoping to find some fundamental support that will justify the market's position before too much buyers' remorse sets into the marketplace and the contracts scale back sizably. Still no cash cattle trade has developed but asking prices are noted in Texas at $252 plus, but the rest of the countryside remains idle with only one bid on the table at $248 in Kansas.
Boxed beef prices are lower: choice down $1.18 ($382.02) and select down $0.57 ($379.23) with a movement of 55 loads (46.32 loads of choice, 3.18 loads of select, zero loads of trim and 5.19 loads of ground beef).
FEEDER CATTLE:
Although the feeder cattle complex has been the unwavering market within the livestock complex, trading higher in a carefree fashion, even the feeder cattle complex has eased its bullish tone as the contracts are trading fully lower into Wednesday's noon hour. This move is likely happening as traders yearn to see greater fundamental support from the live cattle complex and aren't thrilled with the weakness of the live cattle futures. April feeder cattle are down $2.35 at $373.52, May feeders are down $3.57 at $371.27 and August feeders are down $3.42 at $372.40.
LEAN HOGS:
Mixed tones are seen throughout the lean hog complex as the nearby contracts scale lower and some of the deferred contracts trade mildly higher. June lean hogs are down $0.62 at $101.82, July lean hogs are down $0.37 at $104.97 and August lean hogs are down $0.17 at $105.22. And the main reason the midday carcass price was pulled lower is because of a $6.22 decline in the rib and a $6.09 decline in the belly.
The projected CME Lean Hog Index for 4/14/2026 is up $0.27 at $90.60, and the actual index for 4/13/2026 is up $0.06 at $90.33. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.94 with a weighted average price of $90.20, ranging from $91.00 to $92.50 on 3,075 head and a five-day rolling average of $90.81. Pork cutouts totaled 154.73 loads with 135.33 loads of pork cuts and 19.39 loads of trim. Pork cutout values: down $1.66, $96.94.
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