GENERAL COMMENTS:
The livestock complex is mixed as the cattle contracts need to see greater support from the fed cash cattle market and lean hog futures are still mostly higher. No cash cattle trade has developed yet, but bids have surfaced across most of the major feeding states. May corn is up 2 cents per bushel and July soybean meal is down $1.60. The Dow Jones Industrial Average is up 309.78 points and NASDAQ is up 306.69 points.
LIVE CATTLE:
With some choppiness in boxed beef prices and still no sizeable trade volume in the cash market, it comes as no real surprise to see the futures trading lower. April live cattle are down $0.85 at $246.57, June live cattle are down $0.80 at $242.75 and August live cattle are down $0.77 at $238.92. There are bids surfacing in the cash market, but there is yet to be any sizeable trade. Asking prices are noted at $388 in Nebraska, but otherwise no other asking prices are reported. Trade could begin to develop later Wednesday afternoon, but it's more likely trade will be delayed until Thursday or Friday. April live cattle are down $0.15 at $247.27, June live cattle are down $0.47 at $243.07 and August live cattle are down $0.30 at $239.40.
Boxed beef prices are mixed: choice down $1.09 ($385.09) and select up $3.06 ($390.26) with a movement of 58 loads (50.78 loads of choice, 2.50 loads of select, zero loads of trim and 4.35 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex was trading slightly higher earlier Wednesday, but upon seeing the live cattle contracts soften and scale lower, the feeder cattle moved that way as well. It's not helpful that corn prices are slightly higher either. Although corn prices remain affordable from a historical perspective, a three-day rally in the spot July corn contract is something traders have noted. April feeders are up $0.32 at $366.90, May feeders are down $0.45 at $358.10 and August feeders are down $0.52 at $358.42.
LEAN HOGS:
The lean hog complex is continuing to trend mostly higher, although the spot June contract is a tick softer Wednesday morning as morning pork cutout values are lower. More than anything it's a relief to see the complex turn direction and trade higher, largely because of the uptick in consumer support. That consumer demand will need to remain a stable supportive factor to move forward. June lean hogs are down $0.17 at $103.02, July lean hogs are up $0.70 at $105.92 and August lean hogs are up $1.12 at $106.25. The projected CME Lean Hog Index for 4/21/2026 is up $0.54 at $91.05, and the actual index for 4/20/2026 is up $0.14 at $90.51. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.90 with a weighted average price $89.83, ranging from $88.00 to $94.00 on 1,085 head and a five-day rolling average of $91.05. Pork cutouts total 178.70 loads with 152.28 loads of pork cuts and 26.42 loads of trim. Pork cutout values: down $0.26, $99.08.
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