DTN Midday Livestock Comments          04/17 11:53

   Traders Push Livestock Contracts Higher While Waiting for Cash Cattle Trade

   Later this afternoon, the market will have plenty to sort through as the 
monthly Cattle on Feed report will be released and there's a chance that some 
cash cattle trade could develop.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Although it's late in the week, the livestock complex continues to be well 
supported by traders as all three of the markets are trading higher into 
Thursday's noon hour. Bids are on the table in Nebraska, but otherwise the cash 
cattle market sits in silence. May corn is up 1 1/4 cents per bushel and May 
soybean meal is down $1.60. The Dow Jones Industrial Average is down 502.64 
points.

   Beef net sales of 17,500 mt for 2025 were up 47% from the previous week and 
78% from the prior 4-week average. The three largest buyers were Japan (7,700 
mt), South Korea (3,700 mt) and Mexico (2,100 mt). Pork net sales of 20,500 mt 
for 2025 were down 14% from the previous week and 35% from the prior 4-week 
average. The three largest buyers were Japan (7,100 mt), Mexico (3,200 mt) and 
South Korea (2,300 mt).

LIVE CATTLE:

   Traders are patiently waiting for this week's fed cash cattle trade to get 
underway, but that's not holding them back from pushing the live cattle 
contracts higher. April live cattle are up $2.15 at $209.22, June live cattle 
are up $1.55 at $203.62 and August live cattle are up $0.97 at $199.92. There's 
a chance that the anticipation of this afternoon's Cattle on Feed report could 
derail some of trader's will to continue to drive the contracts higher, but at 
this point, that's not yet been the case. There are few bids on the table in 
parts of Nebraska at $208 live and $328 dressed, but still no cattle have 
traded. The South remains quiet without any bids having surfaced, but asking 
prices are noted at $208 to $210. At this point, trade could develop later this 
afternoon or potentially be delayed until Friday.

   Boxed beef prices are higher: choice up $1.34 ($334.87) and select up $2.82 
($317.21) with a movement of 49 loads (26.97 loads of choice, 5.52 loads of 
select, 7.71 loads of trim and 8.90 loads of ground beef).

FEEDER CATTLE:

   Again, the feeder cattle complex is relentlessly rallying into the day's 
noon hour, despite the fact that later today the month's Cattle on Feed report 
will be released. Given that the estimated values of which placements could be, 
there's a chance that some market hesitation could creep into the complex this 
afternoon leading up to that report. But all throughout Thursday's trade, the 
feeder cattle contracts have willfully traded higher as bullish undertones 
continue to be the market's biggest theme. May feeders are up $2.30 at $286.72, 
August feeders are up $1.72 at $291.17 and September feeders are up $1.17 at 
$289.80.

LEAN HOGS:

   The lean hog complex is leaning into Thursday's noon hour fully higher and 
is very appreciative of the help of stronger pork cutout values late this week. 
June lean hogs are up $0.52 at $98.47, July lean hogs are up $0.67 at $98.57 
and Augst lean hogs are up $0.62 at $96.90. It's rather impressive to note that 
this morning, not a single major cut is reported lower, but the belly does take 
today's cake with the highest day-over-day gain of $6.36. However, it's 
followed by the picnic, which is up $3.89.

   The projected lean hog index for 4/16/2025 is up $0.12 at $85.21, and the 
actual index for 4/15/2025 is down $0.28 at $85.09. Hog prices are unavailable 
on the Daily Direct Morning Hog Report because of confidentiality. However, we 
can see that only 201 head have traded and that the market's five-day rolling 
average now sits at $85.03. Pork cutouts total 175.11 loads with 152.72 loads 
of pork cuts and 22.39 loads of trim. Pork cutout values: up $2.15, $94.19.

   ShayLe Stewart can be reached shayle.stewart@dtn.com




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