DTN Midday Livestock Comments 03/31 11:46

3/31/2025 - 12:17:00

DTN Midday Livestock Comments          03/31 11:46

   Cattle Trade Lower at the Week's Start

   Upon reaching new technical highs just last week, the cattle contracts are 
again trading cautiously until traders can see what this week's fundamental 
support will amount to.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It's been a mixed morning for the livestock complex as once again traders 
are cautious of how they're handling the cattle complex but are more willing to 
support the lean hog complex. New showlists appear to be mixed, higher in 
Kansas, somewhat smaller in Texas and lower in Nebraska/Colorado. May corn is 
up 5 3/4 cents per bushel and May soybean meal is up $0.30. The Dow Jones 
Industrial Average is up 111.39 points.

LIVE CATTLE:

   As the market tip-toes into the new week, traders are again cautious not to 
be overly supportive of the contracts ahead of seeing what's going to develop 
fundamentally this week. April live cattle are down $0.95 at $207.87, June live 
cattle are down $1.35 at $203.50 and August live cattle are down $1.12 at 
$199.85. Just last week the futures complex reached yet another new contract 
high in the spot June contract, so it's natural for traders to be cautious amid 
reaching new technical highs. It's likely that the cash cattle market won't 
trade until Friday again this week. New showlists appear to be mixed, higher in 
Kansas, somewhat smaller in Texas and lower in Nebraska/Colorado.

   Last week Southern live cattle traded at mostly $209 to $210 which is steady 
to $1.00 lower than the previous week's weighted average. Northern dressed 
cattle traded at $335 which is steady with the previous week's weighted average 
as well, but regional packers paid as much as $345 which is $10.00 higher than 
the previous week's weighted average.

   Boxed beef prices are higher: choice up $1.01 ($333.83) and select up $0.49 
($319.17) with a movement of 53 loads (26.91 loads of choice, 6.37 loads of 
select, 4.71 loads of trim and 14.94 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is again trapped and feeling unable to take on the 
resistance pressure of its market, while the live cattle contracts trade lower. 
The market has seemed to somewhat plateau and unless something riveting happens 
in the live cattle complex, it's unlikely that the market will move boldly 
enough on its own to push through this barrier. April feeders are down $0.85 at 
$286.07, May feeders are down $1.05 at $284.12 and August feeders are down 
$0.55 at $289.12.

LEAN HOGS:

   The lean hog complex was trading lower at the day's start, but throughout 
the morning the market has grown stronger and thankfully the contracts are 
trading fully higher into Monday's noon hour. April lean hogs are up $0.52 at 
$87.22, June lean hogs are up $0.12 at $95.90 and July lean hogs are steady at 
$96.60. It's likely helping that the market has stronger pork cutout values 
this morning, which is largely stemming from the ham's $4.39 uptick.

   The projected lean hog index for 3/28/2025 is down $0.28 at $88.50, and the 
actual index for 3/27/2025 is down $0.35 at $88.78. Hog prices are higher on 
the Daily Direct Morning Hog Report, up $0.54 with a weighted average price of 
$88.45, ranging from $86.50 to $91.00 on 622 head and a five-day rolling 
average of $87.96. Pork cutouts total 128.89 loads with 104.39 loads of pork 
cuts and 24.49 loads of trim. Pork cutout values: up $1.44, $98.00.

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




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