DTN Midday Livestock Comments          05/05 11:47

   Cattle Continue to Charge Higher

   The livestock complex is off to a mixed start for the week as cattle 
continue to rally while hogs face mild technical pressure. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Monday's noon hour as cattle 
futures continue to trade higher -- mainly being fueled by the bullish 
sentiment of the market -- but the hog complex is mixed. No bids or asking 
prices have surfaced yet for this week's cash cattle market. May corn is down 
12 1/2 cents per bushel and May soybean meal is down $0.20. The Dow Jones 
Industrial Average is up 99.00 points and NASDAQ is down 68.61 points.

LIVE CATTLE:

   The live cattle complex has aggressively stepped into the new week as the 
market is trading upwards of $1.00 to $2.00 higher in all contracts. Just when 
you think the futures complex has found a top -- traders seem to catch a second 
wind and run the contracts higher. Of course, at these levels, risk is always 
looming, but the name of the game Monday morning is bold bullishness. June live 
cattle are up $2.60 at $213.67, August live cattle are up $2.25 at $209.02 and 
October live cattle are up $1.82 at $206.30.

   Last week Southern live cattle traded at mostly $218, which is $5.00 to 
$6.00 higher than the previous week's weighted average, and Northern dressed 
cattle traded at mostly $350, which is $8.00 higher than the previous week's 
weighted average. Prices for both regions will likely mark new record highs 
depending on where the USDA report's weighted averages land.

   Boxed beef prices are higher: choice up $2.89 ($345.79) and select up $2.41 
($327.76) with a moment of 30 loads (20.23 loads of choice, 5.04 loads of 
select, zero loads of trim and 4.60 loads of ground beef).

FEEDER CATTLE:

   With the added encouragement from the live cattle complex, the feeder cattle 
contracts have leapt back into action as they're trading mostly $2.00 higher 
into Monday's noon hour. May feeders are up $1.45 at $296.40, August feeders 
are up $1.80 at $298.70 and September feeders are up $1.95 at $297.50. So long 
as fundamental support remains plentiful again this week, there's a chance the 
feeder cattle complex will be able to at least maintain its position, if not 
trade a little higher as buyers will likely stay engaged in the feeder cattle 
market as turn-out season to grass is just a month away.

LEAN HOGS:

   The lean hog complex is trading mixed to kick the week off as traders want 
to see more fundamental support before they do any more advancing on the 
futures front. June live cattle are up $0.37 at $99.72, July lean hogs are up 
$0.20 at $100.90 and August lean hogs are up $0.12 at $99.25. But if pork 
cutout values find some stability in terms of consistent price and daily 
support, then there's a chance traders may be will to mildly trade the 
contracts higher.

   The projected CME Lean Hog Index for 5/2/2025 is up $0.18 at $89.87, and the 
actual index for 5/1/2025 is up $0.12 at $89.69. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $1.57 with a weighted average price of 
90.66, ranging from $87.50 to $94.00 on 644 head and a five-day rolling average 
of $92.65. Pork cutouts total 170.13 loads with 133.65 loads of pork cuts and 
36.48 loads of trim. Pork cutout values: down $1.13, $97.25.

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




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