DTN Midday Livestock Comments          03/24 11:51

   Cattle Contracts Trade Higher Monday Morning Thanks to a Bullish Cattle on 
Feed Report

   The livestock complex is trading mixed, with the cattle contracts finding 
support from last week's incredible rally in the fed cash cattle market and the 
Cattle on Feed report.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed as the cattle contracts are trading 
higher while the lean hog complex trades slightly lower. A big line item this 
week will be the Quarterly Hogs and Pigs Report that's set to be released on 
Thursday, March 27. May corn is up 1 cent per bushel and May soybean meal is 
down $2.30. The Dow Jones Industrial Average is up 535.72 points.

LIVE CATTLE:

   Following Friday's lower close, the live cattle complex is back to rallying, 
but the market doesn't seem confident in breaking through the market's high, 
which was established last week in the June contract at $205. Today's higher 
tone likely stems from the fact that Friday's Cattle on Feed report was indeed 
bullish, but traders are now seeming to look to the market's fundamentals to 
dictate whether or not higher prices are in store for the market this week. 
April live cattle are up $0.92 at $207.87, June live cattle are up $1.52 at 
$204.30 and August live cattle are up $1.67 at $201.02.

   Last week Southern live cattle traded at mostly $210, which is $7.00 higher 
than the previous week's weighted average, and Northern dressed cattle traded 
at mostly $335, which is $10.00 higher than the previous week's weighted 
average. Depending on where the week's weighted averages land, it's likely that 
these prices mark new all-time highs in both of the regions. Last week's 
negotiated cash cattle trade totaled 94,956 head. Of that, 88% (83,685 head) 
were committed to the market's nearby delivery, while the remaining 12% (11,271 
head) were committed to the deferred delivery option.

   Boxed beef prices are mixed: choice down $0.13 ($325.32) and select up $2.16 
($311.78), with a movement of 42 loads (22.96 loads of choice, 6.46 loads of 
select, 6.34 loads of trim and 6.32 loads of ground beef).

FEEDER CATTLE:

   Following in line with the live cattle market's direction, the feeder cattle 
complex is also trading higher. April feeders are up $2.02 at $287.00, May 
feeders are up $1.60 at $286.70 and August feeders are up $1.97 at $290.80. The 
market is fearing some resistance pressure, but if fundamental support proves 
to be ample again this week, there's always the chance that traders could push 
the market higher again this week.

LEAN HOGS:

   Even though the lean hog complex closed higher Friday afternoon, the market 
is back to trading lower as it waits to see what demand is going to amount to 
this week. And yes, Pork cutout values are higher this morning, but traders are 
going to need to see more followed-through support than one day's trade before 
they'll put much credence in the demand situation. Do note that the Quarterly 
Hogs and Pigs Report will be released this upcoming Thursday. April lean hogs 
are down $0.27 at $85.65, June lean hogs are down $1.42 at $96.05 and July lean 
hogs are down $1.67 at $97.05.

   The projected lean hog index for 3/21/2025 is down $0.09 at $88.79, and the 
actual index for 3/20/2025 is down $0.32 at $88.88. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $0.23, with a weighted average price of 
$88.03, ranging from $86.00 to $90.00 on 2,118 head and a five-day rolling 
average of $89.37. Pork cutouts total 153.90 loads, with 132.55 loads of pork 
cuts and 21.35 loads of trim. Pork cutout values: up $1.53, $98.39.

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




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