DTN Midday Livestock Comments          03/25 11:46

   Tuesday Turns Cattle Contracts Noticeably Lower 

   Heading into Tuesday afternoon, it's likely cattle contracts continue to 
trade lower as traders are on edge about the market's technical position.  

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Traders continue to remain skeptical of the cattle complex as they're 
concerned the market is overbought and somewhat due for a correction. 
Meanwhile, the lean hog complex is simply pleased pork cutout values are higher 
and is trading higher because of the added consumer demand. May corn is down 6 
3/4 cents per bushel and May soybean meal is down $2.90. The Dow Jones 
Industrial Average is down 50.29 points.

LIVE CATTLE:

   It's been a disgruntling day for the live cattle complex. Even though we 
knew the market would likely face some technical pressure this week, seeing the 
contracts trade anywhere from $1.00 to $2.00 lower is aggravating following the 
wild success the market had last week. April live cattle are down $1.67 at 
$204.22, June live cattle are down $2.02 at $200.12, and August live cattle are 
down $2.32 at $196.72. Until traders see what this week's fed cash cattle trade 
is going to amount to -- they'll likely remain on edge and leery of being too 
supportive. Asking prices are noted in the South at $212-plus, but are still 
not established in the North. Trade will likely be delayed until Thursday or 
Friday.

   Boxed beef prices are higher: choice up $6.93 ($334.03) and select up $0.11 
($313.69) with a movement of 63 loads (39.68 loads of choice, 6.59 loads of 
select, 8.35 loads of trim and 8.42 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading lower as it continues to mirror 
the mannerisms of the live cattle market. April feeders are down $2.25 at 
$283.00, May feeders are down $2.50 at $282.35, and August feeders are down 
$2.32 at $286.17. And until some support develops technically, the contracts 
likely will continue to trade lower as the market's current weakness is largely 
stemming from trader worry that the complex is overbought.

LEAN HOGS:

   The lean hog complex is trading higher as the market is pleased to see pork 
cutout values higher Tuesday morning. The day's higher note in the carcass 
price, however, largely is thanks to the whopping $19.39 rally in the belly, 
while most of the other cuts are trading lower. Nevertheless, traders are 
electing to view the note of this morning's higher carcass price as positive 
support. April lean hogs are up $0.95 at $86.65, June lean hogs are up $1.05 at 
$96.85, and July lean hogs are up $1.05 at $97.82.

   The projected CME Lean Hog Index for 3/24/2025 is up $0.11 at $88.90, and 
the actual index for 3/21/2025 is down $0.09 at $88.79. Hog prices are higher 
on the Daily Direct Morning Hog Report, up $0.20 with a weighted average price 
of $88.23, ranging from $87.00 to $90.00 on 2,346 head and a five-day rolling 
average of $88.97. Pork cutouts total 187.67 loads with 167.13 loads of pork 
cuts and 20.54 loads of trim. Pork cutout values: up $2.99, $100.36. Pork 
cutout values: up $2.99, $100.36.

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




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