DTN Midday Livestock Comments          05/21 11:32

   Traders Remain Mixed Regarding the Livestock Complex

   Bids and asking prices remain elusive in the fed cash cattle market.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It's another mixed day for the livestock complex as the lean hog and live 
cattle contracts are higher, but the feeder cattle contracts are venturing 
lower. Still no cash cattle trade has developed yet, but packer interest could 
improve at any minute. July corn is up 6 1/4 cents per bushel and July soybean 
meal is up $1.30. The Dow Jones Industrial Average is down 352.45 points and 
the NASDAQ is up 63.36 points.

LIVE CATTLE:

   The live cattle complex is trading mildly higher as traders show light 
interest toward the market, but don't have enough technical buy-in to do much. 
June live cattle are up $0.60 at $213.77, August live cattle are up $0.42 at 
$208.27 and October live cattle are up $0.47 at $205.80. It is supportive that 
boxed beef prices are higher, but as mentioned above, it's unlikely that 
traders are going to do much with that positive fundamental development ahead 
of the long three-day weekend. Still no cash cattle trade has developed, and 
bids and asking prices remain elusive. It is assumed that prices will trade 
steady at best this week as packers have been able to buy some supply in recent 
weeks.

   Boxed beef prices are higher: choice up $0.71 ($359.46) and select up $4.06 
($349.02) with a movement of 67 loads (36.92 loads of choice, 9.27 loads of 
select, 3.37 loads of trim and 17.63 loads of ground beef).

FEEDER CATTLE:

   Although the live cattle complex is lending support, the feeder cattle 
contracts are mostly trading lower into Wednesday's noon hour as traders don't 
feel comfortable advancing the contracts at this point. Prices in the 
countryside have dipped slightly this week as some buyers have fulfilled their 
needs already for grass orders, and others are still leery of being overstocked 
with drought lingering. August feeders are down $0.87 at $296.62, September 
feeders are down $0.90 at $295.30 and October feeders are down $0.97 at $293.07.

LEAN HOGS:

   The lean hog complex has seemed to gain a second wind as the contracts are 
trading mostly higher into Wednesday's noon hour. Yes, pork cutout values are 
up slightly, but a mere $0.36 rally at midday isn't likely enough to be the 
sole reason why traders are pushing the contracts higher at noon today. It will 
be especially important to monitor how the complex closes this afternoon as the 
spot June contract is battling the market's resistance at $100. June lean hogs 
are steady at $100.02, July lean hogs are down $0.07 at $103.50 and August lean 
hogs are up $0.25 at $103.25.

   The projected lean hog index for 5/20/2025 is up $0.49 at $92.34, and the 
actual index for 5/19/2025 is up $0.39 at $91.85. Hog prices are higher on the 
Daily Direct Morning Hog Report, up $2.09 with a weighted average price of 
$96.60, ranging from $90.00 to $99.00 on 4,155 head and a five-day rolling 
average of $95.99. Pork cutouts total 129.21 loads, with 112.06 loads of pork 
cuts and 17.15 loads of trim. Pork cutout values: up $0.36, $100.88.

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




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