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DTN Midday Livestock Comments 04/15 11:44
Traders Desire Greater Fundamental Support
Still no cash cattle trade has developed but there is a bid offered at $248
in Kansas currently.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is trading mostly lower into Wednesday's noon hour as
traders would simply like to see more fundamental support arise before they
advance the contracts any further. No cash cattle trade has developed but
there's a bid currently offered in Kansas at $248. May corn is up 7 3/4 cents
per bushel and May soybean meal is up $3.10. The Dow Jones Industrial Average
is down 198.24 points and NASDAQ is up 255.86 points.
LIVE CATTLE:
Following Tuesday's sizeable rally, once again the live cattle complex is
mildly retreating as traders look to the market's fundamentals and desperately
hope something bullish arises from the cash market later this week when trade
develops. April live cattle are down $0.32 at $252.22, June live cattle are
down $0.70 at $250.72 and August live cattle are down $0.72 at $245.80. More
than anything traders are scanning the marketplace, hoping to find some
fundamental support that will justify the market's position before too much
buyers' remorse sets into the marketplace and the contracts scale back sizably.
Still no cash cattle trade has developed but asking prices are noted in Texas
at $252 plus, but the rest of the countryside remains idle with only one bid on
the table at $248 in Kansas.
Boxed beef prices are lower: choice down $1.18 ($382.02) and select down
$0.57 ($379.23) with a movement of 55 loads (46.32 loads of choice, 3.18 loads
of select, zero loads of trim and 5.19 loads of ground beef).
FEEDER CATTLE:
Although the feeder cattle complex has been the unwavering market within the
livestock complex, trading higher in a carefree fashion, even the feeder cattle
complex has eased its bullish tone as the contracts are trading fully lower
into Wednesday's noon hour. This move is likely happening as traders yearn to
see greater fundamental support from the live cattle complex and aren't
thrilled with the weakness of the live cattle futures. April feeder cattle are
down $2.35 at $373.52, May feeders are down $3.57 at $371.27 and August feeders
are down $3.42 at $372.40.
LEAN HOGS:
Mixed tones are seen throughout the lean hog complex as the nearby contracts
scale lower and some of the deferred contracts trade mildly higher. June lean
hogs are down $0.62 at $101.82, July lean hogs are down $0.37 at $104.97 and
August lean hogs are down $0.17 at $105.22. And the main reason the midday
carcass price was pulled lower is because of a $6.22 decline in the rib and a
$6.09 decline in the belly.
The projected CME Lean Hog Index for 4/14/2026 is up $0.27 at $90.60, and
the actual index for 4/13/2026 is up $0.06 at $90.33. Hog prices are higher on
the Daily Direct Morning Hog Report, up $1.94 with a weighted average price of
$90.20, ranging from $91.00 to $92.50 on 3,075 head and a five-day rolling
average of $90.81. Pork cutouts totaled 154.73 loads with 135.33 loads of pork
cuts and 19.39 loads of trim. Pork cutout values: down $1.66, $96.94.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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