DTN Midday Livestock Comments          03/21 11:44

   Fed Cash Cattle Prices Turn $3 to $7 Higher

   Even though traders have lost some of their steam ahead of the week's close, 
it's thankfully not deterring the cash cattle market.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Even though traders are cautiously handling the cattle contracts Friday 
ahead of the weekend and the monthly Cattle on Feed report -- there's much to 
celebrate as fed cash cattle prices are trading anywhere from $3 to $7 higher. 
So far, Southern live cattle are trading at mostly $210, which is $7 higher 
than last week's weighted average. Northern dressed cattle are trading at $212 
to $214, which is $3 to $5 higher than last week's weighted average. May corn 
is down 6 1/4 cents per bushel and May soybean meal is up $1.50. The Dow Jones 
Industrial Average is down 61.42 points.

LIVE CATTLE:

   After an incredible week of near non-stop upward momentum, the live cattle 
complex seems to be holding its breath or pausing its nearly unfathomable rally 
as the market is only hours away from the weekend and is patiently waiting to 
see what the Cattle on Feed (COF) Report yields. Regardless of what the COF 
report shows, one could argue that the rally in this week's fed cash cattle 
market will overpower whatever the COF report details. So far this week, the 
fed cash cattle market's movement has been thin, but prices have been hot. So 
far, Southern live cattle are trading at mostly $210, which is $7 higher than 
last week's weighted average. Northern dressed cattle are trading at $212 to 
$214, which is $3 to $5 higher than last week's weighted average. It's rather 
incredible that on a week when throughput has been reduced because of weather 
conditions, that packers are still willing to advance the cash market $3 to $7 
higher to ensure they have enough supply moving forward. Well done feedlot 
managers, well done!

   Boxed beef prices are mixed: choice down $2.15 ($325.91) and select up $0.28 
($209.64) with a movement of 86 loads (59.25 loads of choice, 5.41 loads of 
select, 6.10 loads of trim and 15.02 loads of ground beef).

FEEDER CATTLE:

   Even though fed cash cattle prices are trading higher, traders are reluctant 
to advance the feeder cattle complex without the support of the live cattle 
contracts. March feeders are down $0.10 at $288.25, April feeders are down 
$1.25 at $287.20 and May feeders are down $1.47 at $287.62. Friday's weaker 
technical performance isn't due to any fundamental rhyme or reason, but rather 
because traders are questioning how much higher the market can actually trade, 
and as they wait to see what this afternoon's Cattle on Feed report unveils.

LEAN HOGS:

   After a challenging week, the lean hog complex has finally found some 
support as its contracts are trading higher into Friday's noon hour. April lean 
hogs are up $1.22 at $86.77, June lean hogs are up $2.10 at $98.32 and July 
lean hogs are up $1.90 at $99.47. It is helpful that again Friday, pork cutout 
values are higher, which is stemming from a healthy blend of higher prices 
across nearly all the cuts.

   The projected lean hog index for 3/20/2025 is down $0.32 at $88.88, and the 
actual index for 3/19/2025 is down $0.21 at $89.20. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $2.14 with a weighted average price of 
$88.26, ranging from $85.00 to $90.00 on 3,849 head and a five-day rolling 
average of $89.47. Pork cutouts total 236.90 loads with 218.82 loads of pork 
cuts and 18.08 loads of trim. Pork cutout values: up $2.48, $98.34.

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




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