DTN Midday Livestock Comments          04/23 11:47

   Traders Continue to Mildly Support Livestock Contracts 

   Some more light cash cattle trade has developed Thursday morning, but prices 
are staying steady with Wednesday's business. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is higher as we move into Thursday's noon hour as 
traders continue to see enough technical support to mildly push the contracts 
higher, although the fundamentals are mixed. Some light cash cattle trade has 
developed Thursday morning, but prices are holding steady with Wednesday's 
trend. May corn is down 1 1/4 cents per bushel and July soybean meal is up 
$1.00. The Dow Jones Industrial Average is down 89.70 points and NASDAQ is down 
63.16 points.

   Thursday's export report shared that beef net sales of 15,100 mt for 2026 
were up 26% from the previous week and 17% from the prior 4-week average. The 
three largest buyers were South Korea (5,100 mt), Japan (4,100 mt) and Mexico 
(2,100 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- 
were down 57% from the previous week and 60% from the prior 4-week average. The 
three largest buyers were Mexico (8,900 mt), South Korea (3,300 mt) and 
Columbia (3,300 mt).

LIVE CATTLE:

   The live cattle complex has finally found some technical support and 
currently the contracts are scaling higher into Thursday's noon hour, which is 
a pleasant surprise following the last six days of lower trade. June live 
cattle are up $0.20 at $243.30, August live cattle are up $0.52 at $239.70 and 
October live cattle are up $0.27 at $235.32. Private sources have shared 
there's a major packer in Colorado that intends to be dark both Thursday and 
Friday -- which likely means the fed cash cattle market won't see prices 
improve later this week as demand will be less. There has been a light trade 
reported Thursday morning in Nebraska at $386 which is steady with Wednesday's 
business and $2.00 lower than last week's weighted average. The South is also 
seeing some live sales marked at $246, which is also steady with Wednesday's 
business and $2.00 lower than last week's weighted average.

   Boxed beef prices are mixed: choice up $0.78 ($384.97) and select down $1.65 
($381.68) with a movement of 48 loads (24.75 loads of choice, 2.87 loads of 
select, 9.94 loads of trim and 10.28 loads of ground beef).

FEEDER CATTLE:

   Thankfully the feeder cattle complex is following the lead and direction of 
the live cattle market as it is trading higher into Thursday's noon hour. April 
feeders are up $0.85 at $367.65, May feeders are up $0.10 at $358.52 and August 
feeders are up $0.25 at $359.12. Luckily with Thursday's direction change, the 
spot May contract has been able to keep above its 40-day moving average.

LEAN HOGS :

   The lean hog complex is continuing to chop sideways Thursday as the market 
is thankful for the extra trader support. Unfortunately, traders have noted the 
midday pork cutout values are lower, but at this point that doesn't seem to be 
affecting the market's slight upward trend. June lean hogs are up $0.57 at 
$103.20, July lean hogs are up $0.70 at $106.40 and August lean hogs are up 
$0.70 at $106.82. The projected CME Lean Hog Index is delayed from the source. 
Hog prices are unavailable on the Daily Direct Morning Hog Report because of 
confidentiality. However, we can see that only a slim 25 head have traded 
Thursday morning and the market's five-day rolling average now sits at $91.05. 
Pork cutouts total 175.57 loads with 140.26 loads of pork cuts and 35.31 loads 
of trim. Pork cutout values: down $0.44, $98.11.

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




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