DTN Midday Livestock Comments          05/20 11:28

   Traders Mildly Push the Cattle Contracts Higher

   Although traders are attempting to push the cash cattle contracts, it seems 
more and more apparent that traders don't have the support they need to really 
make a move in the complex.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed as the cattle contracts attempt 
to trade higher, but the lean hog contracts are trading mixed. Still no cash 
cattle trade has developed, and trade will likely be delayed until Thursday or 
Friday. July corn is up 4 1/2 cents per bushel and July soybean meal is up 
$1.40. The Dow Jones Industrial Average is down 154.54 points and the NASDAQ is 
down 72.74 points.

LIVE CATTLE:

   Try as it might, try as it hopes, try as it wants, the live cattle complex 
may be trading mildly higher, but the stars simply don't seem to be aligning 
for the market to be gaining any momentum. June live cattle are up $0.30 at 
$213.27, August live cattle are down $0.30 at $207.62 and October live cattle 
are steady at $205.07. Following the rally and the sharp decline endured late 
last week, the live cattle complex seems stagnant as traders don't possess 
enough support to move the complex any higher at this point. Still no cash 
cattle trade has developed, and trade will likely be delayed until Thursday or 
Friday.

   Boxed beef prices are higher: choice up $5.63 ($360.44) and select up $1.01 
($345.12) with a movement of 40 loads (27.81 loads of choice, 4.92 loads of 
select, zero loads of trim and 7.44 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading mildly higher as it's cautiously 
following in the live cattle market's wake. August feeders are up $0.20 at 
$297.67, September feeders are up $0.15 at $296.47 and October feeders are up 
$0.32 at 294.37. It's likely that so long as the live cattle complex continues 
to trade higher that the feeder cattle market will as well. So far this week, 
it seems as though prices are trading mostly steady in sale barns across the 
countryside.

LEAN HOGS:

   The lean hog complex is trading mixed as traders remain leery of coming up 
against the market's resistance threshold, as they simply don't possess enough 
power and support to break above that price point currently. Not to mention, 
it's not helpful either that midday pork cutout values are lower and that cash 
prices are as well. June lean hogs are down $0.07 at $99.17, July lean hogs are 
down $0.82 at $102.75 and August lean hogs are down $0.75 at $102.35. 

   The projected lean hog index for 5/19/2025 is up $0.39 at $91.85, and the 
actual index for 5/16/2025 is up $0.20 at $91.46. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $0.40 with a weighted average price of 
$94.51, ranging from $90.00 to $97.00 on 1,160 head and a five-day rolling 
average of $93.81. Pork cutouts total 170.29 loads, with 154.41 loads of pork 
cuts and 15.88 loads of trim. Pork cutout values: down $0.53, $100.56.

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




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