DTN Midday Livestock Comments          05/23 11:47

   Still Waiting for Cash Cattle to Trade

   There's a single bid of $218 currently being offered in Kansas, but still no 
trade has developed.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It's been a slow starting day for the livestock complex as there's no new 
cash cattle trade noted. This afternoon market participants will be looking for 
developments in the fed cash cattle market and for the afternoon's monthly 
Cattle on Feed report. July corn is down 3 1/2 cents per bushel and July 
soybean meal is down $3.20. The Dow Jones Industrial Average is down 284.27 
points and the NASDAQ is down 199.15 points.

LIVE CATTLE:

   The live cattle complex is trading indecisively, higher one minute, lower 
the next as traders are currently juggling the mixed signals from the 
marketplace. Traders are keenly aware of the hesitancy this morning of the 
equity markets, amid furthered concerns about tariffs, and also adding some 
perplexities to the market is the fact that still no Southern live cattle have 
traded. There was some trade in the North on Wednesday afternoon at $354 to 
$370, but mostly at $360 which is $2.00 higher than last week's record-breaking 
weighted average. But since then, there's been virtually no trade to speak of. 
That being said, more trade will need to develop at some point today if traders 
are going to keep themselves from being short bought in the weeks ahead. 
There's currently one single bid of $218 on the table in Kansas. Feedlot 
managers could be holding firm, waiting for the afternoon's Cattle on Feed 
report to be released as it's expected to be bullish and that would help them 
in their argument as to why prices should be higher again this week. June live 
cattle are up $0.20 at $215.82, August live cattle are up $0.17 at $210.67 and 
October live cattle are up $0.17 at $208.40.

   Boxed beef prices are higher: choice up $0.82 ($361.79) and select up $2.10 
($351.05) with a movement of 44 loads (35.27 loads of choice, 3.82 loads of 
select, zero loads of trim and 4.70 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading higher as traders are anxiously 
awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully 
anticipated that the report will be bullish as feed totals and placements are 
both expected to be lighter than a year ago. August feeders are up $1.05 at 
$300.82, September feeders are up $1.22 at $299.85 and October feeders are up 
$1.35 at $297.80.

LEAN HOGS:

   The lean hog complex is trading fully lower as not only is the market 
battling its own resistance pressure, but it's also concerned about continued 
tariff dilemmas. June lean hogs are down $0.42 at $98.27, July lean hogs are 
down $0.90 at $101.15 and August lean hogs are down $).95 at $101.07. And while 
is always helpful for the market to see pork cutout values higher, traders seem 
dull to the fundamental support.

   The projected lean hog index for 5/22/2025 is up $0.19 at $92.94, and the 
actual index for 5/21/2025 is up $0.41 at $92.75. Hog prices are higher on the 
Daily Direct Morning Hog Report, up $3.28 with a weighted average price of 
$95.73, ranging from $91.00 to $99.00 on 1,756 head and a five-day rolling 
average of $95.39. Pork cutouts total 188.79 loads with 172.99 loads of pork 
cuts and 15.80 loads of trim. Pork cutout values: up $0.73, $101.00.

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




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