Commentary

The cattle complex could not hold the early gains in the futures market this morning and finished the week sharply lower. Cash cattle traded lower for the first time in nearly two and a half months as feedlots chased exceptional basis. Lean Hogs continue to set new contract highs as the pork cutout and cash markets continue to work higher. Corn finished lower after a higher overnight trade due to a warm and dry extended forecast ahead.

Live Cattle and Feeder Cattle both finished sharply lower today as outside factors continue to take center stage and cause uncertainty throughout the world. Cash cattle and a light slaughter number this week are also playing a factor in the lower markets. Lean Hogs posted new contract highs today as the pork cutout has moved to the highest level since 2022. Corn futures saw some recovery today as traders are pricing in a large production number for 2025.

For the first time in nine weeks cash cattle did not trade higher and feeders are feeling the affects of uncertainty entering the markets. Lean Hogs gained momentum on rising pork cutouts but faced weaker export projections. Corn saw minimal movement despite global tensions and a neutral WASDE report.

Live Cattle and Feeder Cattle traded in volatile fashion on Tuesday after news headlines of ICE raids in Omaha, Nebraska rattled the market briefly. Feeder Cattle finished higher and Live Cattle finished mixed. Lean Hogs posted new contract highs again as the cash and cutout markets remain strong. Corn set new lows for the year before finding support and finishing the day higher.

Sharply higher cash markets led Live Cattle and Feeder Cattle to new contract and all-time highs this week as traders race to close the gap between the futures and cash. Lean Hogs also posted new contract highs on Friday as the pork cutout continues to work higher on good demand and tight supplies. Corn finished the week higher after a quiet week of trade as the funds analyze the current and future weather across the U.S. growing regions.

Live Cattle and Feeder Cattle futures began the day sharply higher and posted new contract highs in many of the deferred Live Cattle contracts, before a quick sell-off that settled all contracts lower on the day. Lean Hogs also posted new contract highs in the deferred contracts, while the front months remain in line with the Lean Hog index. Corn futures continue to struggle to find strength as the U.S. weather outlook looks favorable for the growing crop.

Live Cattle and Feeder Cattle futures finished the volatile week lower. Cash trade was higher in the North and the South as packers continue to compete for the limited number of market-ready cattle. Lean Hog futures traded to multi-month highs as the pork cutout market gained over $4 this week. Corn finished lower every day this week as the U.S. weather outlook shifts wetter and cooler than previously expected, and uncertainty surrounding demand is beginning to enter trader’s concerns.

Live Cattle and Feeder Cattle futures came under heavy pressure to start the week as a news article reported that screwworm had been detected in Missouri. The article has since been removed and the USDA confirmed that this report was untrue, and screwworm has not been discovered in the U.S. Lean Hogs enjoyed a higher cutout market on Friday and tighter supplies of pork than a year ago. Corn could not shed off the lower wheat and oil markets, and finished steady lower across the complex.

Live Cattle and Feeder Cattle both finished the week on a positive note after the higher fat cattle trade and boxed beef that continues to work higher. Lean Hogs traded lower in the nearby contracts as the pork cutout has stalled out just over $100.00. Corn finished the week lower after moving through overhead resistance.

Live Cattle and Feeder Cattle futures continue to be well-supported on the cash markets that have remained strong. This week’s Cattle on Feed Report will update the number of cattle on feed compared to a year ago, along with cattle placed and marketed in the month of April. Lean Hogs continue to set new contract highs in the deferred contracts while the nearby months follow the pork cutout. Corn found support from the wheat market today as the managed money is heavily short the complex.