DTN Midday Livestock Comments          03/26 11:41

   Mixed Tones Remain the Theme in Livestock Complex 

   A few bids have now surfaced in the fed cash cattle market, but no sales 
have happened yet. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex continues mixed as traders desire to see the contracts 
move higher but would like to see some fundamental support first. No cash 
cattle trade has developed but bids are on the table in both Texas and 
Nebraska. May corn is down 1 3/4 cents per bushel and May soybean meal is up 
$1.50. The Dow Jones Industrial Average is down 284.28 points and NASDAQ is 
down 278.37 points.

   Thursday's export report shared that beef net sales of 10,700 metric tons 
(mt) for 2026 were up noticeably from the previous week, but down 19% from the 
prior four-week average. The three largest buyers were Japan (2,900 mt), Taiwan 
(1,600 mt) and South Korea (1,600 mt). Pork net sales of 40,300 mt for 2026 
were up 43% from the previous week and 23% from the prior four-week average. 
The three largest buyers were Mexico (14,100 mt), China (9,700 mt) and Japan 
(5,800 mt).

LIVE CATTLE:

   The live cattle complex is again mixed as traders remain cautious about 
being overly supportive of the nearby contracts without any fed cash cattle 
trade having developed. Meanwhile, the deferred contracts are trading mildly 
higher. April live cattle are down $0.07 at $234.35, June live cattle are down 
$0.17 at $233.60 and August live cattle are down $0.15 at $231.45. Bids have 
started to pop up in the countryside. There's a bid on the table in Texas at 
$233 and a dressed bid in Nebraska at $372, but no confirmed sales have been 
noted just yet. Asking prices are firm in Texas at $238 to $240.

   Boxed beef prices are lower: choice down $1.06 ($390.63) and select down 
$2.16 ($393.33) with a movement of 58 loads (37.30 loads of choice, 3.92 loads 
of select, 7.95 loads of select, 8.89 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is charging onward even as the live cattle complex 
trades mixed into Thursday's noon hour. April feeders are up $1.20 at $354.55, 
May feeders are up $0.27 at $350.32 and August feeders are up $0.20 at $349.42. 
As long as nothing develops negatively from a fundamental sense (like lower 
cash cattle trade) it's very likely the complex may be able to maintain this 
momentum through Thursday's end.

LEAN HOGS:

   The lean hog complex is trading mixed into the day's noon hour. Nearby 
contracts are lower with caution ahead of the afternoon's Quarterly Hogs and 
Pigs report. The deferred contracts are charging onward bravely. April lean 
hogs are down $0.20 at $90.70, June lean hogs are up $0.02 at $104.15 and July 
lean hogs are up $0.22 at $106.40. It is also helpful to see midday pork cutout 
values are up mildly.

   The projected CME Lean Hog Index for 3/25/2026 is down $0.19 at $91.46, and 
the actual index for 3/24/2026 is down $0.05 at $91.65. Hog prices are lower on 
the Daily Direct Morning Hog Report, down $0.35 with a weighted average price 
of $90.92, ranging from $90.00 to $92.00 on 2,390 head and a five-day rolling 
average of $91.08. Pork cutouts total 151.30 loads with 129.49 loads of pork 
cuts and 21.81 loads of trim. Pork cutout values: up $0.20, $96.60.

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




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