DTN Midday Livestock Comments          04/20 11:51

   Livestock Complex Mixed on Monday

   The livestock complex is again off to a mixed start as traders yearn to see 
continued fundamental support. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is mixed Monday with the live cattle contracts fully 
higher while the feeder cattle and lean hog contracts are mixed. If stronger 
cash cattle trade develops during the week, trades will likely feel more 
comfortable pushing the contracts higher. May corn is up 3 1/2 cents per bushel 
and July soybean meal is down $4.60. The Dow Jones Industrial Average is down 
68.00 points and NASDAQ is down 157.54 points.

LIVE CATTLE:

   The live cattle complex is enjoying a modest rally at the week's start as 
traders feel the market endured enough immediate downward pressure late last 
week and they're also pleased with last Friday's Cattle on Feed report. It's 
too early in the week to say whether the market will be able to scale higher 
following last week's slight correction -- as really that decision is going to 
be based on whether fundamental support arises (especially from the cash 
market). April live cattle are up $0.87 at $250.82, June live cattle are up 
$0.40 at $247.75 and August live cattle are up $0.67 at $243.50.

   Last week Northern dressed cattle traded at $385 to $392, but mostly at $388 
which is steady to $1.00 lower than the previous week's weighted average and 
Southern live cattle traded at mostly $248 which is generally steady with the 
previous week's weighted average.

   Boxed beef prices are higher: choice up $2.00 ($383.06) and select up $5.92 
($383.52) with a movement of 30 loads (20.91 loads of choice, 3.72 loads of 
select, zero loads of trim and 5.26 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle contracts were trading mostly higher throughout the 
morning, but as the noon hour nears the market is seeing most of its nearby 
contracts change directions and trade lower. April feeder cattle are up $0.15 
at $371.47, May feeders are down $0.32 at $364.95 and August feeders are down 
$0.30 at $365.37. More than anything it's likely traders yearn to see greater 
fundamental support before they advance the contracts much more.

LEAN HOGS:

   The lean hog contracts are mixed headed into Monday's noon hour with the 
nearby contracts slightly higher while the deferred months scale lower. June 
lean hogs are up $0.50 at $101.55, July lean hogs are up $0.10 at $103.77 and 
August lean hogs are steady at $103.90. Thankfully some of the upward movement 
in the nearby contracts likely stems from traders recognizing the fundamental 
support from consumers which has trended higher over the last several trading 
days.

   The projected CME Lean Hog Index for 4/17/2026 is down $0.14 at $90.37, and 
the actual index for 4/16/2026 is down $0.15 at $90.51. Hog prices are 
unavailable on the Daily Direct Morning Hog Report because of confidentiality; 
however we can see that only 330 head have traded this morning and  the 
market's five-day rolling average now sits at $91.13. Pork cutouts total 134.05 
loads with 115.19 loads of pork cuts and 18.87 loads of trim. Pork cutout 
values: up $1.86, $101.06.

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




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