DTN Midday Livestock Comments          04/14 11:36

   Thanks to Outside Support, Cattle Scale Higher Once Again on Tuesday

   With the equity markets trading higher, both the live cattle and feeder 
cattle contracts are rallying into Tuesday's noon hour. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The cattle contracts are enjoying a midmorning rally Tuesday, which has 
helped push both the live cattle and feeder cattle futures higher thanks to an 
uptick in the equity markets. Meanwhile the lean hog complex continues to trade 
lower as traders remain unconvinced that there's enough support to push the 
market higher. June lean hogs are down $0.60 at $102.525, May corn is up 3 3/4 
cents per bushel and May soybean meal is down $0.00. The Dow Jones Industrial 
Average is up 280.07 points and NASDAQ is up 390.69 points.

LIVE CATTLE:

   The live cattle complex seems to be looking beyond Monday's nervous state 
and has taken a bullish approach to Tuesday's trade as the market is trading 
anywhere from $1.00 to $2.00 higher into Tuesday's noon hour. April live cattle 
are up $2.00 at $252.65, June live cattle are up $2.52 at $251.05 and August 
live cattle are up $1.97 at $246.42. But the real question remains: Why and 
what next? Is it because the higher equity markets are hopeful that tensions 
are easing in the Middle East and that has helped live cattle contracts regain 
some bullishness? Or are traders hopeful the market will see greater 
fundamental support later in the week? Either way, it will be vital for the 
market to see stable support because if it doesn't, this bullish run may be 
short-lived given the massive rally the market has already seen over the last 
two weeks. No cash cattle trade has developed yet.

   Boxed beef prices are mixed: choice up $2.86 ($384.78) and select down $0.56 
($383.08) with a movement of 43 loads (29.90 loads of choice, 5.89 loads of 
select, zero loads of trim and 6.94 loads of ground beef).

FEEDER CATTLE:

   Keeping with the same trend, the feeder cattle contracts are enjoying a 
fruitful rally into Tuesday's noon hour. April feeders are up $1.27 at $375.75, 
May feeders are up $1.77 at $374.50 and August feeders are up $2.15 at $375.47. 
As long as the live cattle contracts continue to trend higher and lend extra 
technical support and buyer demand remains robust in the countryside, the 
feeder contracts will likely continue to trend higher, if not at least hold 
steady.

LEAN HOGS:

   Simply unwilling to change its direction, the lean hog contracts are again 
trading lower. One would think the market would be pleased with the slight 
uptick in demand from consumers, but that isn't seeming to ease the technical 
pressure the market continues to endure. June lean hogs are down $0.57 at 
$102.55, July lean hogs are down $0.72 at $105.35 and August lean hogs are down 
$0.50 at $105.45.

   The projected CME Lean Hog Index for 4/13/2026 is up $0.06 at $90.33 and the 
actual index for 4/10/2026 is down $0.01 at $90.27. Hog prices are higher on 
the Daily Direct Morning Hog Report, up $1.03 with a weighted average price of 
$90.26, ranging from $88.00 to $92.50 on 3,289 head and a five-day rolling 
average of $89.97. Pork cutouts total 156.39 loads with 140.49 loads of pork 
cuts and 15.90 loads of trim. Pork cutout values: up $0.38, $99.52.

    

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




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