DTN Midday Livestock Comments          04/22 11:36

   Cattle Futures Have Softened While Hog Contracts Trend Higher 

   Bids have surfaced in the cash cattle market Wednesday, but still no 
sizeable volumes have traded. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is mixed as the cattle contracts need to see greater 
support from the fed cash cattle market and lean hog futures are still mostly 
higher. No cash cattle trade has developed yet, but bids have surfaced across 
most of the major feeding states. May corn is up 2 cents per bushel and July 
soybean meal is down $1.60. The Dow Jones Industrial Average is up 309.78 
points and NASDAQ is up 306.69 points.

LIVE CATTLE:

   With some choppiness in boxed beef prices and still no sizeable trade volume 
in the cash market, it comes as no real surprise to see the futures trading 
lower. April live cattle are down $0.85 at $246.57, June live cattle are down 
$0.80 at $242.75 and August live cattle are down $0.77 at $238.92. There are 
bids surfacing in the cash market, but there is yet to be any sizeable trade. 
Asking prices are noted at $388 in Nebraska, but otherwise no other asking 
prices are reported. Trade could begin to develop later Wednesday afternoon, 
but it's more likely trade will be delayed until Thursday or Friday. April live 
cattle are down $0.15 at $247.27, June live cattle are down $0.47 at $243.07 
and August live cattle are down $0.30 at $239.40.

   Boxed beef prices are mixed: choice down $1.09 ($385.09) and select up $3.06 
($390.26) with a movement of 58 loads (50.78 loads of choice, 2.50 loads of 
select, zero loads of trim and 4.35 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex was trading slightly higher earlier Wednesday, but 
upon seeing the live cattle contracts soften and scale lower, the feeder cattle 
moved that way as well. It's not helpful that corn prices are slightly higher 
either. Although corn prices remain affordable from a historical perspective, a 
three-day rally in the spot July corn contract is something traders have noted. 
April feeders are up $0.32 at $366.90, May feeders are down $0.45 at $358.10 
and August feeders are down $0.52 at $358.42.

LEAN HOGS:

   The lean hog complex is continuing to trend mostly higher, although the spot 
June contract is a tick softer Wednesday morning as morning pork cutout values 
are lower. More than anything it's a relief to see the complex turn direction 
and trade higher, largely because of the uptick in consumer support. That 
consumer demand will need to remain a stable supportive factor to move forward. 
June lean hogs are down $0.17 at $103.02, July lean hogs are up $0.70 at 
$105.92 and August lean hogs are up $1.12 at $106.25. The projected CME Lean 
Hog Index for 4/21/2026 is up $0.54 at $91.05, and the actual index for 
4/20/2026 is up $0.14 at $90.51. Hog prices are lower on the Daily Direct 
Morning Hog Report, down $1.90 with a weighted average price $89.83, ranging 
from $88.00 to $94.00 on 1,085 head and a five-day rolling average of $91.05. 
Pork cutouts total 178.70 loads with 152.28 loads of pork cuts and 26.42 loads 
of trim. Pork cutout values: down $0.26, $99.08.

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




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