DTN Midday Livestock Comments          03/16 11:41

   Monday Drives the Livestock Complex Higher

   Although the plant strike is well underway in Colorado, the cattle complex 
is trading higher into midday Monday.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading higher into midday Monday as traders have 
fully jumped into the market and are noticeably supporting the complex. New 
showlists appear to be mixed, lower in Texas and Nebraska/Colorado, but higher 
in Kansas. May corn is down 12 cents per bushel and May soybean meal is down 
$8.20. The Dow Jones Industrial Average is up 387.05 points and the NASDAQ is 
up 254.44 points.

LIVE CATTLE:

   Although the packing plant strike is well underway at the JBS plant in 
Greeley, Colorado, the cattle complex is trading higher into midday Monday. A 
higher trend may seem unusual given the news coverage surrounding this event 
and the negative toll it's had on the market leading up to this point. But 
there are a could of reasons why the market could be trading higher as we can't 
forget that the futures complex is an anticipatory market and it's supposed to 
account for these things when the information is made available (as its 
inarguably done over the last couple of weeks), the market could also be 
finding some modest technical support around its 100-day moving average which 
is where the spot April contract started the day off from, and then last but 
not least, some will argue that this could be viewed as a negative factor. 
Still, the reduction in throughput will likely drive boxed beef prices higher. 
Needless to say, the market has plenty on its mind as it's wading through the 
early hours of the new week. April live cattle are up $2.65 at $233.55, June 
live cattle are up $2.92 at $231.87, and August live cattle are up $2.90 at 
$229.75.

   Last week, Northern dressed cattle were marked at mostly $372, which is 
$8.00 lower than the previous week's weighted average and Southern live cattle 
traded at mostly $235 to $236, which is $4.00 lower in Texas than compared to 
the previous week and $5.00 lower in Kansas than compared to the previous week.

   Boxed beef prices are higher: choice up $4.03 ($401.95) and select up $3.27 
($394.81) with a movement of 32 loads (21.09 loads of choice, 3.29 loads of 
select, zero loads of trim and 7.88 loads of ground beef).

FEEDER CATTLE:

   And in keeping in perfect harmony with the live cattle complex, the feeder 
cattle contracts are charging onward aggressively into midday. Currently, the 
feeder cattle complex is fronting a rally anywhere from $5.00 to $7.00 higher, 
with the market's nearby contracts currently seeing the biggest day-over-day 
gains. More than anything, it seems as though the technical support from the 
live cattle complex trading higher is helping drive the feeder cattle contracts 
higher. March feeders are up $6.02 at $355.50, April feeders are up $6.92 at 
$350.05 and May feeders are up $6.57 at $345.75. And not to be overlooked is 
the sharp decline this morning in grain prices, as currently, nearby corn 
prices are down $0.10 to $0.11.

LEAN HOGS:

   After falling sharply lower over the last week, the lean hog complex is 
trading higher into midday Monday as the market may be potentially finding a 
bottom for its current move. April lean hogs are up $0.17 at $93.62, June lean 
hogs are up $0.15 at $107.52 and July lean hogs are up $0.30 at $109.60. 
Helping drive the market higher is also the fact that midday pork cutout values 
are higher, which traders will always take as extra support of increased demand.

   The projected lean hog index for 3/13/2026 is up $0.16 at $91.76, and the 
actual index for 3/12/2026 is up $0.16 at $91.60. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $6.05 with a weighted average price of 
$86.04, ranging from $85.50 to $89.00 on 820 head and a five-day rolling 
average of $92.35. Pork cutouts total 127.82 loads with 102.73 loads of pork 
cuts and 25.09 loads of trim. Pork cutout values: up $1.92, $102.11.

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




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