DTN Midday Livestock Comments          03/02 11:52

   The Livestock Contracts Trade Lower at the Week's Start

   With there being a plethora of external stressors affecting the market right 
now, it comes as no real surprise that the contracts are trading lower into 
Monday's noon hour.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is taking a cautious approach to Monday's trade as 
most of the livestock contracts are currently trading lower. With there being 
sizeable outside pressure looming over the livestock complex -- a lower trend 
is expected through the day's close. New showlists appear to be lower in all 
major feeding states. May corn is down 4 1/4 cents per bushel and May soybean 
meal is down $7.10. The Dow Jones Industrial Average is down 41.77 points and 
NASDAQ is up 91.13 points.

LIVE CATTLE:

   There's been a plethora of stress and pressure overcoming the livestock 
complex, and again today, that's pressuring the live cattle contracts 
specifically to trade lower. Combine the external noise of the new developments 
between the U.S. and Iran, with the raw fact that last week, fed cash cattle 
prices traded lower -- and it should come as no real surprise that the live 
cattle contracts are again trading lower. April live cattle are down $0.27 at 
$232.05, June live cattle are down $0.52 at $228.60 and August live cattle are 
up $0.77 at $227.02. New showlists appear to be lower in all major feeding 
states.

   Last week, Southern live cattle traded at mostly $244, which is $5.00 lower 
than the previous week's weighted average. Northern dressed cattle traded at 
mostly $382 to $383, which is $5.00 to $6.00 lower than the previous week's 
weighted average.

   Boxed beef prices are higher: choice up $0.65 ($380.49) and select up $2.17 
($376.48) with a movement of 30 loads (21.97 loads of choice, 3.26 loads of 
select, zero loads of trim and 4.53 loads of ground beef).

FEEDER CATTLE:

   And without the backing of the live cattle market's support, the feeder 
cattle contracts also find themselves trading lower into Monday's noon hour. 
March feeders are down $0.70 at $354.72, April feeders are down $0.90 at 
$350.37 and May feeders are down $0.97 at $346.22. Until some essence of 
support arises, a sideways, slightly lower trend is likely for the feeder 
cattle complex.

LEAN HOGS:

   The lean hog complex is taking a mixed approach into Monday's noon hour as 
the nearby contracts are trading slightly lower, while the deferred contracts 
are trading higher. It is worth noting that midday pork cutout values are 
higher as that's something that traders will always gladly accept. April lean 
hogs are down $0.27 at $95.40, June lean hogs are down $0.20 at $109.35 and 
July lean hogs are down $0.15 at $111.52.

   The projected lean hog index for 2/27/2026 is up $0.25 at $89.69, and the 
actual index for 2/26/2026 is up $0.32 at $89.44. Hog prices are unavailable on 
the Daily Direct Morning Hog Report because no hogs have traded yet. The only 
thing disclosed on the report is that the market's five-day rolling average 
sits at $91.32. Pork cutouts totaled 165.39 loads with 135.27 loads of pork 
cuts and 30.13 loads of trim. Pork cutout values: up $1.86, $99.63.

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




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