Date: April 28, 2025
All livestock futures finished last week higher and week over week gains from $2 to $4+. Cattle futures hit new highs on Friday but did begin last week under pressure as the Dow crashed 1000pts. This quickly reversed course on Tuesday and gains added for the balance of the week. The primary chatter was good progress being made on multiple trade deals and hope that there would be some de-escalation in the trade war with China. Cash feedlot trade was still fairly light volume as of Friday’s close, but higher prices reported vs. the week previous. TX and KS live trade ranged from $210 to $216, most $212 to $213, $2 to $3 higher, as trade in the North ranged from $215 to $218 live and $335 to $342 on a dressed basis, $2 to $6 higher. On the bearish side is export sales. Both beef and pork sales have been sliding lower the past few weeks with year to date now below last year and the 5-year average. Pork sales last week were a new marketing year low primary due to a 12,000 MT cancellation by China.
Weekly closes for livestock futures and meats… April Live Cattle +$4.42, June +$4.17, May Feeder Cattle +$3.67, August +$3.42, May Lean Hogs +$2.40, June +$3.12. Boxed Beef Choice +$4.96 @ 336.48 & Pork Carcass Cutout +$1.04 @ 98.04.
Oklahoma Weekly Cattle Auction Summary
Livestock Weighted Average Report for 4/20/2025 – 4/26/2025
Total Receipts: 17,940 Last Week: 21,772 Last Year: 25,249
Compared to last week: Feeder steers steady to 5.00 higher. Grass type steers 5.00-10.00 higher. Feeder heifers 2.00-7.00 higher. Steer and heifer calves over 450lbs steady to 5.00 higher, under 450lbs 10.00 higher. Demand good. Most of Oklahoma has seen favorable rainfall this week.
Cattle slaughter last week estimated at 555,000 head, down 21,000 from the week previous and down 59,000 from last year with year to date -5.8% vs. last year. Beef production last week estimated at 485.6 million pounds with year to date -2.1%.
Hog slaughter last week estimated at 2,430,000 head, up 59,000 compared to a week ago and up 52,000 compared to a year ago with year to date -2.8% compared to last year. Pork production last week estimated at 527.5 million pounds with year to date -2.4%.
Boxed beef cutout values higher on Friday on moderate demand with 96 loads sold.
Choice +2.78 @ 336.48, Select +3.76 @ 320.11
CME Feeder Cattle Index @ 289.88
CME Lean Hog Index @ 87.54
Cash Pork Carcass Cutout +2.18 @ 98.04
April live cattle, up to a new all-time spot high last Friday at $214.30, with the contract to expire on Wednesday. June will then be the front month with a contract high last week at $208.80 and support at $202. May feeders up to a new contract high last Friday at $290.95 with support at $282. The all-time spot high for feeders is at $293.75 just before the April contract expired. June lean hogs rallying over $13 the past few weeks with support at $97.30 and resistance at $102.
Grains finished last week mixed, but not straying too far from unchanged. Soybeans held gains for the week but corn held losses and wheat led the way lower. New contract lows last week and down over $1 since February for KC wheat as beneficial rains fell throughout the Southern Plains. Overall it was a quiet week for corn and soybeans as tariff chatter has subsided and spring/summer weather story just starting to develop. China has identified a few critical needs U.S. goods to be exempt from the current 125% import tariff. Japan is talking about increasing U.S. corn and soybean imports as a part of reducing tariffs. Planting pace was ahead of schedule a week ago and I would expect the USDA crop progress later today to show equal to or just slightly behind now. South American weather still has some influence on the markets with very wet conditions expected this week as harvest tries to wrap up and Brazil 2nd crop corn is still developing.
CFTC Commitment of Traders report for the week ending April 22nd held no surprises as funds or managed money added to short positions and remain net short wheat, sold 12,000 corn and bought 5,000 soybean contracts. Estimates through Friday show net short wheat a little over 90K contracts, long soybeans over 38K and long nearly 118K corn contracts.
Weekly closes in the grains…May Corn -$.03 ½, December -$.10 ¼, May Soybeans +$.13 ¼, November +$.02 ½, May Chicago Wheat -$.18 ¾, July -.17 ¼, May KC Wheat -$.19 ½, July -$.19, May MPLS Wheat -$.15, May Soybean Meal -$5.60/T.
Grains all pulling back overnight, led lower by the wheat markets with new lows again in KC and now in Chicago wheat. Corn finished the overnight 6 lower, soybeans 5 to 6 lower and wheat 8 to 11 lower. Outside markets quiet so far with equities higher, US$ steady to higher and energies steady.
Storms from the Southern Plains up into the Corn Belt the next couple days with the heaviest rains over this next week again from central TX to central MO. The 6-10 day outlook showing above normal temps in the Northern Plains down to the Gulf and below normal in the Southwest and Northeast with above normal moisture for the western half of the country and below normal for the eastern half centered on the ECB.
May corn trending lower since a new 2-month high at $4.90 ¾ back on the 11th with nearby support at $4.70. May soybeans choppy but trending higher with good support from $10.28 to $10.25, a new 2-month high last week at $10.58 and resistance next at $10.67. May Chicago wheat down to a new contract low overnight at $5.17, new lows at the open as well, with resistance at $5.56. May KC wheat also a new contract low overnight at $5.26 ½ and new lows this morning with resistance at $5.70. May MPLS wheat contract low at $5.73 back on March 28th with resistance at $6.00. May soybean meal contract low on April 4th at $282.1 with resistance at $302.
Loewen and Associates, Inc.
Pete Loewen / Matt Hines / Doug Biswell / Tyson Loewen
www.loewenassociates.com matt@loewenassociates.com
785-537-3336
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