Date: May 5, 2025
All livestock futures finished last week higher with triple digit gains for live cattle and feeders but mixed weekly results for lean hogs. April live cattle expired last week and hit a new all-time spot high at $217.67. May feeders hit a new all-time spot high on Friday at $295.62. Cash feedlot trade again posting much higher values this past week with trade in Southern Plains from $214 to mostly $218 live, $4 to $6 higher than the week previous. Trade in North $222 to $223 live, $7 to $8 higher and $340 to $352 on a dressed basis, $5 to $10 higher. Volume important this past week and for this week to see just how packers are sitting now.
Weekly closes for livestock futures and meats… June Live Cattle +$2.85, August +$2.67, May Feeder Cattle +$4.42, August +$2.60, May Lean Hogs +$.15, June -$1.80. Boxed Beef Choice +$6.42 @ 342.90 & Pork Carcass Cutout +$.34 @ 98.38.
Oklahoma Weekly Cattle Auction Summary
Livestock Weighted Average Report for 4/27/2025 – 5/3/2025
Total Receipts: 20,161 Last Week: 17,940 Last Year: 22,790
Compared to last week: Feeder steers 7.00-11.00 higher. Feeder heifers 5.00-8.00 higher. Steer calves 9.00-15.00 higher. Heifer calves 5.00- 10.00 higher. Demand very good. Slaughter cows 1.00-3.00 higher. Slaughter bulls 4.00 higher. April 2025 goes down as the wettest April in Oklahoma City history with 12 1/2 inches of rain. Sunshine is forecasted for this weekend but rain returns on Tuesday.
Cattle slaughter last week estimated at 559,000 head, up 4,000 from the week previous but down 63,000 from last year with year to date now -6.0% vs. last year. Beef production last week estimated at 489.5 million pounds with year to date -2.4%.
Hog slaughter last week estimated at 2,486,000 head, up 56,000 compared to a week ago and up 83,000 compared to a year ago with year to date -2.5% compared to last year. Pork production last week estimated at 539.5 million pounds with year to date -2.0%.
Boxed beef cutout values lower on Choice but higher on Select on Friday on moderate demand with 101 loads sold.
Choice -.27 @ 342.90, Select +1.07 @ 325.35
CME Feeder Cattle Index @ 296.38
CME Lean Hog Index @ 89.69
Cash Pork Carcass Cutout +1.92 @ 98.38
June live cattle up to a new contract high last Friday at $211.92, again the all-time spot high last week before April expired at $217.67, with support at $208 then $206.50. May feeders also a new contract high and all-time spot high last Friday at $295.62 with support at $291 then $285. June lean hogs rallied nearly $14 in the month of April with resistance at $102 and nearby support tested last week at $97.30.
Grains were able to finish mostly higher last Friday but still held small losses for the week. Both Chicago and KC Wheat hit new contract lows last week but quickly reversed higher on Friday. Liquidation heading into first notice day midweek was the main pressure on all the grains last week. Most still hoping for trade deal news or easing tensions between the U.S. and China seem the most supportive. Late last week, China may have signaled some of that easing as now over a quarter of all U.S. imports have been spared the 125% tariffs. Fundamentally it will be U.S. weather impacting the markets this week. Then the May USDA crop report a week out on May 12th which will be the first new crop balance sheet estimates along with adjustment old crop demand.
Weekly closes in the grains…July Corn -$.16 ½, December -$.05 ½, July Soybeans -$.01 ¼, November -$.04 ½, July Chicago Wheat -$.02, July KC Wheat -$.09 ¾, July MPLS Wheat +$.04 ¾, July Soybean Meal -$1.60/T.
Grains trading mixed to lower overnight with corn finishing 2 to 3 lower, soybeans 2 to 4 lower and wheat 1 to 2 higher for MPLS, Chicago wheat 3 lower and KC wheat 5 lower. Outside markets have equities sharply lower, US$ lower and energies lower with crude oil down $1/barrel. The Dow industrial average has been on a 9-day rally but late on Sunday President Trump announced a 100% tariff on movies made outside the U.S. which sent streaming service stocks soaring lower. No private sales announced by USDA this morning. Export inspections out later this morning then Crop Progress this afternoon.
Weather looking good this week with an open window for corn and soybean planting, especially across the Corn Belt and additional rains expected across the Southern Plains. Heavy rainfall amounts are in the forecast from the Southern Plains through the Southeast over this next week. The 6-10 day outlook showing above normal temps for the western and northern half of the U.S and below normal in the Southeast with above normal moisture for the western third and portions of the Southeast and below normal from the Southern Plains up through the Corn Belt.
July corn trending lower since a new 2-month high at $4.97 ½ back on April 14th with support next at the March lows just above $4.50. July soybeans choppy but trending higher with support at $10.36 and resistance at $10.67 ½ then around $10.80. July Chicago wheat down to a new contract low to end the month of April at $5.23 ¼ with resistance at $5.50. July KC wheat also a new contract low last week, May 1st, at $5.25 and resistance at $5.57. July MPLS wheat contract low at $5.88 ¾ back on March 28th with resistance at $6.17. July soybean meal holding a lower trend with the contract low at $289.7 on April 4th and resistance at $300.
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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