Cattle, Hog Bulls Still Have an Edge. What Needs to Happen for Prices to Keep Climbing.

Market Overview - April live cattle futures rose by $1.65 to $237.25, with a weekly increase of 45 cents [1] - March feeder cattle futures gained $3.35 to $367.425, marking a weekly gain of $7.15 [1] - Despite increased volatility and profit-taking from short-term traders, the long-term fundamentals for cash and beef markets remain solid, with a bullish technical posture for cattle futures [1] Cash Cattle Trading - Cash cattle trading activity increased, with USDA reporting steers averaging $239.91 and heifers averaging $239.85 [4] - The previous week's average cash cattle trading was reported at $239.44 [4] Market Fundamentals - Cash cattle and beef market fundamentals and technicals are solid, although the U.S. stock market has shown instability, affecting other commodity markets like gold, silver, and copper [5] - The USDA's semi-annual cattle inventory report confirmed a decline in the U.S. herd for the ninth consecutive year, indicating historically low cattle supplies on feedlots [7] - Strong demand for ground beef and reduced cattle slaughter are expected to support cash and futures prices [7] Future Price Trends - There is potential for live cattle and feeder cattle futures prices to challenge record highs from last fall, possibly in the near term [8] - April lean hog futures fell by 42.5 cents to $97.95 but saw a weekly increase of $2.80, with bullish technicals likely to keep hog futures elevated [9]