Someone woke up on the wrong side of the stall 😂

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Well, we finally know why Managed Money has puked more than 30k hog longs in the last 3 weeks- EXPORTS SUCKED!!! I can't fault them for liquidating, given how dependent the pork industry is on foreign demand for pork products. The nice part is exports don't usually suck forever. Good for a week, bad for a week, and then good for a week again. I'd expect at some point the sales start picking back up ahead of the summer run, and especially ahead of the tighter supplies everyone knows about in the 3rd quarter. What's the old saying? "Buy it when you can, not when you have to?" Someone should translate that to spanish and text Mexico on Monday.

Cash cattle came in better than expected this week thanks to the board turning around yesterday and today. While still all over, the $246-$251 trade will probably be called very steady with last week's $248 trade. The question becomes, since breaking the cash pattern, what will next week's cash trade be like. If I had some big heavy hard fed yearlings that needed to go, I might be inclined to sell the June futures and sit for another week or two, waiting for a better basis. For those of you who don't understand the basis, call us as we'd be happy to walk you through it.

Grains and Energies seem content not moving much, at least until the next tweet or comment comes along. Equities are back to their old normal of setting new highs every other day, so nothing to see there. I am considering some long positions in the August feeder cattle casino. It's hard to buy August feeders with the Feb fat futures and dec corn creaming the crush, but that crush looks better than the physical crush right now. I'm not saying it's right or that it'll be profitable, but the paper looks like a better buy than the physical at the moment, especially with our basis in the tank.

Quick question- do you think my wife would mind going for a drive to look at the cattle I bought her for her birthday? Should I FAFO?

-Beef Net sales of 15,100 MT for 2026 were up 26 percent from the previous week and 17 percent from the prior 4-week average.

-Fat cattle kill at 93,000 vs 77,000 a week ago and 83,000 a year ago

-Choice boxes up 3.50 to $387.00 and select up 3.49 to $386.07 for a spread of .93 on 71 loads

-CME feeder index(Feeder LRP Settlement) for 4/23 came in at $369.32

-Fed Cattle LRP’s ending last week settled at $248.04

- Pork: Net sales of 16,100 MT for 2026--a marketing-year low--were down 57 percent from the previous week and 60 percent from the prior 4-week average.

-Hog kill at 485,000 vs 441,000 a week ago and 480,000 a year ago.

-Afternoon Pork reported up 1.79 at $99.61 on 339 loads

-CME lean hog index on 4/22 reported at 91.43

-CME pork cutout index on 4/23 reported at 99.03

-LRP’s ending 4/24 settled at approximately $91.44

2”-4” of rain with pockets of 3”-6” are possible from NE, eastern KS to OH, southwest to east TX to the TN Valley and even the southeast USA. This would help the drought in the TN Valley. All other locations will see 0.50”-2”.

Happy Monday!