Feeder, live, cow-calf, hog, and dairy segments with lender and producer framing.
feeder
Basis firm across major auction regions.
Collateral values constructive on feeder inventories.
Replacement cost elevated; retained-heifer economics tight.
live
Cash trade firm; packer spreads compressed.
Feedyard working capital needs elevated.
Breakeven discipline critical at current placement costs.
cow calf
Regional variance tied to forage conditions.
Producer-level margins strongest in 5+ years in many regions.
Herd rebuild economics favorable where forage permits.
hog
Cutout drifting on seasonal supply build.
Integrator portfolios watching Q2 pricing.
Hedging discipline warranted into spring.
dairy
Class III range-bound; cheese demand mixed.
Producer margin meter constructive but not expansive.
Feed cost decline supportive; milk price the key variable.