GENERAL COMMENTS:
All in all, it was a good day for the futures contracts as most of the livestock contracts closed higher. No new cash cattle trade developed throughout the day as packers had fulfilled the needs earlier in the week. July corn is down 5 cents per bushel and July soybean meal is down $4.50. The Dow Jones Industrial Average is up 298.56 points and the NASDAQ is up 78.66 points.
From Friday to Friday, livestock futures scored the following changes: June live cattle down $2.45, August live cattle down $2.82; May feeder cattle down $1.13, August feeder cattle down $2.70; June lean hogs up $2.75, July lean hogs up $3.75; July corn down $0.06, September corn down $0.08.
LIVE CATTLE:
By and large, it was an uneventful day for the live cattle complex as traders mildly supported the contracts through the day's end, but it's still too early to tell what today's close means from a technical standpoint. Bull-spreaders are hopeful that today's higher close means that traders feel that the market is no longer overbought and could potentially trade the complex higher again next week. But one day's worth of a higher end doesn't signal that just yet. Time will tell where traders really stand. June live cattle closed $1.05 higher at $212.22, August live cattle closed $0.90 higher at $206.75 and October live cattle closed $1.30 higher at $203.97. Throughout the week, Southern live cattle have traded anywhere from $218 to $220, which is $1.00 lower to $1.00 higher compared to last week's weighted average. Northern dressed cattle have traded at mostly $358, which is $2.00 higher than last week's weighted average.
Friday's slaughter is estimated at 105,000 head, 17,000 head more than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is projected to be around 566,000 head, 7,000 head more than a week ago and 30,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.59 ($352.49) and select up $3.21 ($342.39) with a movement of 101 loads (67.64 loads of choice, 11.10 loads of select, 6.17 loads of trim and 16.10 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Before we can say what next week's cash market may do, we need to see exactly how many cattle were bought this past week and how many were bought with time.
FEEDER CATTLE:
The feeder cattle complex was able to maintain its elevated position through the day's end as traders felt supported seeing the live cattle contracts close higher. May feeders closed $0.67 higher at $296.85, August feeders closed $1.77 higher at $297.60 and September feeders closed $1.65 higher at $296.27. It's likely next week traders again will rely heavily on the support of the live cattle complex in terms of which direction the feeder cattle contracts are going to trade, as there's a level of cautiousness that comes at these historical levels. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers and heifers traded $2.00 to $6.00 higher. Steer calves over 450 pounds sold $6.00 to $10.00 higher, but those under 450 pounds traded $1.00 to $6.00 lower. Heifer calves over 450 pounds sold steady to $2.00 higher, but those under 450 pounds traded $6.00 to $10.00 lower. Slaughter cows sold $2.00 to $4.00 lower, but slaughter bulls traded steady. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 5/15/2025: down $1.38, $300.79.
LEAN HOGS:
The lean hog complex closed mixed, but most of the nearby contracts were able to close slightly higher. June lean hogs closed $0.37 lower at $100.32, July lean hogs closed $0.05 higher at $104.17 and August lean hogs closed $0.27 higher at $103.62. Even though the spot June contract closed slightly lower, it was impressive to see the market maintain its position above the market's previous resistance at $100.00. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $6.69 with a weighted average price of $88.10, ranging from $86.00 to $95.00 on 3,247 head. Pork cutouts totaled 272.77 loads, with 244.78 loads of pork cuts and 27.99 loads of trim. Pork cutout values: up $0.41, $100.13. Friday's slaughter is projected to be around 475,000 head, 2,000 head less than a week ago and 10,000 head more than a year ago. Saturday's slaughter is projected to be around 20,000 head. The CME lean hog index 5/14/2025: up $0.25, $91.02.
MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.
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