GENERAL COMMENTS:
The livestock complex is trading mixed as trades are unsettled on how they should support the contracts ahead of the weekend. Besides a movement in Western Nebraska at $235, no new cash cattle trade has developed. July lean hogs are up $2.25 at $105.225, July corn is down 2 cents per bushel and July soybean meal is up $1.20. The Dow Jones Industrial Average is down 264.59 points and the NASDAQ is down 302.21 points.
Friday's export report shared that beef net sales of 14,700 mt for 2025 were up 20% from the previous week and 24% from the prior 4-week average. The three largest buyers were Japan (4,200 mt), South Korea (3,100 mt) and Mexico (2,200 mt). Pork net sales of 30,500 mt for 2025 were down 19% from the previous week but up 1% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), South Korea (6,500 mt) and Japan (3,400 mt).
LIVE CATTLE:
The live cattle complex is trading mixed: seeming to be in utter disbelief that fed cash cattle prices are continuing to charge higher and higher, and unsure of what to do about the market's unwavering fundamentals from a technical standpoint. Most of the live cattle contracts are trading higher into Friday's noon hour, but the market's nearby contracts remain hesitant. June live cattle are up $0.50 at $216.02, August live cattle are down $0.07 at $210.00 and October live cattle are down $0.07 at $208.07. There are a few new bids currently surfacing in Nebraska, but as of this morning the only movement reported is a string of cattle traded in Western Nebraska at $235. So far this week Southern live cattle have traded at mostly $223, which is $2.00 to $3.00 higher than last week's weighted average. Northern dressed cattle have traded at mostly $370, which is $6.00 to $8.00 higher than last week's weighted average. Asking prices for cattle left on showlists remain firm at $224 plus in the South and $375 plus in the North.
Boxed beef prices are mixed: choice down $0.10 ($365.99) and select up $3.24 ($356.88) with a movement of 57 loads (43.99 loads of choice, 4.55 loads of select, zero loads of trim and 8.51 loads of ground beef).
FEEDER CATTLE:
The positive bump that Thursday's market saw is gone for the feeder cattle complex as traders simply seem unwilling to advance the contracts any more ahead of the weekend. August feeders are down $0.52 at $299.40, September feeders are down $0.47 at $298.37 and October feeders are down $0.30 at $296.47. Feeder cattle prices have traded steady to somewhat lower this week as buyers have fulfilled the majority of their grass needs for the season and aren't quite as actively buying.
LEAN HOGS:
The lean hog complex is trading bullishly into Friday's noon hour as although exports were lighter than a week ago, they still were strong and it's positive that pork cutout values are higher too. June lean hogs are up $1.07 at $101.10, July lean hogs are up $2.15 at $105.12 and August lean hogs are up $1.67 at $105.07. The biggest reason why pork cutout values are higher is because of the $18.68 rally in the belly, while the other cuts are trading closer to $1.00 to $3.00 higher.
The projected lean hog index is unavailable at this time. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.24 with a weighted average price of $96.03, ranging from $88.00 to $102.50 on 1,731 head and a five-day rolling average of $97.79. Pork cutouts total 231.34 loads, with 209.44 loads of pork cuts and 21.90 loads of trim. Pork cutout values: up $4.78, $109.40.
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