GENERAL COMMENTS:
It was an incredible turn of events for the cattle complex today as not only did the futures contracts close higher but fed cash cattle prices shot higher too. Southern live cattle sold $1.00 to $3.00 higher and dressed cattle traded $6.00 to $8.00 higher. July corn is down 4 cents per bushel and July soybean meal is up $2.70. The Dow Jones Industrial Average is up 117.03 points and the NASDAQ is up 74.93 points.
LIVE CATTLE:
It's been a prosperous day for the live cattle complex as traders couldn't look past the fundamental momentum that was developing throughout the day. Between the continued support of stronger boxed beef prices and the higher note in this week's fed cash cattle trade, traders were finally willing to look past the rumors spread earlier this week and instead look to the positive market fundamentals unfolding before their eyes. June live cattle closed $1.60 higher at $215.52, August live cattle closed $1.90 higher at $210.07 and October live cattle closed $2.07 higher at $208.15. This afternoon, Southern live cattle deals were marked at $222 to $223, which is $1.00 to $3.00 higher than last week's weighted average. Northern dressed cattle were marked at $368 to $370, which is $6.00 to $8.00 higher than last week's weighted average.
Thursday's slaughter is estimated at 120,000 head, 4,000 head more than a week ago and 3,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.67 ($366.09) and select up $1.90 ($353.64) with a movement of 118 loads (74.58 loads of choice, 13.70 loads of select, 17.20 loads of trim and 12.56 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that prices have been established in both regions, it's likely that trade will remain steady now with the week's trend.
FEEDER CATTLE:
The feeder cattle complex grabbed another gear and shot higher as the market was elated to finally gain some support. August feeders closed $4.30 higher at $299.92, September feeders closed $4.37 higher at $298.85 and October feeders closed $4.25 higher at $296.77. It was difficult to track down a sale report from a sale barn this afternoon as the volumes are light this week. However, over the various reports that I did look at, it was interesting to note that slaughter cow prices were trading anywhere from $3.00 to $6.00 higher across the county. The CME feeder cattle index 5/28/2025: up $1.91, $297.75.
LEAN HOGS:
It was another mixed day for the lean hog complex as the nearby contracts felt the technical pressure of the futures market, but from a fundamental standpoint, it was phenomenal to see pork cutout values up $2.22. June lean hogs closed $0.25 lower at $100.02, July lean hogs closed $0.32 lower at $102.97 and August lean hogs closed $0.12 lower at $103.40. The biggest daily advancements were seen in the ham, which closed $6.20 higher, and the belly, which jumped $3.79 higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.66 with a weighted average price of $98.95 on 6,309 head. Pork cutouts totaled 257.57 loads, with 217.24 loads of pork cuts and 40.33 loads of trim. Pork cutout values: up $2.22, $104.62. Thursday's slaughter is estimated at 480,000 head, 1,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 5/27/2025: up $0.47, $93.52.
Friday's HOG CALL: Lower. Packers have likely fulfilled the vast majority of their cash needs for the week.
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