GENERAL COMMENTS:
The livestock complex was a mixed bag again today as the cattle contracts continued to venture lower, but the lean hog market closed higher. A few bids surfaced in the fed cash cattle market, but no major trade developed. July corn is down 8 1/2 cents per bushel and July soybean meal is down $2.60. The Dow Jones Industrial Average is down 244.95 points and the NASDAQ is down 98.22 points.
LIVE CATTLE:
It was another grim day for the live cattle complex as the contracts closed fully lower. The nearby contracts endured the biggest losses, but the entire complex maintained the same doggish sediment that Tuesday's market possessed. June live cattle closed $1.20 lower at $213.92, August live cattle closed $1.12 lower at $208.17 and October live cattle closed $1.00 lower at $206.07. The USDA may have shut down the rumors that a positive test of New World screwworm was detected in the U.S., but the aftereffects of the market's panic on Tuesday still are alive and real today. A few bids were offered throughout the day in the cash cattle market, but no trade developed. Asking prices are noted at $222 in Texas but are still not established in the North.
Wednesday's slaughter is estimated at 119,000 head, 1,000 head less than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed higher: choice up $3.57 ($365.42) and select up $0.91 ($351.74) with a movement of 138 loads (97.03 loads of choice, 18.99 loads of select, 10.47 loads of trim and 11.21 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady/somewhat lower. Given the doggish attitude of the futures complex, traders will likely use the board's weakness as leverage in getting cattle bought steady/somewhat lower this week.
FEEDER CATTLE:
The feeder cattle complex also closed lower as the market was hard up for any support today. With the live cattle contracts closing lower and traders not seeming willing to focus their attention on any of the market's fundamentals, the market had little other option but to close lower. August feeders closed $2.52 lower at $295.62, September feeders closed $2.77 lower at $294.47 and October feeders closed $2.82 lower at $292.52. At Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, the best test on steers was on those weighing 850 to 899 pounds, which traded mostly steady, and then on those weighing 950 to 999 pounds as they traded $2.00 to $3.00 higher. Heifers were not comparable to last week's offering. Demand was strong for cattle ready to head into finishing yards, especially those in load lots. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 5/27/2025: down $0.25, $295.84.
LEAN HOGS:
The lean hog complex was the brave market of the livestock industry today as it closed higher amid lower pork cutout values. It was especially interesting to note that the June contract was willing to face off with its resistance at $100. June lean hogs closed $1.17 higher at $100.27, July lean hogs closed $1.15 higher at $103.30 and August lean hogs closed $1.35 higher $103.52. The only individual pork cut that was able to close higher today was the rib (which closed $6.01 higher), but that wasn't enough to offset the pressure of all the other major cuts closing lower. Hog prices on the Daily Direct Afternoon Hog Report averaged $98.29 on 7,326 head. Pork cutouts totaled 223.48 loads, with 195.68 loads of pork cuts and 27.80 loads of trim. Pork cutout values: down $1.08, $102.65. Wednesday's slaughter is estimated at 490,000 head, 5,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 5/23/2025: up $0.11, $93.05.
THURSDAY'S HOG CALL: Lower. With pork cutout values being lower, packers may not be as aggressive in Thursday's cash market.
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