GENERAL COMMENTS:
It's been a mostly mundane trading day for the livestock complex as the cattle contracts remain skeptical, but the lean hog contracts are keeping with their upward trend thanks to technical support. No trade has developed in the fed cash cattle market yet this week. July corn is down 8 cents per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is down 98.49 points and NASDAQ is down 11.53 points.
LIVE CATTLE:
Although the rumor mill has been settled, the market still possesses some cautiousness following Tuesday's sharp sell-off. June live cattle are down $0.67 at $214.45, August live cattle are down $0.65 at $208.65 and October live cattle are down $0.47 at $206.52. Unless something robustly positive happens in this week's fed cash cattle market, it's likely that the complex will maintain this hesitant tone given that it's a shortened holiday week. Asking prices are noted in Texas at $222, but are still not established in the North. No bids have surfaced at this point.
Boxed beef prices are higher: choice up $2.92 ($364.77) and select up $0.12 ($350.95) with a movement of 69 loads (49.03 loads of choice, 12.43 loads of select, zero loads of trim and 7.33 loads of ground beef).
FEEDER CATTLE:
It's another sluggish day for the feeder cattle complex as the contracts are trading well over $1.00 lower into Wednesday's noon hour. August feeders are down $1.60 at $296.52, September feeders are down $1.87 at $294.40 and October feeders are down $3.12 at $292.22. Unfortunately, whenever the market is rocked back on its heels (for whatever reason) it seems to take longer to shake the bearishness than what would seem logically necessary.
LEAN HOGS:
The lean hog complex is trading mostly higher into Wednesday's noon hour, fueled mainly by the interest of traders. June lean hogs are up $0.22 at $99.32, July lean hogs are up $0.20 at $102.35 and August lean hogs are up $0.60 at $102.80. Midday pork cutout values aren't much help right now as they're trending lower, but Tuesday's data did show vast gains, which could be why prices are correcting Wednesday.
The projected lean hog index for 5/27/2025 is up $0.47 at $93.52, and the actual index for 5/23/2025 is up $0.11 at $93.05. Hog prices on the Daily Direct Morning Hog Report average $96.41, ranging from $87.00 to $100.00 on 2,355 head and a five-day rolling average of $95.17. Pork cutouts total 223.48 loads with 195.68 loads of pork cuts and 27.80 loads of trim. Pork cutout values: down $1.08, $102.65.
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