Monday Closing Livestock Market Update - Cattle Scaled Significantly Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle contracts rallied aggressively but the lean hog contracts drifted lower. New showlists appear to be mixed, higher in Texas, and Nebraska/Colorado, but lower in Kansas. July corn is up 3 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 275.50 points and the NASDAQ is up 96.27 points.

LIVE CATTLE:

The live cattle complex was able to maintain its sporty rally through Monday's close with surprisingly, the market's biggest gains being seen in the deferred contracts. August live cattle closed $0.57 higher at $213.87, October live cattle closed $0.35 higher at $210.17 and December live cattle closed $0.42 higher at $210.65. But with boxed beef prices continuing to trade higher, traders remained confident in pushing the contracts higher despite the recent lower trend in the fed cash cattle market. It's too early for any bids or asking prices to have surfaced, but with this week being a holiday-shortened week, it's fully assumed that cattle will trade lower again this week. New showlists appear to be mixed, higher in Texas, and Nebraska/Colorado, but lower in Kansas. Monday's slaughter is estimated at 118,000 head, 7,000 head more than a week ago and 3,000 head more than a year ago.

Last week Southern live cattle traded at mostly $224 to $225, which is $4.00 to $5.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $368, which is $10.00 lower than the previous week's weighted average. But last week's negotiated cash cattle trade totaled 52,528 head, of which 69% (35,096 head) were committed to the nearby delivery while the remaining 31% (17,432 head) were committed to the deferred delivery option.

Boxed beef prices closed mixed: choice down $0.93 ($395.56) and select up $1.17 ($384.10) with a movement of 95 loads (57.03 loads of choice, 20.08 loads of select, 5.83 loads of trim and 11.78 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers have been able to buy up some supply, it's likely that prices will be lower again this week as packers will also be running a reduced kill schedule this week for the Fourth of July holiday.

FEEDER CATTLE:

The feeder cattle complex boldly rallied into the day's end as all its contracts closed over $2.00 higher. August feeders closed $2.77 higher at $310.67, September feeders closed $2.72 higher at $310.62 and October feeders closed $2.80 higher at $308.52. Cattle producers are hoping that the holiday-shortened week won't disrupt the feeder cattle market's momentum as next week more online video sales are set to happen, and the market will continue to see what the expectations for fall delivered feeder cattle will be. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers traded steady to $3.00 higher, and feeder heifers traded $1.00 to $4.00 higher. Steer calves traded steady to $4.00 higher and heifer calves sold $3.00 to $6.00 stronger. Feeder cattle supply over 600 pounds 66%. The CME feeder cattle index 6/27/2025: up $2.10, $314.07.

LEAN HOGS:

Although the cash hog market saw substantial gains, traders weren't willing to change the market's direction as they continue to be concerned about the slight decline in pork demand. July lean hogs closed $3.15 lower at $110.10, August lean hogs closed $2.77 lower at $107.50 and October lean hogs closed $2.22 lower at $92.40. Again, this afternoon it was the rib (down $11.81) and the ham (down $8.88) which caused the carcass price to close lower. Packers are likely more aggressive in the cash market early this week as they won't want to participate in the market later in the week as the holiday weekend looms.

Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.79 with a weighted average price of $111.88 on 2,476 head. Pork cutouts totaled 344.89 loads with 293.31 loads of pork cuts and 51.58 loads of trim. Pork cutout values: down $2.05, $115.41. Monday's slaughter is estimated at 483,000 head, 24,000 head more than a week ago and 6,000 head more than a year ago. The CME lean hog index 6/26/2025: up $0.13, $112.02.

TUESDAY'S HOG CALL: Steady. Given that today's advancement was so significant, Tuesday's trade could likely remain steady although packers will still need more volume.

Monday Midday Livestock Market Summary - Cattle Trade Higher, Hogs Drift Lower

GENERAL COMMENTS:

It's a mixed morning for the livestock complex as the cattle contracts are trading higher, but the lean hog complex is drifting lower as fundamental support isn't as strong as traders hoped it would be. New showlists appear to be mixed, higher in Texas, and Nebraska/Colorado, but lower in Kansas. July corn is down 1/4 cent per bushel and July soybean meal is down $0.50. The Dow Jones Industrial Average is up 148.81 points and the NASDAQ is up 48.89 points.

LIVE CATTLE:

Believe it or not, the live cattle complex is trading mostly higher into Monday's noon hour following the large surge in which the market accomplished last Friday. August live cattle are up $0.12 at $213.52, October live cattle are up $0.05 at $209.87 and December live cattle are down $0.15 at $210.02. More than anything traders seem to be looking at the market's regression and seem to believe that enough immediate downside pressure has been endured for the meantime. Now what's perplexing about that conclusion is that traders are willing to advance the contracts amid mixed market fundamentals: boxed beef prices continue to scale higher while fed cash cattle prices are drifting lower. Thankfully Friday's surge of the contracts helped push the spot August contract back above its 40-day moving average, which will continue to be a threshold to monitor. New showlists appear to be mixed, higher in Texas, and Nebraska/Colorado, but lower in Kansas.

Last week Southern live cattle traded at mostly $224 to $225 which is $4.00 to $5.00 lower than the previous week's weighted average and Norther dressed cattle traded at mostly $368 which is $10.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $0.10 ($396.59) and select up $0.65 ($383.58) with a movement of 43 loads (24.49 loads of choice, 10.23 loads of select, zero loads of trim and 8.21 loads of ground beef).

FEEDER CATTLE:

Following the lead of the live cattle complex, the feeder cattle contracts are also trading fully higher into Monday's noon hour. August feeders are up $2.77 at $310.70, September feeders are up $2.85 at $310.75 and October feeders are up $3.10 at $308.87. But even though the fed cash cattle market has been trading lower in recent weeks, the feeder cattle complex has remained consistent in the countryside as buyers continue to show up and buy aggressively as they need to fill their orders and there simply aren't enough calves to go around to do so in a relaxed manner. Given that this week is a holiday-shortened week for the Fourth of July, feeder cattle sales will be light.

LEAN HOGS:

While the cattle contracts are rallying, the lean hog complex is continuing with its downward trend as the market isn't seeing the fundamental support it needs currently. July lean hogs are down $2.47 at $110.77, August lean hogs are down $2.55 at $107.72 and October lean hogs are down $1.97 at $92.65. Pork cutout values are disturbing to look at this morning as the rib is down $16.25 and the ham is down $6.79.

The projected lean hog index for 6/27/2025 is down $0.26 at $111.76, and the actual index for 6/26/2025 is up $0.13 at $112.02. Hog prices are higher on the Daily Direct Morning Hog Report, up $4.66 with a weighted average price of $112.51, ranging from $104.00 to $113.00 on 706 head and a five-day rolling average of $111.05. Pork cutouts total 211.88 loads with 175.14 loads of pork cuts and 36.74 loads of trim. Pork cutout values: down $0.93, $116.53.

Monday Morning Livestock Market Update - Cattle Futures May Have Difficulty Moving Higher

GENERAL COMMENTS:

Traders turned aggressive in the cattle market Friday with futures contracts posting impressive gains. The support did not come from cash trade as most activity took place in both the Northern dressed and Southern live markets $4.00 to $5.00 lower for the second consecutive week. The strength seemed to stem from the strength in the equity markets moving to record highs, and some trade agreements made between the U.S. and China. These agreements were not specific to commodities, but any agreements with China seem to provide support to markets. A strike at the Tyson packing plant in Amarillo has begun. The employee union hadn't authorized the strike until before Friday's trade, which made it somewhat surprising the markets exploded higher as much as they did; but given the discount they currently carry to cash, the funds seem reluctant to press the markets lower. The June live cattle contract ceased trading Monday with August taking over as the lead month. The Commitments of Traders report showed fund traders as net sellers of 2,752 contracts in live cattle, reducing their long positions to 127,553 contracts. The funds backed off their record-long positions in feeder cattle by 324 contracts, reducing their net-long position to 34,269 contracts.

Hog futures closed the week mixed. Traders did not see much reason to take a position one way or the other following the Quarterly Hogs and Pigs report, even though the initial reaction was bearish. Most contracts were able to recover the initial losses to close higher. The minor strength in the cash market and the weakness in cutouts did not provide any direction. The National Daily Direct Afternoon Hog report showed cash up $0.09. Pork cutouts declined $2.19, with most of the pressure from the decline in hams of $13.10. Packers may be aggressive to begin the week as they want to purchase early due to the holiday-shortened week. The Commitments of Traders report showed the funds adding 5,608 long futures positions last week, bringing their net-long to 130,848.

	BULL SIDE		BEAR SIDE
1)	The June live cattle contract goes off the board Monday, with August taking over as the lead month. August holds a significant discount to cash.	1)	The strength in cattle futures Friday seemed to be driven by outside markets and not fundamentals. It may be short-lived.
2)	The cattle markets have corrected their overbought position, giving traders confidence to buy back into the market.	2)	Cattle slaughter will be reduced this week due to the holiday, which may result in lower cash.
3)	The fund traders added to their net-long futures positions as they remain bullish on the hog market.	3)	Hogs did not receive any bullish news from the Hogs and Pigs report, which may leave the market trading sideways. This could trigger technical selling.
4)	Packers are expected to be aggressive early this week, as it is a holiday-shortened week. They will want to buy the hogs they need quickly.	4)	Hog futures may see further price correction as the recent trend indicates the market may have reached its peak.

Friday Closing Livestock Market Update - Cattle Futures Soar Higher

GENERAL COMMENTS:

Livestock markets posted aggressive end of the week gains in cattle markets, with nearby feeder cattle futures leading the surge higher, gaining over $4 per cwt in all remaining 2025 contract months. This helped to solidify follow-through buyer support in live cattle markets with August futures posting a $4.10 per cwt rally. The ability to build off of support levels set earlier this week is helping to create additional market optimism through the entire cattle market. Lean hog futures posted mixed trade with nearby gains offsetting deferred pressure. Hog prices closed higher on the Daily Direct Afternoon hog report, up $0.09 with a weighted average of $108.09 on 1,446 hogs. July corn closed up 8 cents at $4.175 and July soybean meal closed up $0.20 at $271.10. The Dow Jones Industrial Average is up 432.43 points at 43,819.27.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $1.72, August live cattle up $3.48; August feeder cattle up $5.45, September feeder cattle up $5.68; July lean hogs up $0.47, August lean hogs off $2.18; July pork cutout up $0.30, August pork cutout remained unchanged.

LIVE CATTLE:

Live cattle futures surged aggressively higher Friday as active trade swept through the complex, helping to bring traders back to the market who have been cautiously watching from the sidelines since last week's market tumble. Nearby contracts quickly broke above the 40-day moving average during morning trade, which helped spark additional technical support through the entire complex. Combined with still aggressive boxed beef support and expectations that beef demand will continue to remain strong over the near future, futures trade regained recent market losses. Actively traded August contracts are still nearly $5 per cwt below market highs seen early in the month, but the ability to keep prices above $210 per cwt is helping to create additional optimism. Cash cattle markets still remain sluggish Friday afternoon, with light trade reported in parts of the North at $368 dressed, steady with Thursday's transactions, but $9 lower than last week's weighted average basis in Nebraska. The South remains rather quiet following Thursday's live sales at $224 to $225, $4 to $5 lower than the prior week's weighted averages. It looks like business is essentially done for the week. June live cattle closed $3.05 higher at $224.75, August live cattle closed $4.10 higher at $213.30 and October live cattle closed $3.48 higher at $209.825. 

Friday's slaughter is estimated at 105,000 head, 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.46 ($396.51) and select up $3.21 ($382.95) with a movement of 80.28 loads (48.46 loads of choice, 10.52 loads of select, 13.36 loads of trim and 7.94 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Monday's cash market activity is expected to remain muted, but the support in beef values and futures support will likely cause cattle feeders to price cattle higher next week. Due to the Fourth of July holiday next Friday, next week's cash sales are likely to be seen earlier in the week than usual.

FEEDER CATTLE:

Feeder cattle buying Friday morning set the tone for the aggressive market support seen in all cattle trade. August futures led the complex higher with gains of $4.60 per cwt, moving prices to $307.90 per cwt in both August and September contract months. Although prices are still well below market highs seen in early June, the ability to limit losses over this last week helped to stimulate additional technical support through the entire complex. Nearby feeder cattle futures held above the 40-day moving average, this latest round of buying has helped to secure this benchmark, creating additional confidence heading into the end of the month and the holiday-shortened trading week. August feeders closed $4.60 higher at $307.90, September feeders closed $4.53 higher at $307.9 and October feeders closed $4.30 higher at $305.725. The CME Feeder Cattle Index for June 26: up $0.58, $311.97.

LEAN HOGS:

Lean hog futures remained mixed in limited activity Friday as traders seemed to make minor adjustments to positions following the Quarterly Hogs and Pigs report released Thursday afternoon. July and August contracts posted gains, with the most active support seen in July contracts. Not that it was considered a major surprise, but the reduction of hogs over 180 pounds from year ago levels, indicates that current processing capacity is keeping the market extremely current. Combined with current pork values, buyer support in spot month contracts quickly stepped into the market. Deferred futures remained under light-to-moderate pressure as many expected a slight decrease in overall hog numbers, which was not the case in Thursday's report. July contracts have now posted contract highs, allowing for the potential to spark additional buyer support moving into the market next week.

July lean hogs closed $0.93 higher at $113.25, August lean hogs closed $0.03 higher at $110.275 and October lean hogs closed $0.25 lower at $94.625. Friday's hog slaughter is estimated at 463,000 head, 10,000 head more than a week ago and 6,000 head less than a year ago. Pork cutouts totaled 333.46 loads with 293.87 loads of pork cuts and 39.59 loads of trim. Pork cutout values are down $2.19 at $117.46. The CME Lean Hog Index for June 26: up $0.13, $112.02.

MONDAY'S HOG CALL: Steady to $1 Higher. Packer interest is expected to remain firm early next week given the need to make up for lost production levels at the end of the week due to the Fourth of July holiday. Continued current supplies of market ready hogs will likely limit aggressive cash market pressure.

Friday Midday Livestock Market Update - Cattle Futures Rally

GENERAL COMMENTS:

Livestock futures have regained momentum Friday morning, with active gains seen in all cattle markets. Nearby live cattle futures are holding gains of $2 to $2.77 per cwt, while feeder cattle buying is leading the charge higher with gains of $3 per cwt in nearby trade months. The early week pressure has left markets generally unsettled and unable to find additional commercial or noncommercial buyer support. But the ability to move prices off of midweek lows has sparked renewed trade optimism. Hog futures are mixed in generally sluggish trade activity following Thursday's quarterly hogs and pigs report. Production numbers and breeding stock totals were nearly unchanged from a year ago, but the fact that overall hog numbers did not decrease is causing limited softness in a few nearby lean hog contracts Friday morning. July corn is up 5 3/4 at $4.153 and July soybean meal is up $0.70 at $271.6. The Dow Jones Industrial Average is up 544.25 at 43,931.09.

LIVE CATTLE:

Live cattle futures have followed the feeder cattle market higher, posting the first active gain in the complex in over a week. August futures are leading the shift higher, as traders continue to focus on moderate to strong support still holding in wholesale beef prices. Triple-digit gains are seen through the entire complex as traders have found renewed support at $209 per cwt in August futures contracts. This underlying support through the entire market at the end of the week could help to solidify follow-through buying early next week. Although volume next week is still questionable, with the end of the month, and quarter seen early in the week, and markets closed at the end of the week due to the Independence Day holiday break.

Cash cattle trade still remains generally sluggish, with light trade being reported in parts of the North at $368, dressed, steady with yesterday's business but $9 lower than last week's weighted average basis Nebraska. The South remains rather quiet following yesterday's live sales at $224 to $225, $4 to $5 lower than the prior week's weighted averages. Some asking prices remain firm around $225-plus in the South and $370-plus in the North. Following up on yesterday's news, Teamsters Local 577 members at Tyson Foods in Amarillo, Texas, reported this morning that they have decided to strike. This facility has a daily slaughter capacity of around 5,500 head. June live cattle are $3.00 higher at $224.7, August live cattle are $2.98 higher at $212.175 and October live cattle are $2.65 higher at $209.00. 

Boxed beef prices are Higher: choice up $1.14 ($396.19) and select up $2.52 ($382.26) with a movement of 60.61 loads (34.21 loads of choice, 8.39 loads of select, 10.64 loads of trim and 7.37 loads of ground beef).

FEEDER CATTLE:

Feeder cattle have rallied higher Friday morning, with active triple-digit gains seen in all nearby contracts. August futures are leading the complex higher, with prices moving well above $305 per cwt during morning trade. The ability to string together three positive market gains earlier this week following strong pressure the previous week has helped to create stability through the feeder cattle market and allowed traders to use previous price levels as support levels. If morning gains continue to hold through the end of the trading session, this will account to a weekly gain of $4.25 per cwt in front-month futures. Although this is still well below recent highs, the feeder cattle complex could potentially spend the next few weeks hovering within the current market range. Strong beef demand continues to be seen through the summer months, with active buyer support in feeder cattle buying likely to continue in the near future. August feeders are $3.35 higher at $306.65, September feeders are $3.25 higher at $306.625 and October feeders are $3.05 higher at $304.475.

LEAN HOGS:

Lean hog futures are mixed in lackluster trade Friday morning. Summer contracts are posting light to moderate gains Friday morning on strong financial market moves and indications that positive gains are seen in trade talks with China. October through April contracts are holding light losses as follow-through pressure after the hogs and pigs report Thursday is limiting buyer interest. Traders continue to be slightly disappointed that overall hog numbers have not eased. However, many of the adjustments seen Friday seem to be focused on backing away from pre-report positions rather than any major shift in market direction following the report. Nearby gains are supported based on strong continued demand, while long-term supply levels may continue to limit price support through the winter months. July lean hogs are $0.65 higher at $112.975, August lean hogs are $0.08 higher at $110.325 and October lean hog prices are lower on the Daily Direct Morning Hog report, down $0.24 with a weighted average of $107.85, ranging from $106.00 to $110.00 on 498 head with a five-day rolling average of $110.77. Pork Cutouts totaled 190.88 loads, with 174.24 loads of pork cuts and 16.64 loads of trim. Pork cutout values are up $4.65 at $123.76. n hogs are $0.50 lower at $94.375.

Friday Morning Livestock Market Upate - Little Reaction to Hogs and Pigs Report Expected

GENERAL COMMENTS:

The anticipation was for further cash weakness this week, but no business was done before the market closed Thursday. Later in the day, some light cash trade took place at $3.00 to $4.00 lower for both live and dressed cattle. If this is what will take place, it will be the second week of lower cash prices. This may put further pressure on futures. Boxed beef prices were higher, with choice up $0.11 and select up $3.45. This was the first time this week that both categories were higher. The June live cattle contract will go off the board on Monday and may see little movement ahead of the close. Traders remain supportive of feeder cattle even though buyers are showing some resistance to high prices at auctions.

Hog futures slipped ahead of the report Thursday with traders uncertain over the numbers. However, the report was neutral with all hogs on June 1 at 75.1 million head, 100% of a year ago. Hogs kept for breeding totaled 100% and hogs kept for marketing at 100%. These were slightly higher than the trade estimates of 99.8%, 99.9%, and 99.8% respectively. Farrowing intentions were slightly less than expectations, but not enough to cause any significant price reaction. The National Daily Direct Afternoon Hog report showed a decline of $2.51 on low volume. Packers should be more aggressive Friday to finish up purchases for the week. Pork cutout values were down $2.16 with lower prices for all cuts except loins.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have corrected the oversold condition and may have retraced sufficiently to increase buying interest.	1)	Light cash cattle trade took place Thursday at $3.00 to $4.00 lower. This may have set the stage for the week.
2)	The August live cattle contract will take over as the lead month next week and is carrying more than a $12.00 discount to June. Some of that discount may be reduced in the near term.	2)	July may be a pivotal month for beef demand as the dog days of summer may have a greater impact and beef consumption slows.
3)	The Hogs and Pigs report was neutral, which should support the market and potentially result in traders buying the break.	3)	There is a chart gap below the market in the July hog contract. That may be filled before the contract goes off the board in 2 weeks.
4)	Cash hog prices should be higher Friday as packers may need to buy more hogs to fulfill their needs for the week.	4)	The Hogs and Pigs report showed nearly the same level of hogs as a year ago, indicating there may be little concern about supply and limited upside price potential.

Thursday Closing Livestock Market Update - Cattle Futures Bounce Higher

GENERAL COMMENTS:

Livestock markets remained mixed in limited trade Thursday, with pre-report pressure developing in lean hog futures trade while all cattle futures closed steady to moderately higher by the end of the trading session. Feeder cattle futures were the bright spot of the complex as traders continue to focus on a generally bullish tone within cash feeder cattle markets over the near future, despite the recent pullback from all-time highs. Moderate activity is expected through the end of the week and in early trade next week, but the upcoming holiday break will dwindle trade activity in the near future. Hog prices closed lower on the Daily Direct Afternoon hog report, down $2.51, with a weighted average of $108.00 on 1,965 hogs. July corn closed down 3/4 at $4.095 and July soybean meal closed down $5.10 at $270.90. The Dow Jones Industrial Average is up 404.41 at 43,386.84.

LIVE CATTLE:

Live cattle futures closed steady to slightly higher, with late-day buying in feeder cattle futures helping to spark an end-of-the-day rally. August futures led the market higher, etching out a rally of 22 cent per cwt in late-day trade, but the rest of the complex remained steady to 10 cents higher, with most contract months ending the day with single-digit gains. Traders continue to focus on the potential for fundamental stability in both cash cattle prices and beef values through the end of the week and the end of June. However, traders remain extremely cautious given the early-week market pressure seen across the entire livestock market. With most contracts dipping below the 40-day moving average during the week, traders are not focused as much on regaining recent highs as they are creating a solid foundation on which to build renewed technical support.

Cash cattle markets remain undeveloped as the country is quiet this afternoon with just a few bids on the table in parts of Nebraska, but they are well below current asking prices of around $228 to $230 in the South, and $376-plus in the North. Packer inquiry should continue to improve as the day progresses, but significant trade volume will likely be delayed until sometime Friday. June live cattle closed $0.10 higher at $221.7, August live cattle closed $0.23 higher at $209.20 and October live cattle closed steady. 

Thursday's slaughter is estimated at 105,000 head, 8,000 head less than a week ago and 17,000 head less than a year ago. 

Boxed beef prices closed higher: choice up $0.11 ($395.05) and select up $3.45 ($379.74) with a movement of 90.95 loads (57.42 loads of choice, 12.63 loads of select, 9.47 loads of trim and 11.43 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Cash cattle activity remains generally quiet late Thursday but should spark additional interest early Friday. Bids continue to develop, but it may be midday or later Friday before active trade is seen in most areas.

FEEDER CATTLE:

Feeder cattle futures quickly became the bright spot of the livestock complex during late Thursday trade. Early market pressure was offset by limited but consistent buying support moving into the complex. This helped to push August feeder cattle futures $1 per cwt higher. Despite pressure early this week and the pullback from recent market highs, the consistency of buyer support is not departing and may continue to help bring additional support to the complex during early July. August feeders closed $1.00 higher at $303.30, September feeders closed $0.78 higher at $303.375 and October feeders closed $0.68 higher at $301.425. The CME Feeder Cattle Index for June 24: up $0.79, $311.39.

LEAN HOGS:

Lean hog futures closed lower Thursday ahead of the June 1st hogs and pigs report. This report is expected to be viewed as generally neutral with limited overall changes from year-ago levels and pre-report estimates. This report is typically a nonissue when it comes to market moves, but once again delivered essentially no surprises. Hog numbers through the country are at 75.1 million head, 100% year-ago levels, and slightly above March 1st levels. Hogs kept for breeding were kept even with last year's levels. The lack of change in numbers and total report levels well within 1% of pre-report expectations will likely cause traders to return market focus back on upcoming pork demand expectations. The largest shifts in breeding intentions were seen in Texas and Nebraska. Texas reported a 15% increase in hogs kept for breeding, while Nebraska posted a 13% increase in breeding hogs. Oklahoma and Pennsylvania reported a more aggressive reduction in hogs kept for breeding.

July lean hogs closed $0.50 lower at $112.325, August lean hogs closed $0.98 lower at $110.25 and October lean hogs closed $0.85 lower at $94.875. Thursday's hog slaughter is estimated at 473,000 head, 13,000 head more than a week ago and 2,000 head less than a year ago. Pork Cutouts totaled 188.32 loads with 158.24 loads of pork cuts and 30.08 loads of trim. Pork cutout values are down $2.16 at $119.65. The CME Lean Hog Index for June 24: up $0.97, $111.41.

FRIDAY'S HOG CALL: Steady. Limited additional end-of-the-week movement is expected early Friday morning. The lack of significant shifts in hog inventories is likely to limit swift and aggressive market moves.

Thursday Midday Livestock Market Update - Futures Mixed

GENERAL COMMENTS:

Livestock futures have seen another slow and sluggish start Thursday, although light to moderate buyer support seen in nearby feeder cattle trade is helping to bring some much-needed stability to the entire cattle complex. Given the early week pressure in cattle futures prices and lack of optimism over the last week and a half when it comes to renewed cash market support, market stability seems to be holding through the Thursday session. Lean hog futures are expected to see limited trade through the rest of the morning with light to moderate losses seen in nearby and deferred contracts. July corn is down 1/2 at $4.098 and July soybean meal is down $4.40 at $271.6. The Dow Jones Industrial Average is up 347.66 at 43,330.09.

LIVE CATTLE:

Live cattle futures have hovered in a narrow trading range through Thursday morning with limited early support in spot June contracts being offset by very limited and narrow losses in the rest of the complex. Traders see very little new direction in the market at the end of the week with the focus on cash market moves and the ability to sustain beef values heading into the holiday week. Overall trade may become increasingly sluggish next week due to the Fourth of July holiday, but traders still remain focused on the recent market support which has developed over the past two months, and continue to look for additional support to be seen in order to curb the current market correction seen over the past two weeks. According to the latest weekly export sales report, for the period of June 13 to June 19, beef net sales of 14,100 metric tons (MT) for 2025 were up 20% from the previous week and 11% from the prior 4-week average. Increases were primarily for Japan (6,800 MT), South Korea (3,000 MT), Taiwan (1,100 MT,), Canada (900 MT), and Hong Kong (600 MT). Exports of 12,600 MT were down 7% from the previous week and 3% from the prior 4-week average. The destinations were primarily to South Korea (3,800 MT), Japan (3,400 MT), Taiwan (1,400 MT), Mexico (1,300 MT), and Canada (900 MT).

Cash cattle markets are starting to slowly develop with a few bids on the table in parts of Nebraska. But they are well below current asking prices of around $228 to $230 in the South and $376-plus in the North. Packer inquiry will continue to improve as the day progresses. We are hearing a couple of packing plans will be dark or running with limited production today and/or Friday. The Grand Island, Nebraska, JBS plant will limit production due to flooding, heavy rainfall and lagoon issues; production is expected to drop to between 1,000 to 1,500 head, down from the usual 5,200 head. Tyson's facility in Amarillo, Texas, will be dark today and Friday due to labor issues, as workers vote on whether to strike or not. There is said to be picketing around the plant, with labor demands mostly centering around wages and more time off. Amarillo has a daily slaughter of around 5,500 head. June live cattle are $0.10 higher at $221.7, August live cattle are $0.50 higher at $209.475, October live cattle are steady. 

Boxed beef prices are Mixed: choice down $0.57 ($394.37) and select up $2.27 ($378.56) with a movement of 60.36 loads (39.95 loads of choice, 9.00 loads of select, 3.79 loads of trim and 7.62 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures are mixed with light but stable buyer support moving into nearby contracts Thursday. Limited activity is expected to be seen through the rest of the day with traders looking for additional longer term direction from both cash cattle trade at the end of the week and outside market direction. August feeders are $1.05 higher at $303.35, September feeders are $0.75 higher at $303.35 and October feeders are $0.60 higher at $301.35.

LEAN HOGS:

Lean hog futures have posted light to moderate losses during morning trade Thursday. Traders continue to look ahead to the afternoon release of the June 1 Quarterly Hogs and Pigs Report, but early expectations see significant fireworks from the report. Many feel overall hog numbers and breeding intentions will be fractionally changed from year ago levels. Given that these reports are quarterly in nature, most of the expected impact is likely already factored into the market over the past several weeks. But a surprise in the report could bring about some market shifts early Friday. But for now, traders remain focused on current fundamental market direction. In the weekly export sales and shipments report, total sales for the week was reported at 51,400 metric tons with the largest buyer being Mexico at 30,600 metric tons. Exports for the week totaled 39,900 metric tons with Mexico once again accounting for the bulk of the export business with 16,000 metric tons. Other major countries with purchases through the week were South Korea, Japan and China. July lean hogs are $0.35 lower at $112.475, August lean hogs are $0.78 lower at $110.45 and October lean hogs are $0.68 lower at $95.05. Hog prices are lower on the Daily Direct Morning Hog report, down $3.92 with a weighted average of $108.09, ranging from 102.00 to 110.00 on 652 head with a five-day rolling average of 110.85. Pork Cutouts totaled 99.01 loads with 83.61 loads of pork cuts and 15.40 loads of trim. Pork cutout values are down $1.00 at $119.11.

Thursday Morning Livestock Market Update - Quarterly Hogs and Pigs Report Today

GENERAL COMMENTS:

Cattle futures are struggling. Not because the fundamentals have turned negative, but because the market seems to be tired, with traders concerned over maintaining strong demand. Consumers have been relentless in their demand for beef, and prices have continued to rise. However, the rise in food costs overall may impact how much beef they will purchase. The May Cold Storage report showed total beef supplies declined 11.4 million pounds from April, totaling 407.8 million pounds. This was 1% below a year ago. Cash cattle have not yet been traded, with the expectation that cash will be lower again this week. Boxed beef prices are becoming more volatile with larger price swings. Boxed beef on Wednesday showed choice up $0.69 and select down $6.12.

Hogs were able to overcome early negativity and the follow-through from Tuesday to close higher in contracts through February. Mixed trading should dominate the activity Thursday as traders will position themselves ahead of the Quarterly Hogs and Pigs report to be released after the close. The average estimate for all hogs and pigs on June 1 is 99.8% of a year ago. Kept for breeding is estimated at 99.9%. Hogs kept for marketing are estimated at 99.8%. Packers were not aggressive Wednesday, with the National Daily Direct Afternoon report showing a decline of $0.98. They need more hogs and should be aggressive Thursday. Pork cutouts increased $0.25 with values at $121.81. The May Cold Storage report showed pork inventory at 451.0 million pounds, down 5.2 million from April. Stocks are 7% below a year ago. Belly stocks totaled 53.0 million pounds, down 3.9 million pounds from April and 26% below a year ago.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may have another week of lower cash already factored in as futures are trying to build support.	1)	Cattle futures have been unable to shake the recent negativity as the market corrected from being overbought. Traders remain cautious over further declines in cash cattle.
2)	The August live cattle contract has a chart gap above the market that may be filled. It is the only contract with a chart gap.	2)	Feeder cattle futures have been consolidating. If the market is unable to find buying interest soon, futures could move lower as liquidation could unfold.
3)	Pork cutout values continue to increase, indicating strong demand for pork as consumers may be turning away from high-priced beef.	3)	Hog futures have had a strong increase and may correct from being overbought.
4)	Hog weights are declining, with the average weight down 1.2 pounds last week, totaling 285.3 pounds. This is 2.2 pounds below a year ago.	4)	If there are negative implications on the Hogs and Pigs report Thursday, selling could be triggered as fund traders liquidate positions.

Wednesday Closing Livestock Market Update - Mixed Trade Created Limited Stability

GENERAL COMMENTS:

Livestock markets ended the day and week with positive moves as cattle and lean hog futures both posted sizable gains Friday afternoon. Cash cattle trade appears to be the main focus through the end of the week with weekly prices generally $10 to $12 per cwt above week-ago levels. The aggressive cash market support seen in the market through early June is expected to help bring additional underlying support to the complex, although there remain questions if this price support will be able to be sustained long term. But for now, traders in all segments remain extremely bullish. This has helped push futures contracts to contract highs, and many are uncertain just how much higher prices may go before things start cooling off. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.98 with a weighted average of $110.51 on 2,570 hogs. July corn closed down 6 at $4.103 and July soybean meal closed down $4.50 at $276.00. The Dow Jones Industrial Average is down 106.59 at 42,982.43.

LIVE CATTLE:

Live cattle futures closed steady to lower, with spot month June contracts battling back from early losses, closing unchanged at $221.60 per cwt. The underlying pressure seen earlier in the week continues to add softness to the entire complex as traders continue to back away from market highs seen earlier this month. June futures are still holding above the 40-day moving average, but the rest of the complex remains below this threshold after breaking below this point in the last few days. Given the current price levels well above $200 per cwt in all nearby contracts, the market is still a long way away from a major sell-off. But technically, traders are looking for some additional underlying support to be established before actively stepping back into the market.

Cash cattle country remains very quiet this afternoon with asking prices noted around $228 to $230 in the South, but they are still not established in the North. Bids remain very elusive, and significant trade volume will be delayed until Thursday and/or Friday. June live cattle closed unchanged, August live cattle closed $0.58 lower at $208.975 and October live cattle closed $0.60 lower at $206.35. 

Wednesday's slaughter is estimated at 118,000 head, steady with a week ago and 1,000 head more than a year ago. 

Boxed beef prices closed mixed: choice up $0.69 ($394.94) and select down $6.12 ($376.29) with a movement of 104.82 loads (58.77 loads of choice, 25.00 loads of select, 8.87 loads of trim and 12.18 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. Cash cattle activity is expected to remain sluggish early Thursday, although more interest is likely as the day progresses. Given the pullback in futures and cash values last week, steady to moderately lower prices are not out of the question at the end of the week.

FEEDER CATTLE:

Feeder cattle closed mixed after trading lower through the first half of the trading session. Continued softness in grain market trade and lack of support in live cattle trade is keeping feeder cattle futures unsettled, with the potential to move prices in either direction over the coming days. Nearby contracts are hovering at or near the 40-day moving average price over the past couple of trading days. A significant shift below these levels could limit market momentum and start to impact technical trade direction through the next couple of weeks. Although volume through the rest of this week is expected to remain stable to active, markets may become much more sluggish next week due to the Fourth of July Holiday quickly approaching. August feeders closed $0.05 higher at $302.3, September feeders closed $0.15 higher at $302.6 and October feeders closed $0.10 higher at $300.75. The CME Feeder Cattle Index for June 23: up $0.27, $310.6.

LEAN HOGS:

Lean hog futures bounced higher Wednesday, breaking away from market pressure still developing in cattle and grain markets. Although the quarterly hogs and pigs report, which will be released Thursday usually does not cause significant market shifts, the general expectations that the report will show more of the same production trend as seen over the past several months is helping to bring additional support to summer contract prices. July and August futures continue to hold well above $110 per cwt, based on current and expected short-term demand for pork. Late-year price levels still remain in question as traders are still uncertain of trade and tariff impact as well as other economic and global factors affecting long-term pork prices. July lean hogs closed $0.60 higher at $112.825, August lean hogs closed $0.28 higher at $111.225 and October lean hogs closed $0.25 higher at $95.725. Wednesday's hog slaughter is estimated at 478,000 head, 2,000 head less than a week ago and 1,000 head more than a year ago. Pork Cutouts totaled 239.68 loads with 203.31 loads of pork cuts and 36.37 loads of trim. Pork cutout values are up $0.25 at $121.81. The CME Lean Hog Index for June 23: up $0.89, $110.44.

THURSDAY'S HOG CALL: Steady. Limited early morning direction is expected to be seen in cash hog prices Thursday. Moderate focus will be placed on the afternoon release of the June 1st Quarterly Hogs and Pigs Report, but this may still limit packer initial movement through the rest of the week.

Wednesday Midday Livestock Market Summary - Limited Market Pressure Continues

GENERAL COMMENTS:

Livestock futures are showing a sign of market stability trying to reestablish through the complex Wednesday morning, although live cattle and feeder cattle futures remain lower at midday. The continued weakness through the cattle trade is likely to spill into cash markets, although at this point, little indication is seen that beef values will be significantly impacted in the immediate future. Mixed price movement in lean hog trade is helping to bring some additional buyer interest back to the table. July corn is down 6 cents at $4.103 and July soybean meal is down $3.70 at $276.8. The Dow Jones Industrial Average is down 93.46 points at 42,995.56.

LIVE CATTLE:

Live cattle futures have continued to hold early losses Wednesday morning, although the aggressive selling tone seen early in the week seems to have eased slightly. October and December contracts are holding $1 per cwt losses, but the underlying lack of follow through pressure as the morning continues could help to draw buyers back into the complex during afternoon trade. There continues to be an aggressive price spread of $15 per cwt between spot June and October contracts, with front month futures heavily impacted by current wholesale beef values and the current demand to gain access to immediate supplies. Cash cattle markets remain quiet once again Wednesday morning. It's another slow start in cash cattle country with only some early asking prices noted around $228 to $230 in the South, but they are still not established in the North. Bids remain hard to find, and significant trade volume will probably be delayed until Thursday and/or Friday. June live cattle are unchanged, August live cattle are $0.45 lower at $209.1, October live cattle are $0.68 lower at $206.275.

Boxed beef prices are mixed: choice up $0.76 ($395.01) and select down $3.77 ($378.64) with a movement of 62.25 loads (36.82 loads of choice, 11.39 loads of select, 5.83 loads of trim and 8.21 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures remain lightly traded midweek with single-digit price shifts seen in nearby contracts at midday. The lack of aggressive selling in live cattle futures and expected continued support in cash feeder cattle trade is likely to help keep prices above the $300 per cwt level for the immediate future.

In the USDA National Feeder Cattle Summary released Tuesday, compared to the previous week, very uneven price trends this week on calves and yearlings with many sales in the Central and Northern Plains on a bi-monthly summer schedule. Calves sold mostly 5.00 lower to 5.00 higher with big yearling feeders mostly over 800 lbs. selling in a wide price range as well from steady to as much as 10.00 higher to as much as 10.00 lower. Monday's sale in Sioux Falls, South Dakota BBQ Special sold 540 hd of 850-900 lb. steers averaging 878 lbs. for a weighted average price of 303.16. Tuesday in Lexington, Kentucky, at Blue Grass Stockyards sold 110 hd of 908 lb. steers at 309.80, 62 steers weighing 830 lbs. at 324.95. Tuesday in Beaver, Oklahoma, at Beaver County Livestock sold 283 hd of 918 lb. steers for a weighted average price of 305.01. Wednesday in Aberdeen, South Dakota, at the Hub City Livestock Auction sold 949 hd of 1,012 lb. steers for a weighted average price of 293.07. In Bloomfield, Iowa, on Wednesday at Bloomfield Livestock sold 61 steers weighing 819 lbs. at 328.00. Friday in Ft. Pierre, South Dakota, at Ft. Pierre Livestock Auction sold 861 hd of 900-950 lb. steers averaging 933 lbs. for a weighted average price of 311.55 and 504 hd of 800-850 lb. steers averaging 811 lbs. for a weighted average price of 324.09 and that was on a down market. Also, want to mention Northern Video's (Billings, Montana) early summer special this week with near 68,000 head on offer with a list of impressive sales way too numerous to mention. Some big yearlings, 570 hd averaging 1,090 lbs. value added for current delivery sold for a weighted average price of 285.50 and 1200 hd of 990 lb. steers for August delivery sold for a weighted average price of 301.50. So, demand remains very good for calves and yearlings to go on feed.

August feeders are $0.28 higher at $302.525, September feeders are $0.33 higher at $302.775 and October feeders are $0.28 lower at $300.375.

LEAN HOGS:

Lean hog futures remain mixed in very limited trade Wednesday morning. Narrow to moderate gains are slowly developing at midday in July and August contracts as traders continue to focus on current supply levels. The Quarterly Hogs and Pigs Report will be released Thursday and will give a better understanding of current inventories through the summer and early fall months. This report seldom significantly impacts short-term price movements but is used as a gauge of the long-term direction of market supply, and this is expected to also be the case Thursday.

July lean hogs are $0.20 higher at $112.425, August lean hogs are $0.18 higher at $111.125 and October lean hogs are $0.08 lower at $95.40. Hog prices are unreported at this point due to confidentiality on the Daily Direct Morning Hog report. Pork cutouts totaled 140.58 loads with 121.70 loads of pork cuts and 18.88 loads of trim. Pork cutout values are down $0.53 at $121.22.

Wednesday Morning Livestock Market Update - Hog Futures May Show Further Liquidation

GENERAL COMMENTS:

Cattle futures could not find sufficient buying interest to maintain the early gains Tuesday. This resulted in futures maintaining the recent downtrend. The friendly Cattle on Feed report has not been enough to offset last week's lower cash trade and the anticipation of lower cash again this week. Packers may not need to be very aggressive this week, as they have been able to surround themselves with more supply over the past few weeks. They will need to buy to maintain slaughter, but feedlots may not see the aggressiveness they have been seeing. Boxed beef prices were mixed with choice up $4.03 and select down $0.69. Even though boxed beef prices have been mixed the past three days, they continue to advance as the gains have been greater than the declines. Feeder cattle trade is a concern as prices have been lower recently and may indicate the market is running out of steam.

Hog traders may have reacted earlier than usual ahead of the Quarterly Hogs and Pigs report. The overbought market may have been a reason as traders decided to take some profits ahead of the report, just in case it is negative. If it isn't, traders will view it as a buying opportunity and re-enter the market. Packers were aggressive on Tuesday, with the National Daily Direct Afternoon report showing a gain of $2.14. Pork cutouts were down $1.55, but overall have been trending higher with cutout values of $121.56. The average estimate for all hogs and pigs on June 1 is 99.8% of a year ago. Kept for breeding is estimated at 99.9%. Hogs kept for marketing are estimated at 99.8%.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices have been mixed the past few days, but overall prices continue to increase.	1)	The recent lower prices paid for feeder cattle in the country may indicate the market has reached a demand threshold.
2)	Cattle fundamentals remain bullish, with the recent downturn a correction of an overbought market.	2)	Lower cash is expected again this week as packers may be less aggressive and feedlots want to move heavier cattle.
3)	Hog prices and pork cutout values continue to trend higher, indicating strong demand.	3)	Hogs may correct the overbought market with fund liquidation usually lasting 2 to 3 days.
4)	Hog futures are overbought and a price correction will be viewed as a buying opportunity.	4)	Hog futures may be mixed at best ahead of the Hogs and Pigs report to be released Thursday.

Tuesday Closing Livestock Market Summary - Traders Remain Uneasy in Supporting Contracts

GENERAL COMMENTS:

It was a lackadaisical day for the livestock complex as all three of the markets took on a lower ascend into Tuesday's close. No cash cattle trade has developed at this point. July corn is down 3 cents per bushel and July soybean meal is down $1.90. The Dow Jones Industrial Average is up 507.24 points and NASDAQ is up 281.56 points.

LIVE CATTLE:

The equity markets may have been able to close stronger, but that wasn't enough support for traders to feel like the live cattle contracts could confidently close higher too. August live cattle closed $0.17 higher at $209.55, October live cattle closed $0.15 lower at $206.95 and December live cattle closed $0.25 lower at $207.80. More than anything, it appears that traders won't want to risk moving the contracts higher if the market's fundamental support isn't going to shine through the marketplace later this week. Yes, boxed beef prices have been relatively strong this week, but it has yet to be seen what cash prices are going to do. And with packers able to get cattle bought cheaper last week and next week being a shortened holiday week -- there's a chance prices are lower. Asking prices are noted at $228 to $230 in the South. Still no cash cattle trade has developed. 

Tuesday's slaughter is estimated at 118,000 head -- steady with a week ago and 3,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $4.03 ($394.25) and select down $0.69 ($382.41) with a movement of 78 loads (49.70 loads of choice, 14.63 loads of select, 4.07 loads of trim and 9.18 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Packers don't have an exuberant amount of cattle built up around them, so they'll still have to participate in this week's fed cash cattle market. However, with prices trading lower last week and next week being a reduced kill schedule for the Fourth of July, it's likely that prices trade steady at best.

FEEDER CATTLE:

Without the technical support of the live cattle complex, the feeder cattle contracts didn't possess enough gusto of their own to trade higher. August feeders closed $0.55 lower at $302.25, September feeders closed $0.17 lower at $302.45 and October feeders closed $0.20 lower at $300.65. Although, prices are still strong in the countryside for calves and feeders alike, it's unlikely that the feeder cattle contracts are going to turn positive unless the live cattle contracts do. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder cattle and calves traded mostly steady, but unweaned calves traded $5.00 to $10.00 lower. For any calves that were unweaned or unvaccinated, buyers were apprehensive to pay too much for those cattle as they possess more risk. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 6/23/2025: down $0.52, $310.33.

LEAN HOGS:

The market's lower theme carried into the lean hog complex as all of its contracts closed lower too. July lean hogs closed $1.22 lower at $112.22, August lean hogs closed $2.10 lower at $110.95 and October lean hogs closed $1.40 lower at $95.47. It was disappointing to note the decline in this afternoon's carcass price as demand has been the backbone of the market's current rally. The rib posted a significant $3.51 jump, but with the ham alone falling $5.40, the carcass price was pulled lower.

Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.14 with a weighted average price of $111.49 on 4,075 head. Pork cutouts total 275.99 loads with 239.59 loads of pork cuts and 36.39 loads of trim. Pork cutout values: down $1.55, $121.56. Tuesday's slaughter is estimated at 477,000 head -- 3,000 head less than a week ago and steady with a year ago. The CME lean hog index 6/20/2025: up $0.77, $109.55.

WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers pushed the cash market higher this afternoon, but the week's volume is still thin.

Tuesday Midday Livestock Market Summary - Futures Shift Lower

GENERAL COMMENTS:

Livestock futures are holding moderate to strong pressure in all futures traded contracts with feeder cattle markets leading the downward shift early Tuesday morning. Triple-digit losses are seen in most cattle and lean hog contracts, although at this point, there is not enough volume in the thinly traded market to indicate a longer-term technical market shift. July corn is unchanged at $4.193 and July soybean meal is down $1.40 at $281.00. The Dow Jones Industrial Average is up 440.41 points at 43,022.19.

LIVE CATTLE:

Live cattle futures have followed the rest of the livestock market lower Tuesday morning. Despite early week support trying to develop across the complex, the lack of follow-through buyer support moving into Tuesday's market led to overall market uncertainty. June futures are holding 80 cent losses per cwt, which is slightly above the 40-day moving average. In the last week, other nearby contracts have dipped below the 40-day moving average price point for the first time since April, which is creating some caution through the entire complex if price support levels can be held following the market rally seen in early June. Cash cattle markets remain generally quiet early Tuesday morning with a few early asking prices are being reported in the South at $228 to $230, but they are still not developed in the North. Bids remain very elusive at this point. Significant trade volume will likely be delayed until well into the second half of the week. June live cattle are $0.75 lower at $221.55, August live cattle are $0.93 lower at $208.45, October live cattle are $1.23 lower at $205.875.

Boxed beef prices are mixed: choice up $1.13 ($391.35) and select down $2.12 ($380.98) with a movement of 40.56 loads (22.80 loads of choice, 9.39 loads of select, zero loads of trim and 8.37 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures are leading the livestock and cattle market lower Tuesday morning as continued selling has developed through the complex. For the moment, prices seem to be supported above the $300 per cwt price point in nearby August and September contracts, but a move below these levels would post June lows. It could create additional technical weakness in heading into the end of the month and Fourth of July holiday, now less than two weeks away. August feeders are $2.30 lower at $300.5, September feeders are $2.18 lower at $300.45 and October feeders are $2.13 lower at $298.725.

LEAN HOGS:

Lean hog futures are trading actively lower Tuesday morning with traders focusing on underlying softness in most ag commodity markets Tuesday. Limited additional trade volume is expected to be seen through the next couple of hours, likely keeping prices within the current market range through the end of the session. July lean hogs are $1.13 lower at $112.325, August lean hogs are $1.80 lower at $111.25 and October lean hogs are $1.28 lower at $95.60.

Hog prices are lower on the Daily Direct Morning Hog report, down $2.22 with a weighted average of $109.74, ranging from 103.00 to 115.00 on 2,585 head with a five-day rolling average of 113.11. Pork cutouts totaled 151.68 loads with 132.17 loads of pork cuts and 19.51 loads of trim. Pork cutout values are up $0.06 at $121.75.

Tuesday Morning Livestock Market Update - Hog Futures May Remain Sideways Ahead of Hogs & Pigs Report

GENERAL COMMENTS:

Feeder cattle futures followed the direction of the Cattle on Feed report, closing higher Monday. Live cattle traders were not convinced the market is in a position to see much upside strength for now, as lower cash last week and the anticipation of lower cash this week is evidently on traders' minds. Packers may have finally positioned themselves so they do not need to bid aggressively to purchase cattle. They had purchased quite a few cattle ahead for deferred delivery, which puts them in a position to be less aggressive in their bid for cattle. Boxed beef prices were mixed, with choice down $0.28 while select soared $6.15. Feeder cattle closed higher, but futures lacked commitment. Feeder cattle prices in the country seem to be wavering and potentially near a threshold. The Commitments of Traders report showed fund traders as net sellers of 1,423 contracts in live cattle, reducing their net-long futures position to 130,305. They reduced their long position in feeder cattle by 31 contracts, to a net-long position of 34,593.

Hogs found support Monday with contracts closing at new highs. Demand continues to underpin the market. Packers were not aggressive Monday, with the National Daily Direct Afternoon Hog report showing cash down $1.11, but they purchased a limited volume of hogs. They will likely be more aggressive Tuesday and pay higher cash. Pork cutouts gained $0.64 and continue to advance, indicating strong demand. The Quarterly Hogs & Pigs report will be released Thursday, with estimates yet to be released. It is too early to see traders position themselves ahead of the report. The Commitments of Traders report showed fund traders increasing their long position by 12,442 contracts to a net-long of 125,240.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was supportive to the market and should limit any futures price retracement.	1)	Live cattle futures could not close higher after the friendly Cattle on Feed report. The market may be running out of steam.
2)	Boxed beef prices continue to show surprising strength, indicating consumers have not backed away from high-priced beef.	2)	Cash cattle trade is expected to be lower as packers have been able to surround themselves with more supplies.
3)	Hog futures closed at new contract highs as consumer demand is strong and packers remain aggressive despite poor margins.	3)	Hogs may trade mixed ahead of the Hogs & Pigs report. The market is overbought, and traders may trim some of their long positions.
4)	There is some anticipation of the Quarterly Hogs & Pigs report being friendly to the market. Average trade estimates have yet to be released.	4)	Chart gaps remain below the market in the July and August contracts. These may be filled before or after the report Thursday.

Monday Closing Livestock Market Update - Traders Remain Skeptical When Handling the Live Cattle Contracts

GENERAL COMMENTS:

It ended up being a mixed day for the livestock complex as the live cattle complex closed mixed, but both the lean hog and feeder cattle markets closed higher. New showlists appear to be mixed, higher in Kansas, but lower in Nebraska/Colorado and Texas. July corn is down 9 1/2 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is up 374.96 points and the NASDAQ is up 183.56 points.

LIVE CATTLE:

The live cattle complex rounded out the day mixed -- unsure if the marketplace was stable enough to justify trading the nearby contracts higher, so to be safe the nearby contracts closed lower through the day's end while the deferred contracts closed slightly higher. August live cattle closed $0.45 lower at $209.37, October live cattle closed $0.25 lower at $207.10 and December live cattle closed $0.27 lower at $208.05. Unfortunately, today's close in the spot August contract was well below the market's 40-day moving average, which will continue to be a threshold that the market needs to monitor. New showlists appear to be mixed, higher in Kansas, but lower in Nebraska/Colorado and Texas. Monday's slaughter is estimated at 111,000 head, 8,000 head more than a week ago and 2,000 head less than a year ago.

Last week, Northern dressed cattle traded at mostly $376, which is $4.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $228, which is $7.00 to $8.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,291 head. Of that, 59% (35,040 head) were committed to the market's nearby delivery option, while the remaining 41% (24,251 head) were committed to the market's deferred delivery option.

Boxed beef prices closed mixed: choice down $0.28 ($390.22) and select up $6.15 ($383.10) with a movement of 88 loads (53.64 loads of choice, 10.82 loads of select, 8.65 loads of trim and 14.60 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. It's likely that with packers able to work last week's market lower, they'll be able to do so again this week.

FEEDER CATTLE:

The feeder cattle complex seemed to regain some footing as the day traded onward and through the afternoon's close as even though the nearby live cattle contracts closed lower, the entire feeder cattle complex was able to maintain its higher position through the day's end. August feeders closed $0.35 higher at $302.80, September feeders closed $0.40 higher at $302.62 and October feeders closed $0.50 higher at $300.85. Today's close in the spot August contract does push the contract slightly above its 40-day moving average, which will continue to be a critical price point to monitor moving forward. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers under 700 pounds traded steady to $10.00 lower, with heavier weights trading steady to $10.00 higher. Feeder heifers traded $7.00 higher to $10.00 lower. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 6/20/2025: down $0.14, $310.85.

LEAN HOGS:

The lean hog complex continued to rally through Tuesday's end and was able to round out the day fully higher. With the help of continued strong consumer demand, the market felt more than secure enough to continue its upward trend. July lean hogs closed $0.67 higher at $113.45, August lean hogs closed $0.60 higher at $113.05 and October lean hogs closed $0.85 higher at $96.87. The afternoon carcass price was most supported by the belly's $5.08 jump. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.11 with a weighted average price of $109.35 on 1,137 head. Pork cutouts totaled 194.83 loads, with 175.56 loads of pork cuts and 19.26 loads of trim. Pork cutout values: up $0.64, $122.78. Monday's slaughter is estimated at 465,000 head, 13,000 head less than a week ago and 1,000 head more than a year ago. The CME lean hog index 6/19/2025: up $1.19, $108.78.

TUESDAY'S HOG CALL: Higher. Given that pork demand is strong, it's likely that prices will be higher on Tuesday.

Monday Midday Livestock Market Summary - Cattle Pull Back While Hogs Trend Higher

GENERAL COMMENTS:

The livestock complex is trading lower into Monday's noon hour as traders are mulling over the news that broke about the U.S. striking bombs on Iran over the weekend, which has pushed a bearish tone over all the livestock contracts and most of the commodity markets as well. Even though Friday's Cattle on Feed report was bullish, its news has faded to the wayside as traders have bigger pressing matters currently at hand. July corn is down 10 cents per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is up 14.36 points and the NASDAQ is up 48.52 points.

LIVE CATTLE:

The live cattle complex is seeming to hold its breath as the market absorbs all the news that broke over the weekend between the U.S. and Iran. Unfortunately, this newsflash has buried the positive nature of Friday's Cattle on Feed report, as all of the contracts are trading lower into Monday's noon hour. August live cattle are down $0.70 at $209.12, October live cattle are down $0.40 at $206.95 and December live cattle are down $0.65 at $207.67. To make matters even worse, this lower move has pushed the spot August contract well below its 40-day moving average, which is a critical threshold to manage.

Last week, Northern dressed cattle traded at mostly $376, which is $4.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $228, which is $7.00 to $8.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice down $1.63 ($388.87) and select up $3.90 ($380.85) with a movement of 53 loads (35.03 loads of choice, 6.80 loads of select, zero loads of trim and 11.15 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as the market again follows in the footsteps of the live cattle complex. August feeders are down $0.97 at $301.47, September feeders are down $0.77 at $301.45 and October feeders are down $0.75 at $299.60. And while the demand in the countryside for feeder cattle remains red-hot, the futures complex doesn't seem willing to accept any positive news at this point and will likely continue with its downward trend for the immediate future.

LEAN HOGS:

The lean hog complex has been able to maintain its higher position thus far throughout Monday's trade as traders are pleased to see the continued support of strong consumer demand. July lean hogs are up $0.30 at $113.10, August lean hogs are down $0.02 at $112.42 and October lean hogs are up $0.25 at $96.30. Helping the carcass price trade higher this morning more than anything is the ham's $2.93 jump.

The projected lean hog index for 6/20/2025 is up $1.47 at $109.55 and the actual index for 6/19/2025 is steady at $108.08. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 860 head have traded, and that the market's five-day rolling average sits at $113.31. Pork cutouts totaled 119.66 loads with 107.61 loads of pork cuts and 12.06 loads of trim. Pork cutout values: up $0.75, $122.89.

Monday Morning Livestock Market Update - Traders Torn Between Cattle on Feed Report, Lower Cash

GENERAL COMMENTS:

Cash cattle declined in both categories after an impressive run higher. Surprisingly, traders did not liquidate more heavily than they have, but time will tell. The Cattle on Feed report was neutral to friendly, with placements being the supportive category of the report. Placements were 92% of a year ago and 2.9% below the average estimate. That will keep the supply of cattle tight through the year. On-feed numbers were right in line with the estimate at 99%. Marketings were at 90% and slightly below the estimate of 90.3%. The offsetting influence to the friendly report was the lower cash trade last week. Northern dressed cattle sold $4.00 lower at $376 while Southern live cattle sold $5.00 lower at $231. Lower cash last week may be the focus this week rather than the Cattle on Feed report. The Commitments of Traders report will be released Monday due to last week's holiday.

Hogs closed higher and remain supported Friday. Pork cutouts jumped $3.16 to average $122.14. This indicates strong demand. The National Daily Direct Afternoon Hog report showed cash down $2.66, which was not surprising. The past two weeks showed strong packer interest on Mondays, and today may not be an exception. The limited slaughter Saturday over the past weeks has seen packers more aggressive on Mondays as they need to maintain hog slaughter to meet demand, but are trying their best to improve their poor margins. Traders will look ahead to the Quarterly Hogs & Pigs report on Thursday.

	BULL SIDE		BEAR SIDE
1)	Placements in May were 8% below a year ago and 2.9% below the average trade estimate. This should support the market.	1)	Last week was the first time in over 2 months that cash cattle traded lower. This may increase the liquidation of cattle futures as more weakness could develop.
2)	Boxed beef prices remain strong as demand has been good. Consumers have not yet backed away from higher-priced beef.	2)	There will be a major boycott of McDonald's by customers from June 24 to 30. This is being organized by the People's Union USA. This could have a negative impact on overall demand this week.
3)	Pork demand is improving, and pork cutout values are increasing. Packers have had to be more aggressive in the cash market.	3)	Hog futures are overbought and could see some liquidation ahead of the Hogs & Pigs report.
4)	Hog numbers may be tightening, causing prices to increase as packers are aggressive with purchases. Cash is expected to be higher Monday.	4)	Chart gaps remain below the market and may be filled at some point.

Friday Closing Livestock Market Update - Cattle Dip Lower; Hogs Continue to Charge Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle sector dipped lower before the day's close, but the lean hog complex continued to rally. Friday's Cattle on Feed report was extremely bullish, with placements lighter than a year ago. July corn is down 4 3/4 cents per bushel and July soybean meal is down $0.80. The Dow Jones Industrial Average is up 35.16 points and the NASDAQ is down 98.86 points.

Friday's export report shared that beef net sales of 11,700 mt for 2025 were down 24% from the previous week and 9% from the prior four-week average. The three largest buyers were Japan (4,000 mt), South Korea (3,200 mt) and Mexico (1,500 mt). Pork net sales of 28,200 mt for 2025 were up noticeably from the previous week but down 1% from the prior four-week average. The three largest buyers were Mexico (16,200 mt), Japan (5,000 mt) and Australia (1,600 mt).

LIVE CATTLE:

Upon seeing the live cattle contracts dip lower, and upon seeing the slight dip in cash cattle prices, I don't think there's anyone in the cattle business who doesn't wish that the market would have closed up shop at noon as opposed to trading until the day's closing bell. August live cattle closed $1.85 lower at $209.82, October live cattle closed $1.87 lower at $207.35 and December live cattle closed $1.57 lower at $208.32. Throughout the afternoon there were some cattle traded in the South at $228, which is $7.00 lower than last week's weighted average. Thus far this week Northern dressed cattle have traded at mostly $376, which is $4.00 lower than last week's weighted average, and up until the trade that developed this afternoon, most of the live cattle that sold in the Southern plains had traded at $231 which is $5.00 lower than last week's weighted average. 

Friday's slaughter is estimated at 102,000 head, 2,000 head more than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is projected to be around 554,000 head, 4,000 head less than a week ago and 57,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $3.29 ($390.50) and select up $2.36 ($376.95) with a movement of 93 loads (66.76 loads of choice, 8.88 loads of select, 9.99 loads of trim and 6.87 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers able to work the market lower this week, it's likely that they're going to try to do so again next week.

FEEDER CATTLE:

It wasn't surprising to see the feeder cattle complex close lower given the fact that the live cattle market closed lower too. I understand that from a fundamental point of view, it's beyond maddening to see the futures contracts dropping lower while supplies are thin and feeder cattle prices are still strong. However, the decision to move the futures market lower was solely based on the market's technicals. It had nothing to do with how the market was performing from a fundamental standpoint. On Monday one would hope that today's bullish Cattle on Feed report would help perk the market's morale, but with traders seeming almost unwilling to acknowledge any fundamental support in the marketplace there's a chance that the report could be overlooked. DTN's Cattle on Feed Comments:

The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers and steer calves traded steady to $5.00 lower, and feeder heifers traded $2.00 to $6.00 lower. But heifer calves under 500 pounds sold $8.00 to $12.00 lower, and those over 500 pounds sold steady to $2.00 lower. The sale barn report did note that the summer's heat and humidity are upon the area, which is making any unweaned calves that haven't been vaccinated sell for a sharp discount. The CME feeder cattle index 6/19/2025: down $1.63, $310.99.

LEAN HOGS:

Although the cattle complex closed lower, the lean hog contracts were able to rally throughout the day as pork demand remained extremely strong. July lean hogs closed $0.60 higher at $112.77, August lean hogs closed $0.45 higher at $112.45 and October lean hogs closed $0.87 higher at $96.02. It was pretty impressive to note that on this afternoon's pork cutout report none of the major cuts closed lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.66 with a weighted average price of $110.46 on 1,615 head. Pork cutouts total 264.51 loads, with 236.76 loads of pork cuts and 27.75 loads of trim. Pork cutout values: up $3.16, $122.14. Friday's slaughter is estimated at 461,000 head, 26,000 head more than a week ago and 7,000 head less than a year ago. Saturday's slaughter is projected to be around 15,000 head. The CME lean hog index 6/18/2025: up $1.25, $107.59.

MONDAY'S HOG CALL: Steady/somewhat higher. Packers aren't typically aggressive in the cash market on Monday, but given the strong pork demand the market is currently seeing, there's a chance that they could be.