GENERAL COMMENTS:
It was a perplexing day for the cattle complex as the market's fundamental support was beyond ample, but even so, traders still decided to push the cattle contracts sharply lower ahead of the weekend as they're concerned that the market is overbought. In most cases, any time boxed beef prices were rallying and fed cash cattle prices were trading steady to $5.00 higher, the market would trade at least steady if not higher -- but not this week. Traders were null to the market's fundamentals, and because of that, the futures complex fell lower. July corn is up 6 cents per bushel and July soybean meal is down $2.60. The Dow Jones Industrial Average is down 769.83 points and NASDAQ is down 255.65 points.
From Friday to Friday, livestock futures scored the following changes: June live cattle down $1.20, August live cattle down $6.42; August feeder cattle down $3.72, September feeder cattle down $3.52; June lean hogs up $1.08, July lean hogs up $2.38; July corn up $0.02, September corn down $0.05.
LIVE CATTLE:
The live cattle complex was a tough market to watch trade throughout the week as fundamental demand and support was exceptional. Traders remained fixated on notion that the market is technically overbought and couldn't seem to focus on anything else. In any other case, a time in which boxed beef prices are rallying and fed cash cattle prices trade steady to $5.00 higher would normally be well celebrated throughout the futures market, but traders have become anxious given the sheer price points at which the market is trading. August live cattle closed $4.50 lower at $212.45, October live cattle closed $4.42 lower at $209.92 and December live cattle closed $3.77 lower at $210.62. Throughout the week, Southern live cattle traded at mostly $235, which is $4.00 to $5.00 higher than last week's weighted average. Northern dressed cattle traded at mostly $380, which is steady with last week's weighted average.
Friday's slaughter is estimated at 100,000 head -- 3,000 head less than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated at 558,000 head -- 24,000 head less than a week ago and 57,000 head less than a year ago.
MONDAY'S CATTLE CALL: Steady. Until we can see on Monday exactly how many cattle packers bought this week, it's tough to tell how next week's market will trade.
FEEDER CATTLE:
Technically speaking, it was a rough day for the feeder cattle complex as the market had enough fundamental support backing it to trade higher, but traders weren't willing to go against what the live cattle market's direction was. August feeders closed $4.82 lower at $306.42, September feeders closed $4.95 lower at $305.60 and October feeders closed $5.10 lower at $303.35. Friday's lower descend in the futures complex was solely a technical decision and until traders feel confident that the market isn't subject to more pressure because it's overbought -- this downward trend could continue. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $5.00 to $9.00 higher and feeder heifers traded $4.00 to $7.00 stronger. Steer calves sold unevenly steady and heifer calves traded $5.00 to $6.00 higher. Slaughter cows sold $3.00 to $4.00 higher and slaughter bulls sold $2.00 higher. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 6/12/2025: up $1.25, $317.10.
LEAN HOGS:
The lean hog complex was able to round out the day mostly higher as traders were well pleased this past week with the strong consumer support in which the market received. July lean hogs closed $0.57 higher at $109.47, August lean hogs closed $0.05 lower at $110.12 and October lean hogs closed $0.27 higher at $94.20. And this afternoon, the carcass price was able to rally $3.56 higher with the ham's $6.92 jump, along with the belly's $5.80 jump, helped propel the carcass substantially higher.
Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.00 with a weighted average price of $104.95 on 2,937 head. Pork cutouts totaled 340.90 loads with 322.26 loads of pork cuts and 18.64 loads of trim. Pork cutout values: up $3.56, $118.06. Friday's slaughter is estimated at 447,000 head -- 11,000 head more than a week ago and steady with a year ago. Saturday's slaughter is projected to be around 20,000 head. The CME lean hog index 6/11/2025: up $0.84, $101.75.
MONDAY'S HOG CALL: Lower. Packers were aggressive in this week's market, so it's likely that they won't have to be as aggressive early next week.
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