GENERAL COMMENTS:
It's a positive morning for the livestock contracts as all three of the markets are trading higher into Friday's noon hour. No new cash cattle trade has developed, but feedlot managers could be waiting to sell any more pens until after the Cattle on Feed report is released. July corn is down 3 3/4 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 64.21 points and the NASDAQ is down 83.95 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:
Following the severe correction that the market endured earlier this week, the live cattle complex has thankfully found some technical support and is trading higher into Friday's noon hour. August live cattle are up $1.32 at $213.00, October live cattle are up $1.40 at $210.62 and December live cattle are up $1.27 at $211.17. No new cash cattle trade has developed thus far, but more business should develop ahead of the week's end. So far this week, dressed deals in the North have been mostly at $376, $4 lower than last week's weighted averages. While only a small test has been reported in the South, Kansas specifically at $231, $5 lower than last week's weighted average. Feedlot managers and packers may elect to wait to trade any more cattle until after this afternoon's Cattle on Feed report is released.
Boxed beef prices are mixed: choice down $3.44 ($390.35) and select up $1.56 ($376.15) with a movement of 64 loads (47.04 loads of choice, 4.59 loads of select, 8.13 loads of trim and 3.88 loads of ground beef).
FEEDER CATTLE:
Between the strong interest from buyers this week on video sales across the nation and the added support of strong market technicals, the feeder cattle complex is having no issue trading higher this morning. August feeders are up $2.55 at $306.72, September feeders are up $2.77 at $306.57 and October feeders are up $2.45 at $304.35. This afternoon's Cattle on Feed report should add another bullish feather to the market's hat as well as feeder cattle placements are expected to be lighter than a year ago.
LEAN HOGS:
The lean hog complex is rocking and rolling this morning as the market is seeing ample support from the week's strong export report and from continued support from consumers as pork cutout values are higher again. July lean hogs are up $0.17 at $112.35, August lean hogs are up $0.27 at $112.27 and October lean hogs are up $0.92 at $96.07. The biggest boost that the morning's carcass price received was from the rib's $6.65 jump, along with the ham's $4.10 jump.
The projected lean hog index for 6/19/2025 is up $1.74 at $108.08, and there is no index for 6/18/2025 as it was a Federal holiday.
Hog prices are lower on the Daily Direct Morning Hog Report, down $2.22 with a weighted average price of $109.74, ranging from $104.00 to $114.00 on 1,097 head and a five-day rolling average of $113.08. Pork cutouts total 186.90 loads, with 162.48 loads of pork cuts and 24.42 loads of trim. Pork cutout values: up $2.46, $121.44.
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