GENERAL COMMENTS:
It was a positive day for the livestock complex as the contracts closed mostly higher. July corn is down 5 3/4 cents per bushel and July soybean meal is down $2.40. New showlists appear to be mixed, higher in Kansas, Nebraska/Colorado, but lower in Texas. The Dow Jones Industrial Average is up 35.41 points and the NASDAQ is up 128.84 points.
LIVE CATTLE:
The live cattle complex traded higher all throughout Monday's trade as the market was well supported by traders as they felt more confident in the marketplace thanks to the added support from last week's positive fundamentals. June live cattle closed $1.07 higher at $216.55, August live cattle closed $1.65 higher at $211.00 and October live cattle closed $1.80 higher at $209.20. It will be especially interesting to see how traders handle the market on Tuesday as they pushed the nearby contracts to the upper edge of the market's current trading range, and on Tuesday traders will have to decide whether they believe the market possesses enough support to break out of its current sideways trading range, or if support isn't sufficient. Monday's slaughter is estimated at 115,000 head, incomparable to last week but 2,000 head less than a year ago. New showlists appear to be mixed, higher in Kansas, Nebraska/Colorado, but lower in Texas.
Last week Southern live cattle traded at mostly $221 to $223, which is $2.00 to $3.00 higher than the previous week's weighted average. Northern dressed cattle traded at mostly $370 which is $8.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 81,483 head. Of that 74% (60,192 head) were committed to the market's nearby delivery while the remaining 26% (21,291 head) were committed to the market's deferred delivery option.
Boxed beef prices closed mixed: choice down $0.34 ($366.00) and select up $1.46 ($358.11) with a movement of 122 loads (76.06 loads of choice, 13.44 loads of select, 13.20 loads of trim and 18.84 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady/somewhat higher. Packers were able to get a sizeable volume purchased last week, but in order to avoid being short bought moving forward, they're going to need to stay engaged in the marketplace.
FEEDER CATTLE:
The feeder cattle complex saw the higher trend in the live cattle market and believed its best move would be to capitalize on the market's support and push the contracts higher. August feeders closed $2.92 higher at $301.75, September feeders closed $3.20 higher at $300.90 and October feeders closed $3.37 higher at $299.07. At Joplin Regional Stockyards in Carthage, Missouri compared to their last sale two weeks ago, feeder steers under 600 pounds were selling $5.00 to $25.00 lower with heavier weights selling steady to $7.00 higher. Feeder heifers under 750 pounds were trading $5.00 to $10.00 lower with heavier weights trading steady to $4.00 higher. Feeder cattle supply over 600 pounds was 47%. The CME feeder cattle index 5/29/2025: up $1.83, $301.13.
LEAN HOGS:
It was utterly impressive to see the lean hog complex trade higher following the gains that the market concurred with last Friday. July lean hogs closed $0.05 higher at $104.97, August lean hogs closed $0.87 higher at $105.90 and October lean hogs closed $0.37 higher at $89.30. Pork cutout values may have closed slightly lower Monday afternoon, but thankfully the market possessed enough momentum from last week's higher trade to keep with its rally. Hog prices on the Daily Direct Afternoon Hog Report were unavailable because of confidentiality. However, the report did show that only 504 head traded and that the market's five-day rolling average sits at $98.04. Pork cutouts totaled 304.72 loads with 263.76 loads of pork cuts and 40.96 loads of trim. Pork cutout values: down $0.47 at $106.75. Monday's slaughter is estimated at 463,000 head, incomparable to last week but 15,000 head less than a week ago, up $0.71 at $94.84.
TUESDAY'S HOG CALL: Higher. Given that today's movement was so thin, it's likely that Tuesday's market will see better packer interest.
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