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.
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