GENERAL COMMENTS:
Tuesday's market ended up being a swing and a miss for the livestock complex, as all three markets rounded out the day lower. Traders are continuing to stress over the idea that the markets are overbought and that it may be time for a correction. July corn is down 3 1/4 cents per bushel and July soybean meal is up $1.40. The Dow Jones Industrial Average is down 299.29 points and the NASDAQ is down 180.12 points.
LIVE CATTLE:
The live cattle complex was again a torn marketplace throughout Tuesday's trade as the futures complex seems dead set on trading lower, even though the market's fundamentals continue to be supportive. August live cattle closed $4.90 lower at $210.65, October live cattle closed $4.35 lower at $208.55 and December live cattle closed $3.87 lower at $209.37. The spot August contract is merely hovering over its 40-day moving average, which will be a critical threshold to continue to monitor as a close below that price point could signal additional selling. Throughout the afternoon bids of $370 were offered in the North but no cattle traded. Asking prices are noted in the South at $238 plus.
Tuesday's slaughter is estimated at 118,000 head, 1,000 head less than a week ago and 2,000 head less than a year ago.
Boxed beef prices closed higher: choice up $4.40 ($386.51) and select up $5.07 ($372.54), with a movement of 105 loads (66.88 loads of choice, 17.25 loads of select, 6.78 loads of trim and 14.28 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Higher. Although the board may be under pressure, the fact remains that packers don't have an overabundance of cattle around them and beef prices are high.
FEEDER CATTLE:
It was a putrid day for the feeder cattle complex as most of the contracts closed anywhere from $5.00 to $6.00 lower. And just like in recent days, without the technical support of the live cattle contracts, the feeder cattle market stood no chance of trading higher as traders seem to only be fixated on technical matters. August feeders closed $6.87 lower at $303.35, September feeders closed $6.67 lower at $302.90 and October feeders closed $6.37 lower at $301.00. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded mostly steady. Steer and heifer calves traded $2.00 to $5.00 lower. Many un-weaned or short-weaned calves were included in the sale's offering and those lots weren't as appealing to buyers amid humid hot weather. Feeder cattle supply over 600 pounds was 67%. The CME feeder cattle index 6/16/2025: not available at this time.
LEAN HOGS:
Although the lean hog complex has been a rallying force to be reckoned with here lately, its market wasn't able to offset the pressure that developed throughout Tuesday's trade. July lean hogs closed $0.15 lower at $111.65, August lean hogs closed $0.87 lower at $111.80 and October lean hogs closed $1.00 lower at $95.17. Afternoon pork cutout values were able to close higher, but again, traders didn't seem willing to pay that positive fundamental fact much attention. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.12 with a weighted average price of $109.24 on 5,941 head. Pork cutouts totaled 278.10 loads, with 257.43 loads of pork cuts and 20.67 loads of trim. Pork cutout values: up $0.41, $119.89. Tuesday's slaughter is estimated at 480,000 head, steady with a week ago and 2,000 head less than a year ago. The CME lean hog index 6/13/2025: up $0.89, $103.70.
WEDNESDAY'S HOG CALL: Higher. Packers haven't bought many hogs this week, which is why it's likely that prices could be higher on Wednesday.
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