GENERAL COMMENTS:
Tuesdays tend to be a lackadaisical day for the cattle complex, but between some early developments in the fed cash cattle market to the midmorning news that broke that there were ICE raids at Omaha, Nebraska, food processors -- today was anything but lackadaisical. JBS told DTN their plant was not raided. Some light cash cattle trade developed in Texas at $235, which is $5.00 higher than last week's weighted average. July corn is up 5 1/4 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is up 105.11 points and NASDAQ is up 123.75 points.
LIVE CATTLE:
It was a wild day amid the ICE raids at Omaha, Nebraska, food processors, but thankfully the live cattle complex wasn't gravely affected. Some of the market's nearby contracts closed slightly lower, but overall, the market was able to maintain a higher position through Tuesday's end. June live cattle closed $0.07 higher at $227.07, August live cattle closed $1.05 lower at $218.20 and October live cattle closed $0.22 lower at $215.65. It was also unusual to see some live cattle trade this afternoon as prices were noted in parts of Texas at $325, which is $5.00 higher than last week's weighted average. Bids of $235 have surfaced in Kansas but no cattle have sold yet. And otherwise, no bids or asking prices have surfaced.
Tuesday's slaughter is estimated at 119,000 head -- 2,000 head less than a week ago and 4,000 head less than ay ear ago.
Boxed beef prices closed higher: choice up $4.51 ($371.76) and select up $0.91 ($359.84) with a movement of 106 loads (64.62 loads of choice, 18.07 loads of select, 5.48 loads of trim and 17.42 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Higher. Given that it's only Tuesday and cattle are being traded for more money, it's likely that this week's trend will be fully higher in both regions.
FEEDER CATTLE:
The feeder cattle complex didn't bat an eye throughout the day and was able to maintain its rally through today's closing bell. August feeders closed $1.50 higher at $313.15, September feeders closed $2.05 higher at $312.75 and October feeders closed $2.17 higher at $310.55. Today's higher close yet again scores new contract highs for most of the nearby contracts. And today's close of the CME feeder cattle index shows just how strong demand is in the countryside. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week feeder steers and heifers traded mostly $5.00 to $10.00 higher. Steer and heifer calves were only lightly tested but they traded mostly steady. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 6/9/2025: up $3.58, $314.04.
LEAN HOGS:
The lean hog complex closed mostly lower, although some of the nearby contracts were able to maintain a slightly higher position through the day's end. July lean hogs closed $1.00 higher at $108.20, August lean hogs closed $0.30 lower at $109.80 and October lean hogs closed $0.20 lower at $93.10. It was fruitful to see both cash prices and pork cutout values higher, but even so, traders are leery that the futures complex is testing its bounds. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.62 with a weighted average price of $105.84 on 9,483 head. Pork cutouts totaled 279.51 loads with 257.45 loads of pork cuts and 22.06 loads of trim. Pork cutout values: up $0.59, $110.88. Tuesday's slaughter is estimated at 480,000 head -- 3,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 6/6/2025: up $0.68, $99.05.
WEDNESDAY'S HOG CALL: Steady. Although Tuesday's movement was significant, it's likely that packers still need some more cattle.
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