GENERAL COMMENTS:
It was a lackadaisical day for the livestock complex as all three of the markets took on a lower ascend into Tuesday's close. No cash cattle trade has developed at this point. July corn is down 3 cents per bushel and July soybean meal is down $1.90. The Dow Jones Industrial Average is up 507.24 points and NASDAQ is up 281.56 points.
LIVE CATTLE:
The equity markets may have been able to close stronger, but that wasn't enough support for traders to feel like the live cattle contracts could confidently close higher too. August live cattle closed $0.17 higher at $209.55, October live cattle closed $0.15 lower at $206.95 and December live cattle closed $0.25 lower at $207.80. More than anything, it appears that traders won't want to risk moving the contracts higher if the market's fundamental support isn't going to shine through the marketplace later this week. Yes, boxed beef prices have been relatively strong this week, but it has yet to be seen what cash prices are going to do. And with packers able to get cattle bought cheaper last week and next week being a shortened holiday week -- there's a chance prices are lower. Asking prices are noted at $228 to $230 in the South. Still no cash cattle trade has developed.
Tuesday's slaughter is estimated at 118,000 head -- steady with a week ago and 3,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $4.03 ($394.25) and select down $0.69 ($382.41) with a movement of 78 loads (49.70 loads of choice, 14.63 loads of select, 4.07 loads of trim and 9.18 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Packers don't have an exuberant amount of cattle built up around them, so they'll still have to participate in this week's fed cash cattle market. However, with prices trading lower last week and next week being a reduced kill schedule for the Fourth of July, it's likely that prices trade steady at best.
FEEDER CATTLE:
Without the technical support of the live cattle complex, the feeder cattle contracts didn't possess enough gusto of their own to trade higher. August feeders closed $0.55 lower at $302.25, September feeders closed $0.17 lower at $302.45 and October feeders closed $0.20 lower at $300.65. Although, prices are still strong in the countryside for calves and feeders alike, it's unlikely that the feeder cattle contracts are going to turn positive unless the live cattle contracts do. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder cattle and calves traded mostly steady, but unweaned calves traded $5.00 to $10.00 lower. For any calves that were unweaned or unvaccinated, buyers were apprehensive to pay too much for those cattle as they possess more risk. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 6/23/2025: down $0.52, $310.33.
LEAN HOGS:
The market's lower theme carried into the lean hog complex as all of its contracts closed lower too. July lean hogs closed $1.22 lower at $112.22, August lean hogs closed $2.10 lower at $110.95 and October lean hogs closed $1.40 lower at $95.47. It was disappointing to note the decline in this afternoon's carcass price as demand has been the backbone of the market's current rally. The rib posted a significant $3.51 jump, but with the ham alone falling $5.40, the carcass price was pulled lower.
Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.14 with a weighted average price of $111.49 on 4,075 head. Pork cutouts total 275.99 loads with 239.59 loads of pork cuts and 36.39 loads of trim. Pork cutout values: down $1.55, $121.56. Tuesday's slaughter is estimated at 477,000 head -- 3,000 head less than a week ago and steady with a year ago. The CME lean hog index 6/20/2025: up $0.77, $109.55.
WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers pushed the cash market higher this afternoon, but the week's volume is still thin.
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