GENERAL COMMENTS:
The livestock complex is trading mixed as of Tuesday's noon hour, with cattle contracts still rallying as traders believe strong fundamentals will continue to support the market this week. However, the hog complex is lacking support. Asking prices in Texas are noted at $226. July corn is steady and July soybean meal is steady. The Dow Jones Industrial Average is up 184.20 points and the NASDAQ is up 201.73 points.
LIVE CATTLE:
Following last week's dynamic trade, the live cattle complex is continuing to rally as traders believe that the momentum that fueled last week's market will sustain into this week's marketplace. June live cattle are up $1.37 at $217.92, August live cattle are up $1.25 at $212.17 and October live cattle are up $1.07 at $210.27. The spot August contract is currently trading above the market's resistance at $212, so through the afternoon's trade, it will be imperative to continue to monitor that price point and see if traders believe that the market possesses enough support to close above that threshold or not. Asking prices are noted in Texas at $226 but otherwise, the fed cash cattle market hasn't had any other asking prices or bids develop.
Boxed beef prices are mixed: choice up $0.23 ($366.23) and select down $0.57 ($357.54) with a movement of 62 loads (34.97 loads of choice, 7.20 loads of select, 3.09 loads of trim and 16.65 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is again pleased to be trading higher as the market is grateful to see the added support of the live cattle contract's higher trend. August feeders are up $2.00 at $303.75, September feeders are up $1.92 at $302.82 and October feeders are up $1.87 at $300.95. The market's next resistance threshold is around $305 in the spot August contract, so the market has some more upward room to trade before it is pressured from a technical sense.
LEAN HOGS:
The lean hog complex is a bit of a mixed bag this morning as futures contracts are trading on both sides of steady. There hasn't been enough trade in the cash market for prices to even be reported, and pork cutout values are a tick lower. July lean hogs are steady at $104.97, August lean hogs are up $0.22 at $106.12 and October lean hogs are up $0.20 at $89.50. Pork cutout values are trending mostly lower as the only cut that's printing higher at the noon hour is the rib, which is up just $0.70.
The projected lean hog index for 6/2/2025 is up $0.44 at $96.34, and the actual index for 5/30/2025 is up $1.06 at $95.90. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that 400 head have traded and that the market's five-day rolling average now sits at $97.79. Pork cutouts total 178.02 loads, with 160.13 loads of pork cuts and 17.89 loads of trim. Pork cutout values: down $0.27, $106.48.
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