Tuesday Midday Livestock Market Summary - Traders Turn Contracts Lower

GENERAL COMMENTS:

Traders' concerns about the livestock complex being overbought and over-extended have resurfaced today as all three of the livestock markets are trading lower into Tuesday's noon hour. Southern asking prices are noted at $238 plus, but no trade has developed yet. July corn is down 1 1/2 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is down 73.74 points and NASDAQ is down 64.65 points.

LIVE CATTLE:

The live cattle complex is again being faced with technical pushback again today as traders' lingering concern that the market could indeed be overbought hasn't subsided. August live cattle are down $3.92 at $211.62, October live cattle are down $3.15 at $209.75 and December live cattle are down $2.60 at $210.65. But the real question that the week has yet to answer is: If the market is indeed able to receive fundamental support in the form of stronger cash prices and continued stronger boxed beef prices, will it make a difference for the futures complex? Personally, I'm not certain that it will, as traders seem committed to siding with the bears in the market, but there's a chance that if fundamental support does develop that it will at least help hold the market closer to steady as opposed to letting it trade multiple dollars lower. Asking prices are noted at $238 plus in the South, but are still not established in the North.

Boxed beef prices are higher: choice up $3.07 ($385.18) and select up $2.79 ($370.26) with a movement of 50 loads (34.10 loads of choice, 7.28 loads of select, zero loads of trim and 8.99 loads of ground beef).

FEEDER CATTLE:

Almost like clockwork right now, the feeder cattle complex is also trading lower as the market will not move against the direction of the live cattle complex in today's market environment. August feeders are down $4.65 at $305.50, September feeders are down $4.60 at $304.90 and October feeders are down $4.47 at $302.90. Although Friday's Cattle on Feed report is expected to be bullish in its findings, traders are numb to its effect right now as the only thing they're fixated on is the market's technical pressure.

LEAN HOGS:

Although the lean hog complex has seemed almost unable to have a poor day in the last two weeks, even the lean hog contracts are trading lower into Tuesday's noon hour. July lean hogs are up $0.45 at $112.25, August lean hogs are down $0.17 at $112.50 and October lean hogs are down $0.42 at $95.75. Traders have relied heavily on the support of consumer demand and this morning it is worth nothing that pork cutout values are slightly lower.

The projected lean hog index for 6/14/2025 is up $1.25 at $104.95 and the actual index for 6/13/2025 is up $0.89 at $103.70. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 640 head have traded this morning, and that the market's five-day rolling average sits at $106.05. Pork cutouts total 149.13 loads with 138.62 loads of pork cuts and 10.52 loads of trim. Pork cutout values: down $0.63, $118.85.