GENERAL COMMENTS:
The livestock complex closed mixed as the cattle contracts remained cautious, but the lean hog complex had enough fundamental support to close fully higher. Big items to watch for on Thursday will be the morning's WASDE report and any developments in the fed cash cattle market. July corn is down 1 3/4 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is down 1.10 points and the NASDAQ is down 99.11 points.
LIVE CATTLE:
The live cattle complex held its breath throughout most of the day, unwilling to trade in either direction as the market continues to wait to see what this week's fed cash cattle market is going to do. There's been a small sampling of cattle traded in the South from anywhere from $235 to $240, but most of the cattle traded at been at $235 which is $5.00 higher than last week's weighted average. Asking prices for cattle in the South are firm at $236 plus and are still not established for the North. Another positive factor helping bull-spreaders remain optimistic about the market is the ground in which choice cuts specifically are gaining. August live cattle were $0.17 lower at $218.02, October live cattle closed $0.62 lower at $215.02 and December live cattle closed $0.87 lower at $214.87.
Wednesday's slaughter is estimated at 110,000 head, 11,000 head less than a week and a year ago.
Boxed beef prices closed higher: choice up $3.00 ($374.76) and select up $0.91 ($360.75) with a movement of 108 loads (72.44 loads of choice, 17.30 loads of select, 7.28 loads of trim and 11.16 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. With boxed beef prices trending higher and the small sampling of cattle that are traded this week already gaining $5.00 above last week's weighted average, it's widely assumed that prices will be fully higher this week.
FEEDER CATTLE:
The feeder cattle complex once again followed closely the live cattle market's direction, rounding out the day with the same technical cautiousness that the live cattle market possessed. August feeders closed $2.07 lower at $311.07, September feeders closed $1.95 lower at $310.80 and October feeder cattle closed $1.70 lower at $308.85. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 550 pounds sold steady to $13.00 higher. Heifers over 550 pounds sold $10.00 to $20.00 higher. Steers and heifers under 500 pounds weren't well tested. Slaughter cows traded $5.00 to $8.00 higher. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 6/10/2025: not available at this time.
LEAN HOGS:
The lean hog complex successfully ended the day stronger, being well supported by the market's higher trend in its fundamentals as both pork cutout values and cash prices closed higher. July lean hogs closed $0.65 higher at $108.85, August lean hogs closed $0.40 higher at $110.20 and October lean hogs closed $0.65 higher at $93.75. It was pretty impressive to see that most of the major pork cuts closed higher, but the ham took today's cake with a daily gain of $5.26. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.49 with a weighted average price of $107.33 on 7,274 head. Pork cutouts totaled 239.71 loads with 226.91 loads of pork cuts and 12.80 loads of trim. Pork cutout values: up $2.20, $113.08. Wednesday's slaughter is estimated at 480,000 head, 3,000 head less than a week ago and 9,000 head more than a year ago. The CME lean hog index 6/9/2025: up $0.92, $99.97.
THURSDAY'S HOG CALL: Steady. Packers could have enough hogs secured at this point that prices may remain steady.
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