GENERAL COMMENTS:
The livestock complex bounced around throughout Wednesday's trade but was able to close the day on a mostly higher note. A light movement of cattle was traded in the North at $376, which is $3.00 to $4.00 lower than last week's weighted average. August lean hogs are up $0.20 at $112.00, July corn is up 2 cents per bushel and July soybean meal is down $0.20. The Dow Jones Industrial Average is down 44.14 points and the NASDAQ is up 25.18 points.
**The markets will be closed on Thursday, June 19, for the Juneteenth federal holiday. Regular DTN commentary will resume on Friday, June 20.**
LIVE CATTLE:
Although the live cattle contracts were pressured throughout the day, the market was able to round out the day on a positive note, as just before closing traders found support. It was interesting to see traders respect the market's 40-day moving average and to see that they elected to keep the spot August contract above that threshold. Now combine the positive movement of the board with the slightly weaker tone of the fed cash cattle market, and it's anyone's guess what the rest of this week's trade will become. August live cattle closed $1.02 higher at $211.67, October live cattle closed $0.67 higher at $209.22 and December live cattle closed $0.52 higher at $209.90. Throughout the afternoon there were cattle traded in Nebraska at $376, which is $3.00 to $4.00 lower than last week's weighted average. The movement has been thin thus far, but it's a sampling for the week, nonetheless. There hasn't been any other trade in other feeding regions. Asking prices remain firm at $235 plus in the South.
Wednesday's slaughter is estimated at 113,000 head, 3,000 head more than a week ago and 7,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.36 ($388.87) and select up $0.20 ($372.74) with a movement of 90 loads (53.23 loads of choice, 11.43 loads of select, 9.89 loads of trim and 15.30 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that packers have been able to get some cattle bought for cheaper money, it's likely that they'll aim to continue that trend later in the week.
FEEDER CATTLE:
The feeder cattle complex, as I mentioned in today's midday comments, continued to follow the live cattle market's direction innately, so when the live cattle contracts popped higher, so did the feeder cattle contracts. August feeders closed $0.82 higher at $304.17, September feeders closed $0.90 higher at $303.80 and October feeders closed $0.90 higher at $301.90. Results of the Corn Belt Classic should be shared later this evening, but from the lots I watched sell, a stronger undertone was definitely noted. The CME feeder cattle index 6/17/2025: down $0.42, $311.04.
LEAN HOGS:
The lean hog complex was able to thankfully close higher Wednesday afternoon although pork cutout values ended weaker. But with the significant jump in cash prices, traders opted to see the positivity in the market and push prices higher. July lean hogs closed $0.52 higher at $112.17, August lean hogs closed $0.20 higher at $112.00 and October lean hogs closed $0.02 lower at $95.15. Again this afternoon the butt's $4.22 decline was the biggest reason why the carcass price was pulled lower, but most of the cuts did end lower to one degree or another. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $4.83 with a weighted average price of $114.07 on 15,432 head. Pork cutouts totaled 239.48 loads with 206.85 loads of pork cuts and 32.63 loads of trim. Pork cutout values: down $1.61, $118.28. Wednesday's slaughter is estimated at 481,000 head, 1,000 head more than a week ago and 3,000 head less than a year ago. The CME lean hog index 6/16/2025: up $1.25, $104.95.
FRIDAY'S HOG CALL: Lower. Packers have likely fulfilled the vast majority of their cash needs for the week.
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