GENERAL COMMENTS:
More than anything, traders seem to be twiddling their thumbs waiting to see what's going to develop this week in the fed cash cattle market. Still no trade has developed and won't likely util Thursday or Friday. July corn is up 4 1/2 cents per bushel and July soybean meal is up $4.10. The Dow Jones Industrial Average is up 1.53 points and NASDAQ is up 26.22 points.
LIVE CATTLE:
The live cattle complex is trading higher into Wednesday's noon hour as the market is hopeful that fundamental support will arise later this week, but currently, no cash cattle trade has developed and boxed beef prices are mixed. June live cattle are up $1.45 at $217.42, August live cattle are up $1.57 at $211.32 and October live cattle are up $1.40 at $209.32. More than anything, traders are merely keeping the contracts steady in their current sideways trading range until they have a better idea of what the cash market is going to do this week. Asking prices are noted in the South at $226, but otherwise the market is still silent otherwise. Trade will likely be delayed until Thursday or Friday.
Boxed beef prices are mixed: choice up $1.21 ($366.65) and select down $0.29 ($356.23) with a movement of 67 loads (41.64 loads of choice, 8.30 loads of select, 9.82 loads of trim and 7.23 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is again following in the live cattle market's direction as all are hopeful that traders will later in the week find the fundamental support that they're hopeful to see, but at this point, it's still too early in the week to know. August feeders are up $1.07 at $302.30, September feeders are up $1.02 at $301.45 and October feeders are up $0.60 at $299.25. Demand in the countryside has been strong again this week other than feeders weighing 600 to 700 pounds as grass buyers have largely fulfilled their needs already for the week.
LEAN HOGS:
With the help of strong cash prices and a slight improvement in consumer demand, the lean hog complex is again trading higher. July lean hogs are up $0.55 at $105.12, August lean hogs are up $0.85 at $107.30 and October lean hogs are up $0.97 at $90.82. The biggest help this morning in regard to pork demand is the $3.80 increase in the belly.
The projected lean hog index for 6/3/2025 is up $0.41 at $96.75, and the actual index for 6/2/2025 is up $0.44 at $96.34. Hog prices on the Daily Direct Morning Hog Report average $102.36, ranging from $95.00 to $105.00 on 1,195 head and a five-day rolling average of $99.00. Pork cutouts total 185.71 loads with 170.32 loads of pork cuts and 15.39 loads of trim. Pork cutout values: up $0.53, $106.64.
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