GENERAL COMMENTS:
The livestock complex is again trading mostly lower as traders remain cautious when it comes to overly supporting the livestock markets right now. Still no cash cattle trade has developed. July corn is steady and July soybean meal is steady. The Dow Jones Industrial Average is up 184.08 points and the NASDAQ is up 109.93 points.
LIVE CATTLE:
The morale throughout the cattle complex continues to be cautious, as there's an unsettled essence of worry lingering throughout the contracts. Traders are concerned the market is overbought and is long overdue for a correction. From a fundamental perspective, the market continues to be bullish and powerful, as boxed beef prices scale higher each day, and it's assumed that in the worst case scenario the fed cash cattle market will trade steady. Asking prices are noted in the South at $235 plus but are still not established in the North. Trade will likely be delayed until Thursday or Friday again this week. August live cattle are up $0.02 at $210.70, October live cattle are down $0.10 at $208.45 and December live cattle are down $0.12 at $209.25.
Boxed beef prices are higher: choice up $2.18 ($388.69) select up $2.48 ($375.02) with a movement of 57 loads (34.57 loads of choice, 6.37 loads of select, 5.85 loads of trim and 9.92 loads of ground beef).
FEEDER CATTLE:
Although the feeder cattle complex continues to see strong demand in the countryside, and thus far, the sales have been strong on the video auctions this week, the feeder cattle market continues to follow the live cattle contracts directly, not challenging their decisions whatsoever. August feeders are down $0.02 at $303.32, September feeders are down $0.20 at $302.70 and October feeders are down $0.10 at $300.90. And unless the live cattle contracts have a change of heart, it's unlikely that the feeder cattle market's direction will change anytime soon.
LEAN HOGS:
It's a mixed day for the lean hog complex as the nearby contracts continue to trail lower, but the deferred months are a little more optimistic. July lean hogs are down $0.05 at $111.60, August lean hogs are down $0.60 at $111.20 and October lean hogs are down $0.25 at $94.92. It was disappointing for traders to note the decline in this morning's carcass prices – which was mainly because of the $3.00 to $4.00 declines seen in the loin, the butt, and the ham.
The projected lean hog index for 6/17/2025 is up $1.39 at $106.34, and the actual index for 6/16/2025 is up $1.25 at $104.95. Hog prices on the Daily Direct Morning Hog Report average $114.28, ranging from $106.00 to $115.00 on 9,335 head and a five-day rolling average of $110.94. Pork cutouts total 138.44 loads, with 126.41 loads of pork cuts and 12.03 loads of trim. Pork cutout values: down $2.42, $117.47.
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