GENERAL COMMENTS:
It was a lethargic day for the cattle contracts as traders let the contracts drift lower through the day's end. Meanwhile, the lean hog complex was able to keep its momentum through the week's closing as pork demand has strengthened. September corn is up 6 1/2 cents per bushel and August soybean meal is up $5.30. The Dow Jones Industrial Average is down 191.14 points and the NASDAQ is up 2.10 points.
From Friday to Friday, livestock futures scored the following changes: August live cattle up $1.35, October live cattle up $0.13; August feeder cattle down $1.32, September feeder cattle down $1.20; August lean hogs up $1.80, October lean hogs down $0.03; September corn up $0.13, December corn up $0.15.
LIVE CATTLE:
Although feedlot managers were again able to hold the market steady, and in some cases add another dollar on top of where prices were last week, traders remained skeptical and weren't willing to focus their attention on the market's long-term fundamental position and instead opted to worry about their technical risk. August live cattle closed $0.12 lower at $223.55, October live cattle closed $0.50 lower at $219.82 and December live cattle closed $0.70 lower at $219.80. Throughout the week, Northern dressed cattle traded at mostly $380, which is $1.00 higher than last week's weighted average. Southern live cattle traded at $230, which is steady to $1.00 higher than last week's weighted average. The week's total volume has been rather thin, so it will be interesting to see how that affects next week's market. One could argue that packers will need to be more aggressive to ensure they aren't short bought in the weeks to come.
Friday's slaughter is estimated at 101,000 head, steady with a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated to be around 563,000 head, 5,000 head less than a week ago and 26,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.77 ($374.05) and select down $1.00 ($352.84) with a movement of 80 loads (57.80 loads of choice, 11.86 loads of select, zero loads of trim and 10.05 loads of ground beef).
MONDAY'S CATTLE CALL: Steady to $1.00 higher. Packers weren't overly aggressive this week, and they have some supply committed to them. They'll likely need to be more active in next week's market to ensure they keep enough supply around.
FEEDER CATTLE:
Just as assumed, the feeder cattle complex closed with the same doggish mannerism that it possessed earlier in the day. With a lack of technical support from the live cattle complex, the feeder cattle market may have had all the support it could have ever wished for in the countryside, but traders remained skeptical from a sheer technical standpoint, and that's why the contracts closed lower. August feeders closed $1.00 lower at $324.00, September feeders closed $1.22 at $324.00 and October feeders closed $1.37 lower at $322.30. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded $3.00 to $6.00 higher, but steers weighing 600 to 700 pounds traded $12.00 to $16.00 higher. Steer calves sold steady to $10.00 higher. Feeder heifers sold steady to $8.00 higher. Heifer calves traded $10.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 7/17/2025: up $0.11, $322.28.
LEAN HOGS:
Between widespread support from the futures complex and the continued support of pork demand, the lean hog complex had no issue rounding out the week higher. August lean hogs closed $0.65 higher at $106.47, October lean hogs closed $0.02 higher at $90.62 and December lean hogs closed $0.47 higher at $82.80. What continues to be so helpful for traders right now, aside from having found a technical bottom in the marketplace, is the bump in pork prices. Again, this afternoon, none of the major cuts closed weaker. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $5.15 with a weighted average price of $105.55 on 1,460 head. Pork cutouts totaled 234.28 loads, with 210.28 loads of pork cuts and 24.00 loads of trim. Pork cutout values: up $1.47, $117.79. Friday's slaughter is estimated at 463,000 head, 40,000 head more than a week and a year ago. The CME lean hog index 7/16/2025: up $0.43, $107.63.
MONDAY'S HOG CALL: Steady. Given that demand has been strong, packers could likely show a little more interest on Monday than they normally would.
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