GENERAL COMMENTS:
It was a rallying day for the cattle complex as Northern dressed cattle traded $1.00 higher, both the live cattle and feeder cattle contracts closed higher, and both the Cattle Inventory and Cattle on Feed reports were bullish. At the time of this writing, still no Southern live cattle had traded as packers, and feedlot managers were still going toe to toe. September corn is down 2 1/4 cents per bushel and August soybean meal is down $1.90. The Dow Jones Industrial Average is up 208.01 points and the NASDAQ is up 50.36 points.
LIVE CATTLE:
It was a strong day for the live cattle complex as even though traders didn't run the contracts sharply higher before closing, they still closed higher none the less and the market's real heavy lifting was done in its fundamentals. For starters, traders were pleased to see that Northern dressed cattle were trading for $380, which is $1.00 higher than last week's weighted average, and at the time of this writing, packers and feedlot managers in the South were still going toe to toe, and no Southern cattle had traded yet. But it was supportive to see that both the Cattle on Feed report and the Cattle Inventory Report came out bullish, which should help feedlot managers again next week, as that's just one more bullish feather for them to tuck into their hats. August live cattle closed $0.67 higher at $226.47, October live cattle closed $1.00 higher at $223.15 and December live cattle closed $0.82 higher at $223.47.
Friday's slaughter is estimated at 96,000 head, 5,000 head less than a week ago and 10,000 head less than a year ago. Saturday's slaughter is projected to be around 5,000 head. The week's total slaughter is estimated to be around 549,000 head, 14,000 head less than a week ago and 56,000 head less than a year ago.
Boxed beef prices closed lower: choice down $1.41 ($366.68) and select down $2.13 ($344.87) with a movement of 105 loads (66.69 loads of choice, 20.85 loads of select, 10.76 loads of trim and 6.71 loads of ground beef).
MONDAY'S CATTLE CALL: Steady/somewhat higher. It's tough to call next week's market when we don't even know where this week's market is going to trade yet, but given that supplies are thin, feedlot managers and packers are going to continue to go rounds.
FEEDER CATTLE:
It was an invigorating day for the feeder cattle complex as trader ran the contracts to the market's resistance threshold before closing, seeming fully willing and able to continue to support the market is Friday's report were indeed bullish. And thankfully, bullish was the entire tone of the Cattle on Feed report and the Cattle inventory report. DTN's comments on both reports are available here:
August feeders closed $2.47 higher at $331.37, September feeders closed $2.55 higher at $332.20 and October feeders closed $2.65 higher at $331.00. It's tough telling how traders will react to Friday's bullish reports because the reports justify trading the contracts even higher, but when the market is already trading at all-time highs, it's difficult to pinpoint how much more air is available to the market. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the state, feeder steers and heifers traded $3.00 to $8.00 higher. Steer calves traded steady, except those under 400 pounds, which traded $10.00 to $15.00 higher. Heifer calves sold unevenly steady. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 7/24/2025: up $2.65, $328.83.
LEAN HOGS:
The lean hog complex stalled out ahead of Friday's close as traders ran into resistance pressure and weren't able to advance the market any further ahead of the day's close. Pork demand remained strong through the week's end, and that could potentially lend traders some additional support early next week. August lean hogs closed $0.50 higher at $108.70, October lean hogs closed $0.50 lower at $90.60 and December lean hogs closed $0.67 lower at $82.25. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.34 with a weighted average price of $110.27 on 1,809 head. Pork cutouts totaled 347.23 loads with 309.29 loads of pork cuts and 37.94 loads of trim. Pork cutout values: up $1.32, $118.86. Friday's slaughter is estimated at 447,000 head, 16,000 head less than a week ago and 12,000 head more than a year ago. Saturday's slaughter is projected to be around 30,000 head. The CME lean hog index 7/23/2025: up $0.72, $109.95.
MONDAY'S HOG CALL: Lower. Packers rarely support the cash market on Mondays.
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