GENERAL COMMENTS:
The cattle complex is continuing to trade higher into midday Friday as the market is anxious to see what feedlot managers accomplish in this week's fed cash cattle trade and to see what the Cattle on Feed and Cattle Inventory Report yield later this afternoon. No cash cattle trade has developed yet today but bids are currently on the table in both regions. September corn is down 3 cents per bushel and August soybean meal is down $1.60. The Dow Jones Industrial Average is up 77.91 points and the NASDAQ is up 76.67 points.
LIVE CATTLE:
The live cattle complex is trading slightly higher into Friday's noon hour as traders remain optimistic about what this week's fed cash cattle market is going to do. August live cattle are up $0.42 at $226.22, October live cattle are up $0.82 at $222.97 and December live cattle are up $0.57 at $223.22. Also lending positive support to the live cattle complex is the fact that the afternoon's Cattle on Feed report is expected to showcase fewer placements and lighter on-feed totals, and don't forget that the semi annual Cattle Inventory report is also going to be released later this afternoon as well. A few bids are currently on the table at $230 in Kansas, $238 live in the North and $376 dressed. Packer demand should improve as the day trades on, and packers are undoubtedly going to need to get more aggressive before the week's end, as they can't afford to go short-bought into next week's trade.
Boxed beef prices are lower: choice down $0.63 ($367.46) and select down $1.39 ($345.61) with a movement of 70 loads (44.93 loads of choice, 13.36 loads of select, 8.65 loads of trim and 3.56 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also using the day to trade higher as its contracts are conformably trading well over $1.00 stronger in most of the nearby months. With the continued support of red-hot feeder cattle demand in the countryside, traders have all the support they could ever wish for. August feeders are up $1.37 at $330.27, September feeders are up $1.45 at $331.10 and October feeders are up $1.50 at $329.85.
LEAN HOGS:
The lean hog complex is again trading lower as the market seems skeptical to advance much higher as traders are facing some resistance pressure. Pork demand and cash prices have been supportive this past week, but with traders unwilling to challenge the futures complex's resistance, lower is the only direction for the market to trade. August lean hogs are down $0.20 at $108.00, October lean hogs are down $1.07 at $90.02 and December lean hogs are down $0.82 at $82.10.
The projected lean hog index for 7/24/2025 is up $0.33 at $110.28, and the actual index for 7/23/2025 is up $0.72 at $109.95. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.55 with a weighted average price of $109.26, ranging from $98.00 to $115.00 on 1,329 head and a five-day rolling average of $113.53. Pork cutouts total 211.51 loads with 195.77 loads of pork cuts and 15.73 loads of trim. Pork cutout values: up $2.97, $120.51.
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