GENERAL COMMENTS:
The livestock complex had a fruitful day as all three of the markets closed mostly higher. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. July corn is down 13 1/2 cents per bushel and July soybean meal is down $5.30. The Dow Jones Industrial Average is down 422.17 points and the NASDAQ is down 188.58 points.
LIVE CATTLE:
It was a positive day for the live cattle complex as the contracts were able to maintain their momentum through the day's close. August live cattle closed $1.85 higher at $215.90, October live cattle closed $2.05 higher at $212.95 and December live cattle closed $2.17 higher at $213.42. The upward trend in the futures complex may encourage feedlot managers to wrestle with packers a bit more this week, but it's still likely that the cash cattle market trades steady at best, given that packers have supply built up around them. Monday's slaughter is estimated at 114,000 head, 4,000 head less than a week ago and 2,000 head more than a year ago. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas.
Last week Northern dressed cattle traded at mostly $368 to $370, which is steady to $2.00 lower than the previous week's weighted average, and Southern live cattle traded at mostly $222 to $225, which is also steady to $2.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 51,945 head. Of that 86% (44,886 head) were committed to the market's nearby delivery, while the remaining 14% (7,059 head) were committed to the market's deferred delivery option.
Boxed beef prices closed mixed: choice up $1.23 ($390.98) and select down $0.91 ($377.53) with a movement of 94 loads (52.29 loads of choice, 17.62 loads of select, 9.16 loads of trim and 14.82 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady to somewhat lower. If boxed beef prices remain high, then there's a chance that the cash market could trade steady, but if boxed beef prices dip lower, packers will likely continue to try to work the cash market lower.
FEEDER CATTLE:
The feeder cattle complex saw the biggest day-over-day advancement throughout all the livestock markets as most of its contracts closed anywhere from $3.00 to $4.00 higher. Cow-calf producers are especially thankful to note the stronger uptick in the feeder cattle complex, as again this week, Superior Livestock Auction is hosting another large video auction where over 300,000 head are cataloged to sell and will help establish the market for fall feeder cattle prices. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 600 pounds sold steady to $8.00 lower, but the heavier weights traded mostly steady to $5.00 higher, with the heavy eight weights traded up to $15.00 stronger. Feeder heifers sold steady to $5.00 higher, with seven to eight weights trading $15.00 higher. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 7/3/2025: up $0.08, $312.04.
LEAN HOGS:
The lean hog complex closed higher, as traders were pleased to note the uptick in pork demand early this week. July lean hogs closed $1.02 lower at $106.95, August lean hogs closed $1.00 higher at $107.10 and October lean hogs closed $0.77 higher at $92.87. Pork cutout values saw far more interest today than late last week, as most of the cuts closed $2.00 higher, but it was the belly's $11.18 jump that pushed the carcass price sharply higher. Hog prices were unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 775 head traded and that the market's five-day rolling average sits at $111.55. Pork cutouts totaled 249.62 loads, with 226.09 loads of pork cuts and 23.53 loads of trim. Pork cutout values: up $3.28, $113.49. Monday's slaughter is estimated at 478,000 head, 9,000 head more than a week ago and 16,000 head more than a year ago. The CME lean hog index 7/2/2025: down $0.71, $109.51.
TUESDAY'S HOG CALL: Higher. If pork demand is going to improve, it's likely that the cash market will see more interest.
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