GENERAL COMMENTS:
Overall, it was a winning day for the entire livestock complex as all three of the markets closed higher, and boxed beef prices were higher this afternoon as well. New showlists appear to be mixed, higher in Texas, somewhat higher in Kansas, but lower in Nebraska/Colorado. September corn is down 5 3/4 cents per bushel and August soybean meal is down $2.90. The Dow Jones Industrial Average is down 64.36 points and the NASDAQ is up 70.26 points.
LIVE CATTLE:
What a way to start the new week! Following last Friday's incredible bullish day, trades took the bullish news of the Cattle on Feed report amid a stronger fed cash cattle market and ran the live cattle contracts higher throughout the day. August live cattle closed $1.40 higher at $227.87, October live cattle closed $1.62 higher at $224.77 and December live cattle closed $1.87 higher at $225.35. Today's higher surge yet again establishes a new contract high in most of the nearby contracts and again signals just how strong a fundamental footing the market indeed has. No cash cattle trade developed throughout the day. New showlists appear to be mixed, higher in Texas, somewhat higher in Kansas, but lower in Nebraska/Colorado. Monday's slaughter is estimated at 108,000 head, 3,000 head more than a week ago but 6,000 head less than a year ago.
Last week Southern live cattle traded at mostly $230 to $232, which is steady to $2.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $380, which $1.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 62,915 head. Of which 71% (44,769 head) were committed to the market's nearby delivery, while the remaining 29% (18,146 head) were committed to the market's deferred delivery option.
Boxed beef prices closed higher: choice up $1.05 ($367.73) and select up $1.98 ($346.85) with a movement of 91 loads (58.17 loads of choice, 23.38 loads of select, zero loads of trim and 9.58 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady. Following last week's trade, I expect that the market will trade at least steady, especially if boxed beef prices continue to trade higher.
FEEDER CATTLE:
The feeder cattle complex was bashful about its ambitions throughout the day and quickly advanced the market right from the day's opening bell, which carried through the afternoon's close as prices ended the day $2.00 to $3.00 stronger. It's again interesting to note that the market is seeing the biggest daily advancement in the furthest deferred months as traders are realizing that supplies aren't going to be overly abundant any time soon and that currently the deferred contracts are the market's best deal. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and steer calves traded $8.00 to $13.00 higher, with spots of $20.00 higher. Feeder heifers and heifer calves sold $10.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 67%. The CME lean hog index 7/25/2025: up $1.10, $329.93.
LEAN HOGS:
Today was a win for the lean hog complex too, as even though the market didn't see much heavy lifting in terms of added support from the market's fundamentals, the futures complex successfully closed higher. August lean hogs closed $0.17 lower at $108.52, October lean hogs closed $0.27 higher at $90.87 and December lean hogs closed $0.65 higher at $82.90. And if it weren't for the $4.09 decline in the butt, the carcass price would have stood a chance at closing higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.08 with a weighted average price of $111.35 on 3,264 head. Pork cutouts totaled 246.16 loads with 215.58 loads of pork cuts and 30.58 loads of trim. Pork cutout values: down $0.57, $118.29. Monday's slaughter is estimated at 460,000 head, 13,000 head more than a week ago and 12,000 head less than a year ago. The CME lean hog index 7/24/2025: up $0.33, $110.28.
TUESDAY'S HOG CALL: Higher. Packers weren't overly aggressive in today's market, so seeing more interest on Tuesday wouldn't be out of the norm.
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