GENERAL COMMENTS:
The livestock contracts are trading fully lower into Monday's noon hour as traders are still trying to determine which way the market should trade this week. Following the aggressive rally seen late last week in the cattle complex, it's hard for traders to continue to push the contracts higher without first seeing what's going to surface fundamentally this week. July corn is up 9 3/4 cents per bushel and July soybean meal is unchanged. The Dow Jones Industrial Average is up 46.78 points and NASDAQ is up 44.92 points.
LIVE CATTLE:
After aggressively running to new contract highs on Friday, the live cattle complex is walking back some of the recent position it has concurred as traders aren't as bullish at the start of this week. August live cattle are down $2.25 at $219.95, October live cattle are down $2.25 at $217.45 and December live cattle are down $1.70 at $217.87. Some external pressures, such as the high tariffs threated on Russia if a peace deal isn't met within 50 days could be unsettling to traders, but more than anything, it seems as though traders are still catching their breath from last week's whirlwind-like trade and are trying to decipher what to do with the market now.
Last week, Northern dressed cattle traded at $380, which is $10.00 higher than the previous week's weighted average. Southern live cattle traded at $228 to $230, which is $4.00 to $6.00 higher than the previous week's weighted average.
Boxed beef prices are lower: choice down $0.58 ($378.06) and select down $0.58 ($365.91) with a movement of 54 loads (28.99 loads of choice, 11.27 loads of select, 6.16 loads of trim and 7.27 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is feeling the same pressure that's affecting the live cattle complex, but only in a more aggressive form as most of its contracts are trading $4.00 to $5.00 lower. August feeders are down $5.42 at $319.90, September feeders are down $5.30 at $320.10 and October feeders are down $5.10 at $318.10. Although the board is trading sharply lower, it's likely that sales in the countryside will be largely unphased as supplies are limited enough that buyers have to remain aggressive if they want to fulfill their orders.
LEAN HOGS:
The lean hog complex is seeing some of the same skepticism from traders that the cattle complex is, but not near as dramatically, as most of its contracts are trading just $1.00 to $2.00 lower. August lean hogs are down $1.12 at $103.55, October lean hogs are down $2.27 at $88.35 and December lean hogs are down $2.30 at $79.97. What is encouraging to see this morning in the lean hog complex, however, is the fact that pork cutout values are higher, which is mainly because of the belly's $9.06 jump, but the picnic, rib and ham are all up over $2.00 as well.
Hog prices are unavailable on this Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 555 head have traded and that the market's five-day rolling average now sits at $111.48. The projected lean hog index for 7/11/2025 is up $0.15 at $107.25, and the actual index for 7/10/2025 is down $0.04 at $107.10. Hog prices are unavailable because of confidentiality. Pork cutouts total 163.42 loads with 150.39 loads of pork cuts and 13.03 loads of trim. Pork cutout values: up $1.73, $115.20.
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