GENERAL COMMENTS:
It was a wild day for the cattle complex as traders again ran the contracts to new highs, but the biggest announcement of the day was seeing the CME feeder cattle index break through $330, which continues to attest to the market's incredible demand. No cash cattle trade developed throughout the day. September corn is down 4 1/2 cents per bushel and August soybean meal is down $3.20. The Dow Jones Industrial Average is down 204.57 points and the NASDAQ is down 80.29 points.
LIVE CATTLE:
The live cattle complex had another outstanding, where traders were initially uncomfortable with the idea of trading the complex higher, but quickly changed their tune and ran most of the nearby contracts to new contract highs. August live cattle closed $1.85 higher at $229.72, October live cattle closed $1.67 higher at $226.45 and December live cattle closed $1.40 higher at $226.75. Today's movement really just highlights the bullish nature of the market and continues to showcase just how many traders believe in the fundamental footing of the marketplace. No cash cattle trade developed throughout the day, and no trade will likely develop until Thursday or Friday. Asking prices are noted at $235 plus in the South.
Tuesday's slaughter is estimated at 113,000 head, 1,000 head more than a week ago and 9,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.88 ($366.85) and select down $4.33 ($342.52) with a movement of 61 loads (32.65 loads of choice, 9.12 loads of select, 12.10 loads of trim and 7.58 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Even though last week feedlot managers were able to get the market to trade steady to $2.00 higher, feedlot managers sit in an ideal position where they can afford to let their showlists roll over into the next week if prices aren't what they desire.
FEEDER CATTLE:
We are living in a historical time, folks. If this market doesn't excite you, I simply cannot help you. With a lofty $2.00 advancement on top of Monday's gains, the feeder cattle complex again ran to new contract highs as traders are in disbelief of what prices are doing in the countryside. Do note that this afternoon's CME feeder cattle index reached a new all-time high as the index broke above $330. August feeders closed $2.67 higher at $336.20, September feeders closed $2.52 higher at $337.07 and October feeders closed $2.55 higher at $335.90. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 500 pounds sold $25.00 to $30.00 higher, with the heavier weights traded steady to $8.00 higher. Feeder heifers under 500 pounds sold $20.00 to $25.00 higher, with the heavier weights as well trading steady to $8.00 higher. Feeder cattle supply over 600 pounds was 70%. The CME feeder cattle index 7/28/2025: up $2.27, $332.20.
LEAN HOGS:
With little support from the cash market and significantly lower prices from the meat counter, the lean hog complex stood little chance at closing higher as technical resistance pressure remains limiting. August lean hogs closed $1.27 lower at $107.25, October lean hogs closed $2.15 lower at $88.72 and December lean hogs closed $2.10 lower at $80.80.
Pork cutout values were again disappointing as prices saw significant decreases across a number of cuts, which made it impossible for the carcass price to stand a chance at closing higher. But the biggest declines were seen in the belly, which was down $7.95, the picnic, which closed $4.99 lower, and the loin, which closed $4.11 lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.79 with a weighted average price of $112.14 on 9,859 head. Pork cutouts totaled 291.08 loads with 263.60 loads of pork cuts and 27.47 loads of trim. Pork cutout values: down $2.44, $115.85. Tuesday's slaughter is estimated at 460,000 head, 16,000 head less than a week and a year ago. The CME lean hog index 7/25/2025: up $0.20, $110.30.
WEDNESDAY'S HOG CALL: Lower. With pork cutout values sinking, it's unlikely that packers will participate much in the cash market.
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