GENERAL COMMENTS:
It was a tremendous day for the cattle complex as both the live cattle and feeder cattle markets were able to score new contract highs thanks to plentiful support. No cash cattle trade developed throughout the day. July corn is down 7 cents per bushel and July soybean meal is down $1.30. The Dow Jones Industrial Average is down 165.60 points and NASDAQ is up 5.94 points.
LIVE CATTLE:
The live cattle complex had a fantastic day as the contracts were able to advance anywhere from $1.00 to $4.00 higher by Tuesday's close. Spurred on by the markets continued demand from consumers, and by traders who were willing and almost anxious to advance the contracts -- dare I say it was almost an effortless act for traders to push the contracts higher. August live cattle closed $4.07 higher at $219.97, October live cattle closed $3.87 higher at $216.82 and December live cattle closed $3.20 higher at $216.62. It's important to note that today's close in the spot August contract is a new contract high for the month. No cash cattle trade developed throughout the day, but asking prices are noted at $228 in the South and are still unestablished in the North.
Tuesday's slaughter is estimated at 118,000 head -- 2,000 head less than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.06 ($393.04) and select up $0.93 ($378.46) with a movement of 99 loads (65.10 loads of choice, 14.08 loads of select, 11.55 loads of trim and 8.21 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. If feedlot managers hold out and really working together, holding the market steady may not be an unattainable goal as the futures market is red hot and boxed beef demand is holding strong.
FEEDER CATTLE:
It was a rip-roaring day for the feeder cattle complex as traders didn't waste any time advancing the market to new contract highs thanks to bountiful support in the countryside amid aggressive feeder cattle demand and to plenty of support from traders who were willing and able to push the contracts higher all throughout the day. August feeders closed $5.40 higher at $319.12, September feeders closed $5.65 higher at $319.17 and October feeders closed $5.90 higher at $317.25. At Callaway Livestock Center in Kingdom City, Missouri, compared to last week cales weighing 400 to 450 pounds traded mostly steady to $10.00 to $13.00 higher, with the 450 to 500 pound calves and steers weighing 550 to 600 pounds trading fully steady. Feeder cattle supply over 600 pounds was 34%. The CME feeder cattle index 7/7/2025: down $0.64, $311.40.
LEAN HOGS:
The lean hog complex had a lackluster day as the market closed mostly lower. August lean hogs closed $0.32 lower at $106.77, October lean hogs closed $0.10 higher at $92.97 and December lean hogs closed $0.20 lower at $84.67. Thankfully, there were enough hogs traded today to at least have the cash prices printed, but the carcass price closed lower, which was disappointing for traders. However, with a $5.27 decline in the butt and the $2.45 drop in the ham, a lower carcass price was inevitable. Hog prices on the Daily Direct Afternoon Hog Report closed at $112.02, on 3,750 head and a five-day rolling average of $111.68. Pork cutouts total 308.04 loads with 278.30 loads of pork cuts and 29.73 loads of trim. Pork cutout values: down $1.48, $112.01. Tuesday's slaughter is estimated at 480,000 head -- 8,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 7/3/2025: down $1.18, $108.33.
WEDNESDAY'S HOG CALL: Steady. With pork cutout values being choppy, it's likely that the cash market won't see a tremendous amount of demand.
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