GENERAL COMMENTS:
Although the live cattle complex wasn't completely sold on the idea of trading higher today, as time has progressed, the live cattle contracts are now trading mostly higher. The feeder cattle contracts are doing so without any hesitation. Still no business has developed in the fed cash cattle market. September corn is down 3 cents per bushel and August soybean meal is up $2.50. The Dow Jones Industrial Average is up 19.14 points and NASDAQ is down 132.98 points.
LIVE CATTLE:
As time has gone on, the live cattle complex has turned more bullish throughout the day. Initially at the day's start, most of the nearby contracts were trading lower, but as the morning progressed, the bullish nature of the market's deferred contracts has slowly helped the nearby contracts grow more friendly to the idea of trading higher as well. August live cattle are down $0.07 at $225.15, October live cattle are down $0.25 at $221.37 and December live cattle are up $0.15 at $221.90. Some of traders' skepticism comes from the sheer fact that the market is already trading at an all-time high. Also, not to mention the fact that later this week the monthly Cattle on Feed report will be unveiled and it's yet to be seen what this week's fed cash cattle market is going to do. So, all that being said, deep down it seems as though traders want to continue to support the complex, but there are plenty of variables up in the air right now and nor down they don't want to overextend the market. No bids or asking prices have surfaced in the cash cattle market yet.
Boxed beef prices are mixed: choice up $1.23 ($373.30) and select down $2.32 ($347.73) with a movement of 97 loads (46.66 loads of choice, 21.93 loads of select, 22.37 loads of trim and 5.99 loads of ground beef).
FEEDER CATTLE:
The live cattle complex may still be getting its bearings straight for the day, but the feeder cattle complex had its mission set in stone before the day even started -- continue to push the market higher. And since the day's initial opening bell, the market has indeed traded higher. August feeders are up $0.30 at $327.90, September feeders are up $0.55 at $328.25 and October feeders are up $0.65 at $326.62. Helping spur on traders' ambitious attitude has been the continued demand in the countryside, which continues to be a string of higher prices, nearly each and every week.
LEAN HOGS:
Although midmorning pork cutout values are lower, the lean hog complex is continuing to trade higher through Tuesday's trade. August lean hogs are up $0.60 at $107.95, October lean hogs are down $0.10 at $90.87 and December lean hogs are down $0.22 at $83.12. If it weren't for the butt's $4.12 decline and the rib's $3.01, the carcass price may have been able to hold at least steady.
The projected lean hog index for 7/21/2025 is up $0.39 at $108.59, and the actual index for 7/18/2025 is up $0.27 at $108.20. Hog prices are higher on the Daily Direct Morning Hog Report, up $4.11 with a weighted average price of $113.99, ranging from $104.00 to $116.75, on 4,205 head and a five-day rolling average of $111.56. Pork cutouts total 191.39 loads with 178.66 loads of pork cuts and 12.73 loads of trim. Pork cutout values: down $0.35, $119.17.
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