The livestock complex was finally able to regain some footing in Wednesday's market as most of the contracts closed higher. Some light cash cattle trade happened in the North at $368 to $370, which is steady to $2.00 lower than last week's weighted average. July corn is up 9 1/4 cents per bushel and July soybean meal is up $3.20. The Dow Jones Industrial Average is down 10.52 points and the NASDAQ is up 190.24 points.
LIVE CATTLE:The live cattle complex rounded out the day higher as traders finally allowed the news from the USDA that the border was going to reopen to Mexican cattle drift to the back burner and instead fixated their attention on the continued support from consumers. August live cattle closed $1.70 higher at $212.45, October live cattle closed $1.90 higher at $209.70 and December live cattle closed $1.77 higher at $210.12. It was exciting to note that the spot August contract was able to close above the market's 40-day moving average, which continues to be a threshold to monitor. Some light cash cattle trade developed throughout the day in Nebraska, where dressed cattle sold for $368 to $370, which is steady to $2.00 lower than the previous week's weighted average. Unfortunately, some of the cattle were set for delivery for the weeks of July 14th and July 21st. This gives packers more leverage in the market and, unfortunately, likely means that prices will trend lower until feedlots regain the upper hand again. Asking prices in the South are firm at $225 plus and in the North at $369 plus.
Wednesday's slaughter is estimated at 122,000 head, 4,000 head more than a week ago and 1,000 head more than a year ago.
Boxed beef prices closed mixed: choice down $0.74 ($394.86) and select up $0.25 ($380.31) with a movement of 112 loads (62.80 loads of choice, 27.11 loads of select, 9.20 loads of trim and 13.25 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady/somewhat lower. It's likely that prices will continue to trade where they're at in the North, and that cattle will sell steady to somewhat lower in the South when trade does develop in that region.
FEEDER CATTLE:The feeder cattle complex also rounded out the higher as traders fixated their attention on the strong demand in which feeder cattle are currently seeing, and were pleased to see the live cattle contracts trading higher too. August feeders closed $3.00 higher at $309.02, September feeders closed $3.22 higher at $308.87 and October feeders closed $3.00 higher at $306.42. At this point, most sale barns will be closed for the rest of the week and will resume regular sales next week. The CME feeder cattle index 7/1/2025: down $0.97, $314.10.
LEAN HOGS:The lean hog complex ended the day mixed with its nearby contracts slightly higher, but its deferred months lower. July lean hogs closed $0.65 higher at $109.65, August lean hogs closed $0.95 higher at $107.90 and October lean hogs closed $0.42 higher at $93.00. It was another day of continued turmoil for pork demand as wide price swings were again seen with the butt closing $10.09, and the rib falling $6.77. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.51 with a weighted average price of $112.06 on 7,361 head. Pork cutouts totaled 275.40 loads, with 244.52 loads of pork cuts and 30.88 loads of trim. Pork cutout values: down $1.55, $110.75. The CME lean hog index 6/30/2025: down $0.77, $110.99.
THURSDAY'S HOG CALL: Lower. Packers have likely secured most of the hogs they need at this point.
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