GENERAL COMMENTS:
It was a winning day for the entire livestock complex as the contracts closed higher again this afternoon. No cash cattle trade developed, although bids were offered throughout the day in Kansas. July corn is up 1 1/2 cents per bushel and July soybean meal is down $1.10. The Dow Jones Industrial Average is up 217.54 points and the NASDAQ is up 192.88 points.
LIVE CATTLE:
It was another fruitful day for the live cattle complex as most of the contracts closed higher despite the sharp decline in boxed beef prices. The slightly lower end to the spot August contract doesn't come as a bewildering fact either, as traders are simply starting to move their positions into the upcoming October contract – the move is referred to as the Goldman roll. What will be interesting to see play out in the days to come is how boxed beef prices fare. It's understandable, and truthfully expected, that boxed beef prices will soften after the Fourth of July, but whenever boxed beef prices see daily losses of $5.00 or more, it makes anyone look twice. August live cattle closed $0.20 lower at $219.77, October live cattle closed $0.52 higher at $217.35 and December live cattle closed $0.67 higher at $217.30. No cash cattle trade developed throughout the day, although bids of $225 to $227 were offered in Kansas. But feedlot managers seem willing to let time pass by until offers closer to their asking price of $228 to $230 in the South are met. Asking prices are still unknown in the North.
Wednesday's slaughter is estimated at 117,000 head, 5,000 head less than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed lower: choice down $6.59 ($386.45) and select down $5.19 ($373.27) with 143 loads (108.03 loads of choice, 23.51 loads of select, zero loads of trim and 11.39 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady. There is some chatter that fed cash cattle prices could potentially be higher this week, but with boxed beef prices trending lower and packers sitting on plenty of supply, I believe the market will trade steady at best.
FEEDER CATTLE:
Again this afternoon, the feeder cattle complex successfully closed higher as the market continues to rally thanks to the plentiful demand that cattle are seeing in the countryside, and thanks to the continued buy-in support of traders. August feeders closed $1.35 higher at $320.47, September feeders closed $0.85 higher at $320.02 and October feeders closed $0.77 higher at $318.02. Today's end in the spot August contract is yet another new contract high for the contract. At Hub City Livestock Auction in Aberdeen, South Dakota, compared to their last sale two weeks ago, the best market test was seen on steers weighing 950 to 1,049 pounds, which traded $15.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 98%. The CME feeder cattle index 7/8/2025: up $5.36, $316.76.
LEAN HOGS:
The lean hog complex may have just been able to close slightly higher, but a day of continued stability is a win in any market's book. August lean hogs closed $0.45 higher at $107.22, October lean hogs closed $0.80 higher at $93.77 and December lean hogs closed $1.02 higher at $85.70. Thankfully, with the slight uptick in pork demand, it seems as though traders are comfortable also establishing somewhat of a foothold in the futures complex. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.12 with a weighted average price of $111.90, ranging from $101.00 to $116.00 on 8,445 head and a five-day rolling average of $111.62. Pork cutouts total 233.42 loads, with 204.40 loads of pork cuts and 29.02 loads of trim. Pork cutout values: up $0.05, $112.06. Wednesday's slaughter is estimated at 478,000 head, 5,000 head more than a week ago and 3,000 head more than a year ago. The CME lean hog index 7/7/2025: down $1.00, $107.33.
THURSDAY'S HOG CALL: Steady. Packers seem to only mildly participate in this week's cash market.
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