GENERAL COMMENTS:
Thankfully the livestock complex has turned higher as traders seem to be willing to move past the bearish sentiment that clouded the market earlier this week. A few deals have been noted in Western Nebraska at $230, which is $1.00 lower than last week's weighted average. July corn is up 4 cents per bushel and July soybean meal is down $0.50. The Dow Jones Industrial Average is down 36.21 points and NASDAQ is up 168.97 points.
LIVE CATTLE:
The live cattle complex seemed to catch its breath after reacting poorly to USDA's announcement earlier this week that the U.S. border was going to reopen to Mexican cattle imports. August live cattle are up $0.32 at $211.05, October live cattle are up $0.40 at $208.20 and December live cattle are up $0.35 at $208.77. Even with Wednesday's slightly improved position on the board spot August still remains about $0.10 below the market's 40-day moving average. If the complex is indeed able to close above that price-point before the day's end it would be a positive technical signal. A few deals have been reported in Western Nebraska at $230, which is roughly $1.00 lower than last week's weighted average. Asking prices in the South remain firm at $224 to $225 and at $368 in the North. Packer interest will likely improve throughout the day.
Boxed beef prices are higher: choice up $1.53 ($397.13) and select up $0.93 ($380.99) with a movement of 67 loads (36.17 loads of choice, 15.21 loads of select, 6.00 loads of trim and 9.66 loads of ground beef).
FEEDER CATTLE:
Thankfully, just like the live cattle complex, the feeder cattle market is back to trading higher as traders have collectively seemed to agree that there's been enough emotional reaction played out in the marketplace from the USDA announcement that the border was again going to open to Mexican cattle imports. The sheer change in market direction is especially helpful for the feeder cattle market's morale as next week more online video auctions are set to take place and producers want to capitalize on the market's strong tone and not be undermined by weaker trader sentiments. August feeder cattle are up $1.00 at $307.00, September feeders are up $1.10 at $306.75 and October feeders are up $0.87 at $304.30.
LEAN HOGS:
The lean hog complex is also back to trading higher as the market is receiving some spillover support from the cattle complex's higher trend. And although pork cutout values are lower again Wednesday at midday, at least the cash market is receiving some extra support. July lean hogs are up $0.40 at $109.40, August lean hogs are up $0.70 at $107.65 and October lean hogs are up $0.17 at $92.75.
The projected CME Lean Hog Index for 7/1/2025 is down $0.77 at $110.22, and the actual index for 6/30/2025 is down $0.77 at $110.99. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.81 with a weighted average price of $112.09, ranging from $106.50 to $114.00 on 6,540 head and a five-day rolling average of $111.25. Pork cutouts total 141.98 loads with 122.78 loads of pork cuts and 19.20 loads of trim. Pork cutout values: down $0.42, $111.88.
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