GENERAL COMMENTS:
It was a strong day for the livestock complex as all of the contracts closed higher and the fed cash cattle market saw prices trade mostly $3.00 higher as well. Heading into next week's market, it will be vital to note exactly how many cattle were bought this week as that will dictate how aggressive packers will likely be in the weeks ahead. Pork cutouts are up $2.94 at $116.94, September corn is down 4 1/2 cents per bushel and August soybean meal is up $5.70. The Dow Jones Industrial Average is down 542.40 points and NASDAQ is down 472.32 points.
From Friday to Friday, livestock futures scored the following changes: August live cattle up $3.65, October live cattle up $0.53; August feeder cattle up $3.20, September feeder cattle up $1.73; August lean hogs down $1.35, October lean hogs down $0.55; September corn down $0.10, December corn down $0.08.
LIVE CATTLE:
Thankfully, even though the market ran into some turbulence on Thursday, traders were able to refix their gaze and gain focus on the market's fundamentals and trade the contracts higher through Friday's close. August live cattle closed $2.35 higher at $230.12, October live cattle closed $0.52 higher at $223.67 and December live cattle closed $0.50 higher at $224.42. Throughout the week, Southern live cattle traded at $235 to $236, and Northern dressed cattle traded at mostly $383 -- both of which are roughly $3.00 higher than last week's weighted average. Packers didn't want to pay more for cattle again this week in the cash market, but nor can they afford to be any more short bought than they already are.
Friday's slaughter is estimated at 93,000 head -- 3,000 head less than a week ago and 23,000 head less than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is estimated at 535,000 head -- 14,000 head less than a week ago and 57,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.90 ($363.22) and select down $0.87 ($340.50) with a movement of 72 loads (38.25 loads of choice, 15.76 loads of select, 3.89 loads of trim and 14.34 loads of ground beef).
MONDAY'S CATTLE CALL: Steady/somewhat higher. The trend is likely to remain steady/somewhat higher in the fed cash cattle market until packers get enough supply built up around them.
FEEDER CATTLE:
The feeder cattle complex had a splendid day as the contracts closed higher following Thursday's erratic state amid the announcement that a 50% tariff could go into effect in a week against Brazilian beef and cattle imports. Thankfully, traders found solace in the continued upward trend of fed cash cattle prices and feeder cattle sales.
August feeders closed $3.20 higher at $334.57, September feeders closed $2.37 higher at $333.92 and October feeders closed $1.67 higher at $331.85. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steer and heifers traded $8.00 to $15.00 higher. Steer and heifer calves traded $7.00 to $14.00 higher. Slaughter cows traded steady to $2.00 higher and slaughter bulls traded steady. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 7/31/2025: up $0.88, $335.89.
LEAN HOGS:
The lean hog complex rounded out the day higher as traders continued to build their technical position based on the foundation they've been able to secure this week. It hasn't been because of bountiful fundamental support as pork cutout values have danced higher and lower this week, and cash prices were volatile too. Rather, traders found a price point at which they're comfortable trading and moved higher as such.
August lean hogs closed $0.22 higher at $107.35, October lean hogs closed $0.47 higher at $90.05 and December lean hogs closed $0.62 higher at $82.35. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.76 with a weighted average price of $108.91 on 1,560 head. Pork cutouts totaled 335.45 loads with 301.28 loads of pork cuts and 34.17 loads of trim. Pork cutout values: up $2.94, $116.94.
Friday's slaughter is estimated at 470,000 head -- 33,000 head more than a week ago and 3,000 head less than a year ago. Saturday's slaughter is projected to be around 22,000 head. The CME lean hog index 7/30/2025: down $0.14, $110.37.
MONDAY'S HOG CALL: Lower. Packers rarely dive aggressively into the cash hog market on Mondays.
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