GENERAL COMMENTS:
The livestock complex is trading mixed as the cattle sector isn't fully confident that it possesses enough support to trade higher, but the lean hog contracts are taking full advantage of the day and trading higher thanks to the continued support of strong pork demand. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but somewhat lower in Texas. September corn is down 1 1/2 cents per bushel and August soybean meal is up $3.00. The Dow Jones Industrial Average is up 455.56 points and the NASDAQ is up 364.24 points.
LIVE CATTLE:
The live cattle complex is trading mixed as traders continue to believe in and see the robust support of the cattle market's fundamental position, but at the same time, traders also are aware of the elevated position of the futures complex and don't want to welcome any more unwanted volatility into the marketplace. August live cattle are down $0.12 at $230.05, October live cattle are down $0.55 at $223.15 and December live cattle are down $0.62 at $223.80.
Last week Northern dressed cattle traded at mostly $383, which is $3.00 higher than the previous week's weighted average, and Southern live cattle traded at mostly $235 to $236, which is $2.00 to $4.00 higher than the previous week's weighted average.
Boxed beef prices are mixed: choice up $0.15 ($363.37) and select down $0.27 ($340.23) with a movement of 60 loads (29.74 loads of choice, 13.98 loads of select, 9.81 loads of trim and 6.27 loads of ground beef).
FEEDER CATTLE:
Originally, the feeder cattle complex was trading higher, but as the day has progressed, traders are seeming less confident, which has consequently left the feeder cattle complex trading lower. August feeders are down $1.75 at $332.82, September feeders are down $2.07 at $331.85 and October feeders are down $1.90 at $329.95. The spot September contract is less than $10.00 away from its resistance threshold, which is slightly limiting to traders, as they aren't certain whether they possess enough support to challenge that threshold.
LEAN HOGS:
The lean hog complex is continuing to grind higher and higher as traders are pleased with the continued note of stronger pork demand and are appearing willing to challenge the market's nearby resistance threshold at $91.00 in the spot October contract. August lean hogs are up $0.62 at $107.97, October lean hogs are up $0.62 at $90.67 and December lean hogs are up $0.97 at $83.32. It will remain imperative that demand is undoubtedly supportive if traders are to be able to continue this rally, because without fundamental support, the market won't likely be able to trade much higher.
The projected lean hog index for 8/1/2025 is down $0.27 at $109.99, and the actual index for 7/31/2025 is down $0.11 at $110.26. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality; however, we can see that only 150 head have traded and that the market's five-day rolling average sits at $112.90. Pork cutouts total 124.56 loads with 112.15 loads of pork cuts and 12.41 loads of trim. Pork cutout values: up $2.19, $119.13.
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