GENERAL COMMENTS:
It was another mixed day for the livestock complex, where the cattle complex saw immense support, but the hog complex closed mixed. Still no cash cattle trade has developed, so that will be the main focus of Friday's market. September corn is up 4 3/4 cents per bushel and August soybean meal is up $3.30. The Dow Jones Industrial Average is down 224.48 points and the NASDAQ is up 73.28 points.
Thursday's export report shared that beef net sales of 15,900 mt for 2025 were up 88% from the previous week and 40% from the prior 4-week average. The three largest buyers were Japan (6,100 mt), South Korea (4,000 mt) and Mexico (1,800 mt). Pork net sales of 31,000 mt for 2025 were down 22% from the previous week but up 27% from the prior 4-week average. The three largest buyers were China (12,500 mt), Mexico (7,000 mt) and South Korea (2,800 mt).
LIVE CATTLE:
Almost seeming somewhat effortless, the live cattle complex did it again -- it ran to new contract highs, taking out the market's previous top and showing just how robust the complex's total support is. On one hand, you have the futures complex that, although not perfect, is currently fixating its attention on the market's positive fundamentals and is willing to advance the contracts into uncharted, never-before-tested territory as fundamental support remains bountiful. And on the other hand, the market's fundamentals have been good all year, but the unseasonal rally in which boxed beef prices are currently seeing has only flamed the market's strong fundamental position all that much more. August live cattle closed $2.45 higher at $238.75, October live cattle closed $2.57 higher at $232.22 and December live cattle closed $2.90 higher at $233.62. The cash cattle market was mostly quiet again throughout the day as packers are sitting on their hands, wondering how much money it's going to take to get cattle bought this week. Asking prices remain firm in the South at $238 to $240, but are still not established yet in the North.
Thursday's slaughter is estimated at 115,000 head, 7,000 head more than a week ago and 6,000 head less than a year ago.
Boxed beef prices closed higher: choice up $4.08 ($378.94) and select up $2.39 ($353.75) with a movement of 70 loads (33.97 loads of choice, 14.50 loads of select, 11.08 loads of trim and 10.92 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. Feedlot managers have not waited this long this week to trade cattle to not get higher prices.
FEEDER CATTLE:
The feeder cattle complex rallied throughout the day with even more vigor and excitement than the live cattle market did, as demand in the countryside continues to push feeder cattle prices higher and higher. August feeders closed $3.62 higher at $348.65, September feeders closed $5.40 higher at $349.62 and October feeders closed $6.07 higher at $348.47. And yes, the spot September contract again scored a new contract high in the midst of its unwavering rally. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 700 to 925 pounds sold $5.00 to $7.00 higher, but there were instances where the sales were up as much as $20.00 higher. Feeder heifers weighing 600 to 900 pounds sold $7.00 to $20.00 stronger. Slaughter cows and bulls traded steady to $2.00 higher. Feeder cattle supply over 600 pounds was 93%. The CME feeder cattle index 8/6/2025: up $0.76, $336.97.
LEAN HOGS:
The lean hog complex closed mixed, with the market's nearby contracts unable to push higher, but the market's deferred contracts secured a slightly higher close ahead of the day's end. October lean hogs closed $1.05 lower at $90.92, December lean hogs closed $0.72 lower at $83.80 and February lean hogs closed $0.17 lower at $86.70. It was positive, however, to see pork cutout values round out the day stronger as most of the major cuts saw a slight uptick from Wednesday's closing price. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.55 with a weighted average price of $111.22 on 4,665 head. Pork cutouts totaled 248.46 loads with 214.94 loads of pork cuts and 33.52 loads of trim. Pork cutout values: up $1.11, $116.33. Thursday's slaughter is estimated at 465,000 head, 1,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/5/2025: up $0.04, $109.60.
FRIDAY'S HOG CALL: Lower. It's likely that packers are mostly done buying cash hogs for the week.
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