GENERAL COMMENTS:
It's a mixed marketplace for the livestock complex at midday Wednesday as traders are skeptical of advancing the contracts any higher, but then just moments ago, more fundamental support surfaced as some dressed cattle have sold in Nebraska for $385, which is $4.00 higher than last week's weighted average. No other trade has developed today, but there's a chance prices could trend higher this week. December corn is up 1/2 cent per bushel and December soybean meal is up $3.20. The Dow Jones Industrial Average is up 337.97 points and the NASDAQ is up 9.50 points.
LIVE CATTLE:
Following the supportive trade that developed earlier this week, traders are again twiddling their fingers, seeming to have the mindset that again asks: now what? On one hand, traders would like to continue to support the complex and push prices higher, but at the same time, they don't want to become overly aggressive and overextend the futures complex. So, as the market nears midday Wednesday, a mixed attitude has taken over the contracts as the nearby contracts are trading higher, but the deferred months are a tick more cautious and trading lower. October live cattle are up $0.12 at $229.10, December live cattle are down $0.05 at $230.85 and February live cattle are down $0.12 at $232.05. The cash cattle market just saw some cattle trade in Nebraska at $385, which is $4.00 higher than last week's weighted average. Live bids are currently on the table in Nebraska at $245 as well. The South remains quiet with no bids or asking prices having been posted yet, and significant volumes will likely be held until Thursday or Friday.
Boxed beef prices are higher: choice up $0.46 ($391.04) and select up $3.28 ($368.92) with a movement of 65 loads (45.62 loads of choice, 10.07 loads of select, zero loads of trim and 9.00 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is walking back some of its position following Tuesday's sporty jump as traders are concerned that there might not be enough technical support to keep prices trading higher. Some stronger sales were just noted in the Fed cash cattle market, which could help change traders' attitude, but that's yet to be seen. Demand in the countryside remains red-hot for feeder cattle, so fundamental support from the feeder cattle side of things isn't an issue. The market's indecisiveness solely comes from its technicals right now. August feeders are up $2.20 at $343.42, September feeders are up $2.15 at $344.27 and October feeders are up $2.05 at $343.10.
LEAN HOGS:
The lean hog complex is trading lower even though the midday cutout report showed strong pork interest and the midday cash hog report showed stronger packer demand. Even so, the lean hog contracts are trading lower as technical pressure remains the issue for the market. October lean hogs are down $1.37 at $90.22, December lean hogs are down $1.45 at $82.35 and February lean hogs are down $1.45 at $85.12. It was interesting to see that the belly and the picnic jumped up over $6.00 higher on today's midday report.
The projected lean hog index for 8/12/2025 is down $0.06 at $109.78 and the actual index for 8/11/2025 is down $0.18 at $109.84. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.75 with a weighted average price of $110.10, ranging from $104.00 to $116.50 on 8,203 head and a five-day rolling average of $108.99. Pork cutouts totaled 145.64 loads with 129.32 loads of pork cuts and 16.32 loads of trim. Pork cutout values: up $2.58.
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