GENERAL COMMENTS:
The cattle complex is spiraling higher into Wednesday's noon hour as traders again point to the market's strong fundamental support and have elected to push the contracts substantially higher. Meanwhile, the lean hog complex is trading lower as traders aren't as confident about its market position. December corn is down 1/4 cent per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is down 16.30 points and the NASDAQ is down 203.10 points.
LIVE CATTLE:
If you would have told me yesterday afternoon at the day's close that by midday Wednesday the live cattle complex would be trading $2.00 to $3.00 higher, I probably would have looked at you wide-eyed, slightly panicked internally, and then shrugged and said something along the lines of, "at this point anything is to be expected!" But the bullish energy has indeed taken over the cattle complex this morning. The contracts have shot wildly higher, breaking through the market's previous resistance, and seem to point to the fundamental support of the boxed beef sector and the hope that fed cash cattle prices will trade higher this week. At this point, there's been no trade in the cash cattle complex, but it is assumed prices will steady to somewhat higher again this week. Asking prices are noted in the South at $240, but are still not established in the North. October live cattle are up $3.27 at $234.70, December live cattle are up $2.77 at $236.02 and February live cattle are up $2.22 at $236.90.
Boxed beef prices are mixed: choice down $1.77 ($405.43) and select up $1.99 ($381.75) with a movement of 75 loads (46.11 loads of choice, 15.25 loads of select, 5.44 loads of trim and 7.90 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex has been on a steady, rocket-launch type rally this week, and today only bolsters that claim as the contracts are trading mostly $4.00 higher into Wednesday's noon hour. September feeders are up $4.52 at $356.95, October feeders are up $4.20 at $356.57 and November feeders are up $4.10 at $354.87. And yes, demand remains incredibly high in the countryside for both calves and feeders, which is undoubtedly lending traders steady, stable, constant support.
LEAN HOGS:
The lean hog complex is the dud of the morning for the livestock sector as it is again trading lower into the day's noon hour. October lean hogs are down $0.45 at $89.70, December lean hogs are down $0.17 at $82.80 and February lean hogs are down $0.17 at $85.62. There's a chance that the futures complex could change its tune this afternoon as pork cutout values are higher.
The projected lean hog index for 8/19/2025 is down $0.49 at $108.57, and the actual index for 8/18/2025 is down $0.52 at $109.06. Hog prices closed lower on the Daily Direct Morning Hog Report, down $1.10 with a weighted average price of $109.84, ranging from $100.00 to $111.00 on 3,618 head and a five-day rolling average of $110.23. Pork cutouts totaled 157.43 loads with 138.09 loads of pork cuts and 19.34 loads of trim. Pork cutout values: up $1.49, $113.90.
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