GENERAL COMMENTS:
The livestock complex is trading mixed as the cattle contracts are trading lower as traders wait for trade to develop in the cash market, but the lean hog complex is trading higher. Given that virtually no trade has developed yet this week in the cash market, packers will need to get aggressive soon. July corn is up 1 1/2 cents per bushel and July soybean meal is down $1.60. The Dow Jones Industrial Average is down 47.38 points and NASDAQ is up 0.57 points.
LIVE CATTLE:
With lower prices seen in boxed beef prices at midday, and no sales noted yet in the cash market, the live cattle contracts are trading lower into Friday's noon hour. Bids are on the table across most of the major feeding states. Again this week, it's a sit and wait scenario as feedlot managers want the market to trade higher and packers want the market to obviously trade lower. This week's trend will likely be determined by whether or not packers feel confident in the supply they have secured around them. If they have enough inventory for the weeks ahead, then prices will likely be softer, but if they're short-bought, prices could scale higher. June live cattle are down $0.25 at $257.15, August live cattle are down $1.12 at $246.10 and October live cattle are down $1.47 at $239.15.
Boxed beef prices are lower: choice down $4.22 ($392.10) and select down $2.33 ($372.41) with a movement of 74 loads (58.70 loads of choice, 5.08 loads of select, 4.34 loads of trim and 5.42 loads of ground beef).
FEEDER CATTLE:
And although feeder cattle demand has been red hot this week, the feeder cattle contracts are trading lower into Friday's noon hour. The market is up against resistance levels and needs the continued support of the fed cash market and live cattle contracts in order to trade any higher. August feeders are down $4.17 at $369.12, September feeders are down $4.42 at $366.95 and October feeders are down $4.05 at $364.30. Although the board is lower, feeder cattle sales will likely remain strong this afternoon as supplies are limited and the trend this week in the countryside has been higher.
LEAN HOGS:
Thursday's neutral Hogs and Pigs report seems to have a slightly positive effect on the lean hog complex as the contracts are trading higher into Friday's noon hour. The slight decrease in the total number of hogs and pigs is sitting well with traders as they hope that demand will increase and the decrease in supply could positively affect prices. July lean hogs are up $0.32 at $93.02, August lean hogs are up $0.37 at $96.97 and October lean hogs are up $1.22 at $82.17.
The projected lean hog index for 6/25/2026 is down $0.23 at $91.55 and the actual index for 6/24/2026 is down $0.07 at $91.78. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 218 head have traded and that the market's five-day rolling average now sits at $97.47. Pork cutouts total 185.12 loads with 172.86 loads of pork cuts and 12.26 loads of trim. Pork cutout values: up $2.60, $97.82.
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