GENERAL COMMENTS:
The livestock complex ended the day mixed as the cattle contracts rallied onward, although no cash cattle trade has developed yet; the lean hog contracts closed mixed. Keep your eyes on the cash cattle market on Friday as packers will need to get aggressive. July corn is up 7 3/4 cents per bushel and July soybean meal is up $4.60. The Dow Jones Industrial Average is up 71.72 points and the NASDAQ is down 118.04 points.
Thursday's export report shared that pork next sales of 26,200 mt for 2026 were up 63% from the previous week but down 6% from the prior 4-week average. The three largest buyers were Mexico with 9,700 mt, Japan with 3,700 mt and South Korea with 2,800 mt. Beef net sales of 21,300 mt for 2026 were up noticeably from the previous week and up 88% from the prior 4-week average. The three largest buyers were South Korea with 7,100 mt, Japan with 3,400 mt and Taiwan with 3,400 mt.
LIVE CATTLE:
The live cattle contracts decided to continue to rally through Thursday's close, even though the market has yet to see what's going to be accomplished in this week's cash cattle trade. June live cattle closed $1.40 higher at $257.40, August live cattle closed $0.70 higher at $247.22 and October live cattle closed $0.25 higher at $240.62. Bids were offered throughout the day in Kansas and Nebraska, but with feedlot managers hoping to see the market scale higher again this week, they're not in a rush to trade cattle and would rather wait the week out and see prices increase before cattle begin to trade hands.
Thursday's slaughter is estimated at 109,000 head -- steady with a week ago and 2,000 head more than a year ago.
Boxed beef prices closed lower: choice down $2.62 ($396.32) and select down $3.40 ($374.74) with a movement of 97 loads (67.98 loads of choice, 13.77 loads of select, 9.63 loads of trim and 6.02 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. With the board's higher trend, the cash cattle complex could likely see another $1.00 or $2.00 added to the market this week.
FEEDER CATTLE:
Feeder cattle prices also closed higher as traders were grateful not only to see the live cattle contracts scaling higher, but were also pleased to see the continued demand in the countryside for feeders this week. Sale receipts may be lighter than a week ago, but the CME feeder cattle index continues to prove that demand is strong. August feeders closed $0.37 higher at $373.30, September feeders closed $0.75 higher at $371.37 and October feeders closed $0.80 higher at $368.35. Sale barn receipts were lighter this week, making it difficult to note an accurate market trend compared to last week's sales. Most sale barns will be closed next week for the Fourth of July holiday. The CME feeder cattle index 6/24/2026: up $6.03, $381.86.
LEAN HOGS:
The lean hog complex ended the day mixed as the nearby contracts likely fell lower as traders awaited to see what was going to develop from Thursday's Quarterly Hogs and Pigs report, but the deferred contracts maintained their mild rally through the day's end. July lean hogs closed $1.15 lower at $92.70, August lean hogs closed $0.10 lower at $96.60 and October lean hogs closed $0.05 higher at $80.95. Thursday's Quarterly Hogs and Pigs report will mostly be absorbed as a neutral report, although the total inventory of hogs and pigs is down slightly from a year ago and from last quarter's report, the slight increase in the March-May pig crop could put some supply pressure on the market in the near term.
Hog prices closed lower on the Daily Direct Afternoon report, down $0.27 with a weighted average price of $95.29 on 683 head. Pork cutouts totaled 200.65 loads with 170.44 loads of pork cuts and 30.21 loads of trim. Pork cutout values: up $1.36, $95.22. Thursday's slaughter is estimated at 479,000 head -- 4,000 head less than a week ago and 8,000 head more than a year ago. The CME lean hog index 6/23/2026: up $0.38, $91.85.
FRIDAY'S HOG CALL: Lower. Packers have likely bought all the hogs they need in the market already this week.
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