GENERAL COMMENTS:
It was a lackadaisical Monday for the livestock complex, with little trader interest trickling into the sector. New showlists appear to be higher in Kansas, slightly lower in Nebraska/Colorado, and lower in Texas. July corn is down 10 3/4 cents per bushel and July soybean meal is down $2.30. The Dow Jones Industrial Average is up 306.63 points and the NASDAQ is up 522.52 points.
LIVE CATTLE:
The live cattle complex ended the day lower as trader support never developed for the market. This week's trade could likely be rather uneventful as traders may already be checked out for the long Fourth of July holiday weekend. August live cattle closed $2.25 lower at $243.57, October live cattle closed $1.82 lower at $237.37 and December live cattle closed $1.55 lower at $236.95. New showlists appear to be higher in Kansas, slightly lower in Nebraska/Colorado, and lower in Texas. Monday's slaughter is estimated at 107,000 head -- 1,000 head more than a week ago and 9,000 head less than a year ago.
Last week, Northern dressed cattle traded at mostly $408 to $410, which is $1.00 to $3.00 higher than the previous week's weighted average, and Southern live cattle traded at mostly $258, which is $1.00 lower than the previous week's weighted average.
Boxed beef prices closed higher: choice up $0.41 ($391.44) and select up $2.60 ($374.18) with a movement of 74 loads (44.56 loads of choice, 12.75 loads of select, 7.73 loads of trim and 9.10 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. It's tough telling what this week's trade will amount to, as it will really all depend on how short bought packers are. If they feel comfortable with their inventory, then prices will likely be softer, but if they're still in need of more cattle, prices could be higher as they don't want to forgo being able to market beef to retailers when demand is high.
FEEDER CATTLE:
And in keeping with the live cattle complex, the feeder cattle contracts ended the day lower, too. August feeders closed $2.37 lower at $367.47, September feeders closed $1.92 lower at $365.75 and October feeders closed $1.67 lower at $362.92. Most feeder cattle sales have been canceled this week for the Fourth of July holiday. The CME feeder cattle index 6/26/2026: not available at this time.
LEAN HOGS:
The lean hog complex ended the day mixed, with a couple of the nearby contracts ending the day higher while the rest of the deferred contracts ended the day lower. July lean hogs closed $0.90 higher at $93.82, August lean hogs closed $0.70 higher at $97.27 and October lean hogs closed $0.42 lower at $81.52. Today's action seems to be a flip-flop of the moves made last week, as the deferred contracts were stronger following Thursday's Quarterly Hogs and Pigs report, but today, traders simply weren't willing to advance the nearby contracts with pork cutout values weaker at the day's end. Hog prices were not available on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that 5,703 head traded throughout the day and that the market's five-day rolling average now sits at $96.59. Pork cutouts totaled 247.29 loads with 211.72 loads of pork cuts and 35.57 loads of trim. Pork cutout values: up $2.29, $97.66. Monday's slaughter is estimated at 485,000 head -- 29,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 6/25/2026: down $0.23, $91.55.
TUESDAY'S HOG CALL: Higher. Given that packers will likely be more aggressive earlier this week as opposed to later in the week, prices could be a touch higher on Tuesday.
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