GENERAL COMMENTS:
With strong equity markets and cheapening oil prices, the cattle contracts closed sharply higher. Still no cash cattle trade has developed yet this week, but feedlot managers are hopeful that the board's higher trend will help sell cash cattle higher too this week. July corn is down 1 3/4 cents per bushel and July soybean meal is up $2.80. The Dow Jones Industrial Average is up 347.52 points and the NASDAQ is down 270.60 points.
LIVE CATTLE:
With the onset of stronger equity markets and the sharp decrease in the price of oil, it was almost easy for the live cattle contracts to close $3.00 to $5.00 higher by Tuesday's close. June live cattle closed $4.67 higher at $255.30, August live cattle closed $5.95 higher at $249.20 and October live cattle closed $5.20 higher at $242.00. We've yet to see if this upward trend in the futures market will have a positive effect on the cash sector, but one can only hope as today's surge put the spot August contract at its higher traded point since late April when the all-time high contract price was scored at $249.72. No bids or asking prices are known yet.
Tuesday's slaughter is estimated at 109,000 head -- steady with a week ago and 9,000 head less than year ago.
Boxed beef prices closed higher: choice up $4.53 ($399.58) and select up $0.44 ($376.85) with a movement of 95 loads (69.88 loads of choice, 11.82 loads of select, zero loads of trim and 13.17 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Higher. With the board's ambitious attitude, there's a chance that the cash market trades higher this week too.
FEEDER CATTLE:
Between the markets outside support of stronger equity markets and cheapening oil prices, to the closer more innate support of the live cattle contracts higher end and strong demand in the countryside for feeders, the feeder cattle contracts had no trouble closing higher on Tuesday. August feeders closed $5.32 higher at $366.87, September feeders closed $5.75 higher at $365.27 and October feeders closed $6.32 higher at $362.42. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $2.00 to $10.00 higher, and the six weight steers traded $20.00 higher. Feeder heifers traded steady to $5.00 higher. Weaned steer and heifer calves traded $20.00 higher. Unweaned calves sold uneven and the quality really dictated price on those types of cattle. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 6/15/2026: up $1.33, $364.00.
LEAN HOGS:
Even though the equity markets were stronger and the cash market traded hogs not only at a higher price but on a larger volume, the lean hog contracts ended the day mixed (lower in the nearby contracts but higher in the deferred contracts) as pork cutouts continue to lag behind trader's hopes and expectations. July lean hogs closed $1.77 lower at $94.80, August lean hogs closed $0.72 lower at $95.05 and October lean hogs closed $0.30 lower at $79.92. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.32 with a weighted average price of $97.57 on 8,650 head. Pork cutouts totaled 291.65 loads with 266.06 loads of pork cuts and 25.58 loads of trim. Pork cutout values: down $1.53, $95.59. Tuesday's slaughter is estimated at 485,000 head -- 9,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 6/12/2026: down $0.66, $92.09.
WEDNESDAY'S HOG CALL: Steady to somewhat lower. At this point it's most likely that packers have secured a large portion of the hogs they needed for the week and prices could either trade sideways or soften through the later part of the week.
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