GENERAL COMMENTS:
The livestock complex ended Thursday mixed as the cattle contracts closed lower but the lean hog contracts found support. There was some light cash cattle trade noted at $248 in the South (down $7.00 from last week's weighted average) and some Northern dressed cattle traded at $393 (which is down $10.00 from last week's weighted average). December corn is down 4 1/4 cents per bushel and December soybean meal is up $4.20. The Dow Jones Industrial Average is up 139.02 points and NASDAQ is up 336.24 points.
Thursday's export report shared that beef net sales of 14,000 mt for 2026 were primarily for Japan (4,200 mt), South Korea (3,200 mt) and Taiwan (1,400 mt). Pork net sales of 17,700 mt for 2026 were down 53% from the previous week and 32% from the prior 4-week average. The three largest buyers were Mexico (7,500 mt), Japan (4,600 mt) and Canada (1,300 mt).
LIVE CATTLE:
The live cattle complex again ended the day lower as traders simply weren't shown enough reason or support to do anything else with the market. Because with boxed beef prices and cash prices both traded in an unsupportive manner, the market's fundamental support was again minimal. August live cattle closed $2.37 lower at $235.25, October live cattle closed $1.95 lower at $231.60 and December live cattle closed $2.10 lower at $231.55. There was some light cash cattle trade noted at $248 in the South (down $7.00 from last week's weighted average) and some Northern dressed cattle traded at $393 (which is down $10.00 from last week's weighted average). Both regions have only seen a handful of cattle trade thus far this week, so there's a chance still the week's trend compared to last week could change.
Thursday's slaughter is estimated at 112,000 head -- 3,000 head more than a week ago and 3,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $0.39 ($380.81) and select up $0.40 ($363.49) with a movement of 86 loads (67.84 loads of choice, 6.30 loads of select, 5.93 loads of trim and 5.46 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady to somewhat lower. Given that some cattle have already traded at lower money, the week's trend will likely remain lower.
FEEDER CATTLE:
The feeder cattle complex also fell subject to pressure Thursday and ended the day sharply lower with prices closing mostly $5.00 lower. August feeders closed $5.90 lower at $356.15, September feeders closed $5.65 lower at $353.00 and October feeders closed $5.30 lower at $349.32. At Winter Livestock Auction in Pratt, Kansas, compared to their last sale two weeks ago, feeder steers weighing 650 to 950 pounds sold $10.00 to $25.00 higher. Spayed heifers sold at a $5.00 to $10.00 premium. Feeder cattle supply over 600 pounds was 97%. The CME Feeder Cattle Index 7/8/2026: up $3.70, $374,45.
LEAN HOGS:
The lean hog complex was able to end the day mostly higher, although a couple of the nearby contracts still closed weaker. It's been incredibly supportive to not only see packers more aggressive in the cash market but to also see greater consumer demand this week. July lean hogs closed $0.17 lower at $94.32, August lean hogs closed $1.50 lower at $98.15 and October lean hogs closed $0.12 higher at $85.65. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $97.05 on 10,857 head. Pork cutouts totaled 193.89 loads with 163.15 loads of pork cuts and 30.74 loads of trim. Pork cutout values: up $0.65, $98.81. Thursday's slaughter is estimated at 480,000 head -- 31,000 head more than a week ago and 11,000 head more than a year ago. The CME Lean Hog Index 7/7/2026: up $0.32, $91.98.
FRIDAY'S HOG CALL: Lower. Packers have been extremely aggressive in this week's cash market and won't likely be as aggressive on Friday.
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