GENERAL COMMENTS:
The livestock complex again ended the day mixed as the live cattle contracts remained on edge and hesitant, but both the lean hog and feeder cattle contracts closed stronger thanks to additional fundamental support. Still no cash cattle trade has developed. December corn is down 8 cents per bushel and December soybean meal is down $5.30. The Dow Jones Industrial Average is down 576.76 points and NASDAQ is up 51.96 points.
LIVE CATTLE:
The live cattle complex again ended the day lower as traders simply refuse to support the market when they don't know what's going to happen yet in this week's fed cash cattle trade. Some early asking prices have been noted in eastern Nebraska at $400, but otherwise the market sits quietly. August live cattle closed $0.80 lower at $237.62, October live cattle closed $0.47 lower at $233.55 and December live cattle closed $0.35 lower at $233.65.
Wednesday's slaughter is estimated at 108,000 head -- 2,000 head less than a week ago and 10,000 head less than a year ago.
Boxed beef prices closed lower: choice down $4.57 ($381.20) and select down $2.80 ($363.09) with a movement of 119 loads (81.08 loads of choice, 15.51 loads of select, 12.10 loads of trim and 10.27 loads of ground beef).
THURSDAY'S CATTLE CALL: Lower. With the board's lower trend it's likely fed cash cattle prices will be cheaper this week too as last week the market traded lower and packers were able to gain some inventory.
FEEDER CATTLE:
The live cattle complex may have ended the day lower, but that didn't stop the feeder cattle contracts from celebrating the additional support they've recently seen in the countryside, which helped drive the contracts higher through Wednesday's end. August feeders closed $1.40 higher at $362.05, September feeders closed $1.25 higher at $358.65 and October feeders closed $0.85 higher at $354.62. Comparing sale reports is difficult as last week there wasn't a great test of the market given it was a holiday shortened weekend. The CME Feeder Cattle Index 7/7/2026: down $2.44, $370.75.
LEAN HOGS:
The lean hog complex was able to maintain its rally through Wednesday's end as traders continue to be encouraged by the support stemming from consumer demand and from packer interest in the cash market. July lean hogs closed $1.05 higher at $94.50, August lean hogs closed $2.72 higher at $99.65 and October lean hogs closed $3.87 higher at $85.52. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.37 with a weighted average price of $97.79 on 6,969 head. Pork cutouts totaled 294.37 loads with 248.86 loads of pork cuts and 45.51 loads of trim. Pork cutout values: up $0.25, $98.16. Wednesday's slaughter is estimated at 483,000 head -- 9,000 head more than a week ago and 16,000 head more than a year ago. The CME Lean Hog Index 7/6/2026: up $0.11, $91.66.
THURSDAY'S HOG CALL: Steady. Given how active packers have been already this week in the cash market likely means they won't need to be as aggressive later in the week as they've already secured their needs.
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