GENERAL COMMENTS:
The lean hog contracts ended higher, successfully closing above the resistance threshold in the spot August contract. Meanwhile, the cattle contracts ended the day lower as support simply isn't surfacing. December corn is up 9 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 150.37 points and the NASDAQ is up 162.22 points.
LIVE CATTLE:
The live cattle complex ended the day lower as traders had no real other option with the complex, as virtually no fundamental support is arising in this week's marketplace. August live cattle closed $1.30 lower at $230.12, October live cattle closed $1.65 lower at $226.00 and December live cattle closed $1.75 lower at $225.55. Some more cash cattle trade developed in Nebraska, where sales were marked anywhere from $377 to $380, which is $12.00 to $15.00 lower than last week's weighted average. And some live sales were marked at $240, which is $8.00 lower than the previous week's weighted average.
Wednesday's slaughter is estimated at 108,000 head -- steady with a week ago and 6,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.67 ($371.28) and select down $5.23 ($359.18) with a movement of 123 loads (92.35 loads of choice, 11.36 loads of select, 3.30 loads of trim and 15.57 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady to somewhat lower. The trend this week is obviously going to be lower, but where the week's weighted average will land is yet to be seen, as prices have been trading in a large window.
FEEDER CATTLE:
The feeder cattle complex ended the day lower as well, as traders simply won't allow the contracts to trade higher when not enough fundamental support is emerging. And with the fed cash cattle market trading lower too, the entire week's trend will likely be lower. August feeder cattle closed $1.15 higher at $349.95, September feeders closed $0.47 lower at $344.37 and October feeders closed $1.67 lower at $338.85. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers over 900 pounds traded $6.00 to $10.00 lower, but steers under 900 pounds sold $15.00 to $20.00 lower. Feeder heifers traded $10.00 to $15.00 lower. Steer calves over 500 pounds sold unevenly steady, but steers under 500 pounds sold $10.00 to $15.00 higher. Heifer calves over 500 pounds sold $3.00 to $8.00 lower, but heifers under 500 pounds traded $10.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 7/14/2026: down $1.25, $369.07.
LEAN HOGS:
After seeing the cattle contracts end another day lower, it was refreshing to note that lean hog contracts not only closed higher, but the spot August contract was able to end the day above the market's resistance at $100.00 August lean hogs closed $1.87 higher at $100.32, October lean hogs closed $2.35 higher at $86.72 and December lean hogs closed $2.55 higher at $77.37. The market will likely be challenged on Thursday, and traders could be pressured to let the contract sink below that threshold if not enough support is evident, but time will tell. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.10 with a weighted average price of $100.66, on 15,705 head. Pork cutouts total 276.97 loads with 240.81 loads of pork cuts and 36.16 loads of trim. Pork cutout values: up $0.25, $101.46. Wednesday's slaughter is estimated at 482,000 head -- 10,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 7/13/2026: up $0.76, $93.87.
THURSDAY'S HOG CALL: Steady. If packers need more hogs, prices could be higher, but they have bought a sizeable volume of hogs this week.
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