GENERAL COMMENTS:
Bids are surfacing in the cash cattle market Wednesday, but only a minimal trade has developed thus far in Iowa. It is most likely the week's business will be delayed for at least another day. December corn is up 7 1/2 cents per bushel and December soybean meal is up $6.30. The Dow Jones Industrial Average is up 190.12 points and NASDAQ is down 17.08 points.
LIVE CATTLE:
Knowing later this week both the monthly Cattle on Feed and bi-annual Cattle Inventory report will be shared, traders simply aren't willing to advance the contracts with little to no fundamental support ahead of those big hitting reports being released. August live cattle are down $2.47 at $224.20, October live cattle are down $3.07 at $220.15 and December live cattle are down $3.15 at $219.75. Some light packer interest has been noted in the fed cash cattle market as bids of $228 in Kansas have surfaced, along with bids of $230 live and $365 dressed in Nebraska. A thin movement of cattle has been noted in Iowa at $232 live and $375 dressed, but otherwise the market sits idle as feedlot managers hope demand and prices will improve. By no means has a weekly trend been established yet in the marketplace.
Boxed beef prices are lower: choice down $2.66 ($364.25) and select up $1.68 ($352.55) with a movement of 68 loads (44.35 loads of choice, 11.70 loads of select, zero loads of trim and 12.29 loads of ground beef).
FEEDER CATTLE:
Upon seeing the live cattle contracts trading lower, it came as no surprise to anyone that the feeder cattle contracts moved lower as well. August feeders are down $6.27 at $343.27, September feeders are down $6.72 at $338.25 and October feeders are down $7.57 at $332.00. Unless the live cattle contracts turn higher ahead of Wednesday afternoon's close (which is highly unlikely) it's most likely the feeder cattle contracts will keep with this decline through the session's end.
LEAN HOGS:
Meanwhile, while the cattle complex continues to struggle, the lean hog complex keeps with its own rallying trend as traders are hopeful demand will prevail. August lean hogs are down $0.05 at $101.45, October lean hogs are up $0.32 at $88.45 and December lean hogs are up $0.70 at $79.95. With added support from the cash market, it's likely the complex will keep rallying through Wednesday afternoon.
The projected CME Lean Hog Index for 7/21/2026 is up $0.44 at $97.08 and the actual index for 7/20/2026 is up $0.48 at $96.64. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.91 with a weighted average price of $101.04, ranging from $96.00 to $102.00 on 6,024 head and a five-day rolling average of $100.46. Pork cutouts total 147.59 loads with 128.17 loads of pork cuts and 19.42 loads of trim. Pork cutout values: down $0.31, $104.51.
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