GENERAL COMMENTS:
The livestock contracts are trading mostly higher into Tuesday's noon hour as traders are pleased to see both boxed beef prices and pork cutout values stronger. No cash cattle trade has developed yet, but bids are on the table in Nebraska at $368. December corn is down 7 1/2 cents per bushel and December soybean meal is down $3.80. The Dow Jones Industrial Average is up 937.07 points and NASDAQ is up 557.06 points.
LIVE CATTLE:
The live cattle complex is back to trading higher as traders find some mild support in stronger boxed beef prices, and hope that later this week, the fed cash cattle market will lend the market even more support. August live cattle are up $0.22 at $231.32, October live cattle are up $0.42 at $227.15 and December live cattle are up $0.37 at $226.60. No cash cattle trade has developed yet, but bids are currently on the table at $368 in Nebraska. But with feedlot managers potentially seeing an opportunity in the market to push prices higher again this week, it's likely that trade will be delayed until the later part of the week.
Boxed beef prices are higher: choice up $2.76 ($369.49) and select up $1.29 ($345.74) with a movement of 55 loads (39.13 loads of choice, 6.55 loads of select, zero loads of trim and 9.48 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex continues to closely mirror the behavior of the live cattle complex as most of its contracts are trading higher into the day's noon hour as well. It is, however, interesting to note that the furthest deferred contracts are slightly lower, possibly because traders anticipate greater imports from Mexico at that time. August feeders are up $2.77 at $350.60, September feeders are up $3.32 at $345.87 and October feeders are up $2.92 at $336.62.
LEAN HOGS:
The lean hog complex is trading higher into Tuesday's noon hour as traders are relieved to see pork cutout values stronger. The biggest driving factor right now on whether or not the futures contracts will trade higher or lower is consumer demand, and luckily Tuesday's demand is helping keep the contracts elevated. August lean hogs are up $0.10 at $97.62, October lean hogs are up $0.05 at $83.72 and December lean hogs are down $0.17 at $75.20. The projected lean hog index for 8/3/2026 is down $0.51 at $97.17, and the actual index for 7/31/2026 is down $0.55 at $97.68. Hog prices on the Daily Direct Morning Hog Report average $99.43, ranging from $98.00 to $101.00 on 3,590 head, and a five-day rolling average of $100.30. Pork cutouts total 154.46 loads with 147.63 loads of pork cuts and 6.83 loads of trim. Pork cutout values: up $1.64, $102.55.
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