DTN Midday Livestock Comments          06/23 11:52

   Cattle Pull Back While Hogs Trend Higher

   The livestock complex is again trading mixed as cattle are cautious at the 
week's start while the hog complex remains ambitious.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading lower into Monday's noon hour as traders 
are mulling over the news that broke about the U.S. striking bombs on Iran over 
the weekend, which has pushed a bearish tone over all the livestock contracts 
and most of the commodity markets as well. Even though Friday's Cattle on Feed 
report was bullish, its news has faded to the wayside as traders have bigger 
pressing matters currently at hand. July corn is down 10 cents per bushel and 
July soybean meal is down $2.20. The Dow Jones Industrial Average is up 14.36 
points and the NASDAQ is up 48.52 points.

LIVE CATTLE:

   The live cattle complex is seeming to hold its breath as the market absorbs 
all the news that broke over the weekend between the U.S. and Iran. 
Unfortunately, this newsflash has buried the positive nature of Friday's Cattle 
on Feed report, as all of the contracts are trading lower into Monday's noon 
hour. August live cattle are down $0.70 at $209.12, October live cattle are 
down $0.40 at $206.95 and December live cattle are down $0.65 at $207.67. To 
make matters even worse, this lower move has pushed the spot August contract 
well below its 40-day moving average, which is a critical threshold to manage.

   Last week, Northern dressed cattle traded at mostly $376, which is $4.00 
lower than the previous week's weighted average. Southern live cattle traded at 
mostly $228, which is $7.00 to $8.00 lower than the previous week's weighted 
average.

   Boxed beef prices are mixed: choice down $1.63 ($388.87) and select up $3.90 
($380.85) with a movement of 53 loads (35.03 loads of choice, 6.80 loads of 
select, zero loads of trim and 11.15 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading lower as the market again follows 
in the footsteps of the live cattle complex. August feeders are down $0.97 at 
$301.47, September feeders are down $0.77 at $301.45 and October feeders are 
down $0.75 at $299.60. And while the demand in the countryside for feeder 
cattle remains red-hot, the futures complex doesn't seem willing to accept any 
positive news at this point and will likely continue with its downward trend 
for the immediate future.

LEAN HOGS:

   The lean hog complex has been able to maintain its higher position thus far 
throughout Monday's trade as traders are pleased to see the continued support 
of strong consumer demand. July lean hogs are up $0.30 at $113.10, August lean 
hogs are down $0.02 at $112.42 and October lean hogs are up $0.25 at $96.30. 
Helping the carcass price trade higher this morning more than anything is the 
ham's $2.93 jump.

   The projected lean hog index for 6/20/2025 is up $1.47 at $109.55 and the 
actual index for 6/19/2025 is steady at $108.08. Hog prices are unavailable on 
the Daily Direct Morning Hog Report because of confidentiality. However, we can 
see that only 860 head have traded, and that the market's five-day rolling 
average sits at $113.31. Pork cutouts totaled 119.66 loads with 107.61 loads of 
pork cuts and 12.06 loads of trim. Pork cutout values: up $0.75, $122.89.

   **

   Editor's Note: Get ahead of the herd with the latest insights on the cattle 
market's changing cycle. Join us on Tuesday, June 24, from 10 a.m. CDT to noon 
for an in-depth analysis of how weather patterns, trade disruptions, and 
drought are reshaping the beef industry's traditional 10-year cycle. Oklahoma 
State University Livestock Marketing Specialist Dr. Derrell Peel shares what 
the cowherd of the future will look like, while DTN experts share details on 
weather conditions for forage and pastures, hay market dynamics and what it all 
means for fat and live cattle prices. Register for free here: 
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   **

   ShayLe Stewart can be reached shayle.stewart@dtn.com




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