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DTN Midday Livestock Comments 06/11 11:44
Cattle Futures Trend Lower While Hogs Rally
No new cash cattle trade has developed thus far Wednesday, and no bids are
currently present.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
Traders are taking a more cautious approach to Wednesday's market following
the ICE rumors that spread Tuesday afternoon. Meanwhile the lean hog complex is
continuing to trade higher as its market is fueled with ample support. July
corn is up 1 cent per bushel and July soybean meal is down $0.70. The Dow Jones
Industrial Average is up 122.49 points and NASDAQ is down 7.82 points.
LIVE CATTLE:
Following the anxious nature of Tuesday's trade, the live cattle complex has
thus far taken a more cautious approach to Wednesday's market as most of the
contracts are trading lower into the noon hour. August live cattle are down
$0.20 at $218.00, October live cattle are down $0.72 at $214.92 and December
live cattle are down $0.85 at $214.90. At the time of this writing, there have
been no new sales in the fed cash cattle market following Tuesday's thin
movement in the South. On Tuesday, Southern live cattle traded at $235, which
is $5.00 higher than last week's weighted average. Asking prices in the South
are now noted at $236, but are still not established in the North.
Boxed beef prices are higher: choice up $1.88 ($373.64) and select up $0.63
($360.47) with a movement of 50 loads (35.14 loads of choice, 8.75 loads of
select, zero loads of trim and 6.41 loads of ground beef).
FEEDER CATTLE:
Upon seeing the hesitant nature of the live cattle complex, it comes as no
real surprise to see the feeder cattle contracts also trading lower. August
feeders are down $2.02 at $311.12, September feeders are down $1.47 at $311.27
and October feeders are down $1.25 at $309.30. Until more fundamental support
arises, or the live cattle contracts regain their rallying mentality, it's
likely the feeder cattle contracts will continue to trade cautiously.
LEAN HOGS:
The lean hog complex is trading mostly higher into Wednesday's noon hour as
the market is thankful for the added fundamental support from both strong pork
cutout values and cash prices. July lean hogs are up $0.67 at $108.87, August
lean hogs are up $0.17 at $109.97 and October lean hogs are up $0.40 at $93.50.
Traders are hopeful that Thursday's WASDE report will show continued demand
throughout the second half of the year, which should also give traders more
confidence and ability to continue to trade the contracts higher.
The projected CME Lean Hog Index for 6/10/2025 is up $0.94 at $100.91, and
the actual index for 6/9/2025 is up $0.92 at $99.97. Hog prices are higher on
the Daily Direct Morning Hog Report, up $1.30 with a weighted average price of
$107.15, ranging from $100.00 to $109.50 on 4,965 head. Pork cutouts total
144.46 loads with 136.69 loads of pork cuts and 7.77 loads of trim. Pork cutout
values: up $2.11, $112.99.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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