DTN Midday Livestock Comments          06/24 11:29

   Livestock Futures Shift Lower Tuesday Morning

   Moderate to firm pressure developed in all livestock trade Tuesday morning. 
The general outside market uncertainty seen over the past couple of days, 
combined with active financial market support Tuesday, has left commodity 
markets in general with limited buyer interest.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Livestock futures are holding moderate to strong pressure in all futures 
traded contracts with feeder cattle markets leading the downward shift early 
Tuesday morning. Triple-digit losses are seen in most cattle and lean hog 
contracts, although at this point, there is not enough volume in the thinly 
traded market to indicate a longer-term technical market shift. July corn is 
unchanged at $4.193 and July soybean meal is down $1.40 at $281.00. The Dow 
Jones Industrial Average is up 440.41 points at 43,022.19.

LIVE CATTLE:

   Live cattle futures have followed the rest of the livestock market lower 
Tuesday morning. Despite early week support trying to develop across the 
complex, the lack of follow-through buyer support moving into Tuesday's market 
led to overall market uncertainty. June futures are holding 80 cent losses per 
cwt, which is slightly above the 40-day moving average. In the last week, other 
nearby contracts have dipped below the 40-day moving average price point for 
the first time since April, which is creating some caution through the entire 
complex if price support levels can be held following the market rally seen in 
early June. Cash cattle markets remain generally quiet early Tuesday morning 
with a few early asking prices are being reported in the South at $228 to $230, 
but they are still not developed in the North. Bids remain very elusive at this 
point. Significant trade volume will likely be delayed until well into the 
second half of the week. June live cattle are $0.75 lower at $221.55, August 
live cattle are $0.93 lower at $208.45, October live cattle are $1.23 lower at 
$205.875.

   Boxed beef prices are mixed: choice up $1.13 ($391.35) and select down $2.12 
($380.98) with a movement of 40.56 loads (22.80 loads of choice, 9.39 loads of 
select, zero loads of trim and 8.37 loads of ground beef).

FEEDER CATTLE:

   Feeder cattle futures are leading the livestock and cattle market lower 
Tuesday morning as continued selling has developed through the complex. For the 
moment, prices seem to be supported above the $300 per cwt price point in 
nearby August and September contracts, but a move below these levels would post 
June lows. It could create additional technical weakness in heading into the 
end of the month and Fourth of July holiday, now less than two weeks away. 
August feeders are $2.30 lower at $300.5, September feeders are $2.18 lower at 
$300.45 and October feeders are $2.13 lower at $298.725.

LEAN HOGS:

   Lean hog futures are trading actively lower Tuesday morning with traders 
focusing on underlying softness in most ag commodity markets Tuesday. Limited 
additional trade volume is expected to be seen through the next couple of 
hours, likely keeping prices within the current market range through the end of 
the session. July lean hogs are $1.13 lower at $112.325, August lean hogs are 
$1.80 lower at $111.25 and October lean hogs are $1.28 lower at $95.60.

   Hog prices are lower on the Daily Direct Morning Hog report, down $2.22 with 
a weighted average of $109.74, ranging from 103.00 to 115.00 on 2,585 head with 
a five-day rolling average of 113.11. Pork cutouts totaled 151.68 loads with 
132.17 loads of pork cuts and 19.51 loads of trim. Pork cutout values are up 
$0.06 at $121.75.




(c) Copyright 2025 DTN, LLC. All rights reserved.