Commentary

Live Cattle futures fell victim to President Trump’s comments about the price of beef and finished the day sharply lower. Feeder Cattle futures plunged to limit lower in the first minutes of trade and spent the majority of the day there. Lean Hog futures continued their slide lower as the cash and product market continue to work lower. Corn finished the week strong with higher finishes each of the final four days.

Live Cattle futures traded through the 250.000 mark for the first time ever today while Feeder Cattle also posted a new all-time high over 380.000 this afternoon. Lean hog futures continue to move lower as the cash and product markets remain under pressure. Corn futures finished the day higher after posting new lows for the move.

Live Cattle futures rallied to finish the day after cash trade in the North was better than expected. Feeder Cattle have gained nearly 25.000/cwt over the last six days and posted new all-time highs to end the week. Lean Hogs finished lower everyday this week as the cash market and pork cutout work lower. Corn futures followed the soybean complex lower after not being able to break through the 20-day MA.

Live Cattle futures have finished higher each of the first two days this week despite the lower cash market a week ago. Feeder Cattle are leading the entire cattle complex higher as new cases of Screwworm continue to be discovered in Mexico. Lean Hog futures have moved lower as the Lean Hog index and pork cutout have turned lower. Corn continues its sideways trade as harvest progresses and fresh news is lacking within the complex.

Live Cattle finished the week higher following another week of disappointing cash trade and lower boxed beef markets. Feeder Cattle finished the week above technical resistance areas after a slight recovery on Friday. Lean Hogs finished the week higher after four straight days of lower markets. Corn rebounded mid week but failed at technical resistance today.

Live Cattle futures followed the Feeder Cattle complex higher as cash trade has not been established this week. Feeder Cattle finished sharply higher as Corn continues to trade lower and cash Feeder Cattle remain at a premium to the futures. Lean Hogs finished the day lower for the second straight day after failing to post new highs on Monday. Corn futures moved lower as the USDA revised their 2024 production estimates higher in this morning’s Quarterly Stocks Report.

Live Cattle futures lost all of their gains from the beginning of the week as cash cattle traded lower and boxed beef continues its slide. Feeder Cattle had a nice recovery to end the week as the CME Feeder Cattle index continues to be supported by record cash prices. Lean Hogs posted new contract highs today after the friendly Hogs and Pigs Report Thursday afternoon. Corn futures finished the week lower ahead of next Tuesday’s Quarterly Stocks Report.

Live Cattle futures finished Tuesday mixed as the nearby months moved above last week’s cash average in the North. Feeder Cattle futures continue to be supported by the closure of the Mexican border and the potential for government incentives to cow-calf producers to retain heifers. Lean Hogs posted new contract highs across the complex Tuesday due to the pork cutout being supported. Corn futures gained back all of Monday’s losses today after failing to take out downside support levels.

Live Cattle futures finished the week higher despite a stagnant cash market and a sharply lower beef market. Feeder cattle found support on steady cash prices and weaker corn futures. Lean Hogs posted new contract highs this week but could not carry those gains into the weekend as the pork cutout works lower. Corn futures traded into technical resistance at the beginning of the week and finished near their weekly lows.

Live Cattle futures finished the day lower, led by the front months as traders wait for cash trade to develop. Feeder Cattle were also lower today, but the front months saw limited losses as the CME Feeder Cattle index is slow to decline. Lean Hogs finished the day mixed after setting new contract highs in a few contracts. Corn traded higher the entire day and took out the first technical objective, before backing off slightly.