Commentary

Live and Feeder Cattle started the week higher as the Mexican border has been closed for all cattle imports and higher equity markets. Lean hogs found support on better trade developments with China, taking out overhead chart resistance. Corn traded to the lows from November and found technical support after a somewhat friendly WASDE report.

Live Cattle and Feeder Cattle both posted new contract and all-time record highs this week as both cash markets also set record highs. Lean hogs have fallen victim to a stagnant pork cutout in the nearby contracts as the deferred contracts hang near contract highs. Corn posted a new low for 2025 before a slight recovery on Friday. With the U.S. summer and growing season ahead of us, the funds have eliminated almost their entire long position.

Live Cattle and Feeder Cattle futures posted new contract highs before a midday selloff that was short lived. Strong fundamentals and the expectation of a higher cash market continue to entice fund buying within the cattle complex. Lean Hogs traded down to technical support levels setting up an important day tomorrow as cash fundamentals have fallen stagnant. Corn looks for any kind of bullish news as the market nears the most recent lows set back in March.

Live cattle futures posted new contract highs all the way across the board after another new record for cash cattle this week. The CME feeder cattle index posted a new record high and nearby feeder futures also posted new contract highs while the deferred contracts came close to their previous highs. Lean hogs ran into overhead technical resistance to begin the week but also found support later in the week to finish in the middle of their weekly range. Corn failed to hold support on the charts and finished the week lower due to lack of fund buying and no threatening weather to the U.S.

Live cattle traded to new contract highs on Tuesday following a higher cash market and boxed beef that has found support and risen to new highs for the year. Feeder cattle also posted new contract highs as worries about Mexican imports and a red hot cash market catch trader’s eyes. Lean hogs failed at technical resistance and closed lower both days to start the week. Corn futures fell below chart support as the U.S. weather outlook has an opening for the crop to get planted.

Cash trade is late to develop this week and has yet to take place but will be at higher money. Lean hogs rebounded after a poor export report on Thursday morning. Corn continues to struggle to fight off a lower wheat market as corn export remain strong and the summer weather is ahead of us.

Live Cattle futures are following the cash market higher and are now testing contract and all time highs. Feeder cattle futures continue to watch the CME feeder cattle index as it has set an all-time high in the last week but has since moved back lower. Lean Hogs have now finished higher nine days in a row and have taken out overhead resistance. The corn market is keeping a close eye on weather models ahead of the U.S. growing season and expected large corn acres.

With markets closed tomorrow, the cattle complex finished the week with big gains as the cash markets continue to be red hot. Fat cattle traded as high as 213 in the North this week while the CME feeder cattle index posted a new all-time high. Traders are hopeful that talks with Japan open the door to continued export business. Corn futures turned sideways as corn planting moves forward and export demand remains strong.

Live and Feeder Cattle futures have both rallied into technical resistance as open interest continues to decrease. Cash trade has yet to be established this week after trading $3.50 lower a week ago. Lean Hog futures also gained back most of their losses seen over a week ago as cash fundamentals and the pork cutout all drift lower. Nearby corn futures have worked lower after a six day streak of higher closes while new crop has been steady higher this week.

The cattle complex traded in correlation with the equity markets all week but finished the week on a positive note. Cash cattle traded lower towards the beginning of the week as sellers were able to capture a good basis. Lean hogs fundamentals have fallen lower while the futures rallied to finish the week. Corn finished higher every day this week as the U.S. carryout is now below 1.5 billion bushels and the U.S. growing season is right around the corner.