Market Commentary

Live Cattle futures finished the week lower after yesterday’s steep drop in boxed beef prices, but cash trade was mostly steady. Feeder Cattle futures finished the day sharply lower after trading into some technical resistance levels in the middle of the week. Lean Hog futures posted new contract lows on Thursday but recovered nicely and finished with sizable gains today. Corn futures will show large losses this week after the USDA reduced feed demand in the middle of the week.

Live Cattle futures finished the day mixed after trading sharply lower and higher throughout the day. Feeder Cattle futures also shrugged off an early day sell off and finished the day higher while the Feeder Cattle index has grown stagnant. Lean Hog futures posted new contract lows yesterday but finished the day higher today. Corn futures started the week lower but fought to finish the day slightly lower today ahead of tomorrow’s Quarterly Grain Stocks Report.

Live Cattle futures finished the week higher in all contracts except the October as it stays in line with the cash market. Feeder Cattle futures traded to new weekly highs late in the day as the cash continues to be supported. Lean Hog futures started the day higher following yesterday’s Hogs and Pigs Report, but could not hold those gains throughout the day. Corn futures traded sharply lower during the overnight and this morning but recovered and finished the day higher.

Live Cattle futures started the week sharply higher but could not sustain those gains on Tuesday. Feeder Cattle futures also moved sharply higher to start the week as placements in August were record low. Lean Hog futures gapped higher today after a higher finish to start the week. Corn futures traded back toward the top end of the range the past two days but finished the day lower today.

Live Cattle futures finished the day mixed after falling sharply lower in the final part of the week. Feeder Cattle futures also saw big losses this week despite the Feeder Cattle index moving higher. Lean Hog futures finished lower each day this week and posted new contract lows as the pork cutout struggles to stabilize. Corn futures found a sideways range this week but fell below the 20-day MA for the first time in over a month.

Live Cattle futures posted new highs for the move at the beginning of the day today but failed to find support as the outside markets weighed on the complex. Feeder Cattle futures also finished lower, but for the first time in six days as the cash market continues to be higher than the futures. Lean Hog futures set new contract lows today as all of the cash fundamentals continue to work lower. Corn futures traded on both sides of steady but finished the day higher and remains range bound.

Live Cattle futures trade3d higher the entire day and finished higher three of the four days this week. Feeder Cattle futures traded to the highest level in a month today as the Corn market traded lower and cash Feeder Cattle sell well above the futures price. Lean hog futures finished the day near their lows as the cash fundamentals continue to work lower. Corn futures traded in a large range today around the WASDE Report that came in near estimates in most categories.

Live Cattle futures traded sharply higher today following the better than expected cash market last week. Feeder Cattle followed the Live Cattle complex higher today and were also supported by the Corn market trading lower. Lean Hogs also saw very good gains today and again tested the most recent highs. Corn futures started the day higher but fell lower for most of the day as lack of new bullish news weighs on the market.

Cattle futures pulled back Friday after Thursday’s strong rally, but steady cash and strong boxed beef continue to provide underlying support. Feeder futures gave back some ground Friday but continue to show strength despite corn recovering from its early losses. Lean Hogs ended the week lower, giving back roughly half of the recent rally as weaker pork cutout values remain a concern. Corn posted its third consecutive lower close but remains in a bullish trend, supported by strong demand and potentially lower yield expectations.