Commentary

Markets closed for the 4th of July with Live Cattle and Feeder Cattle finishing the week on a positive note as the cash markets performed better than initial expectations. Lean Hogs finished lower three of the four days this week due to the pork cutout losing $13 over the last seven days. Corn reversed direction middle of the week and bounced off of contract lows as trade deals present optimism for U.S. corn demand.

Live Cattle and Feeder Cattle futures both traded sharply lower on the news that the Mexican border will be reopened to Feeder Cattle imports. Lean Hogs have failed to find traction after the Hogs and Pigs Report in addition to a lower cutout market. Corn posted new contract lows this morning but recovered throughout the day to finish slightly lower.

Live Cattle and Feeder Cattle both finished sharply higher to end the week as the cash markets continue to outperform expectations. Lean Hogs shed off a bearish Hogs and Pigs Report and finished the week mixed. Corn set new contract lows this week but found strength on Friday heading into Monday’s Grain Stocks and Planted Acres Reports.

Live Cattle and Feeder Cattle lost sharp gains from early this morning and finished the day mostly lower. Lean Hogs fell victim to a steady to lower cash and cutout market and saw a lower future close. Corn posted new contract lows today as friendly news is becoming hard to come by.

The cattle complex could not hold the early gains in the futures market this morning and finished the week sharply lower. Cash cattle traded lower for the first time in nearly two and a half months as feedlots chased exceptional basis. Lean Hogs continue to set new contract highs as the pork cutout and cash markets continue to work higher. Corn finished lower after a higher overnight trade due to a warm and dry extended forecast ahead.

Live Cattle and Feeder Cattle both finished sharply lower today as outside factors continue to take center stage and cause uncertainty throughout the world. Cash cattle and a light slaughter number this week are also playing a factor in the lower markets. Lean Hogs posted new contract highs today as the pork cutout has moved to the highest level since 2022. Corn futures saw some recovery today as traders are pricing in a large production number for 2025.

For the first time in nine weeks cash cattle did not trade higher and feeders are feeling the affects of uncertainty entering the markets. Lean Hogs gained momentum on rising pork cutouts but faced weaker export projections. Corn saw minimal movement despite global tensions and a neutral WASDE report.

Live Cattle and Feeder Cattle traded in volatile fashion on Tuesday after news headlines of ICE raids in Omaha, Nebraska rattled the market briefly. Feeder Cattle finished higher and Live Cattle finished mixed. Lean Hogs posted new contract highs again as the cash and cutout markets remain strong. Corn set new lows for the year before finding support and finishing the day higher.

Sharply higher cash markets led Live Cattle and Feeder Cattle to new contract and all-time highs this week as traders race to close the gap between the futures and cash. Lean Hogs also posted new contract highs on Friday as the pork cutout continues to work higher on good demand and tight supplies. Corn finished the week higher after a quiet week of trade as the funds analyze the current and future weather across the U.S. growing regions.

Live Cattle and Feeder Cattle futures began the day sharply higher and posted new contract highs in many of the deferred Live Cattle contracts, before a quick sell-off that settled all contracts lower on the day. Lean Hogs also posted new contract highs in the deferred contracts, while the front months remain in line with the Lean Hog index. Corn futures continue to struggle to find strength as the U.S. weather outlook looks favorable for the growing crop.