Market Commentary

Live Cattle futures traded on both sides of steady today in anticipation of today’s Cattle on Feed and Cattle Inventory Reports. Feeder Cattle futures started the day sharply higher but traded lower in the late morning and ended the day with decent gains. The Lean Hog complex finished higher each of the final two days this week as the pork cutout posted new recent highs this week. Corn futures fell victim to a lower wheat market earlier this morning but shrugged that off late in the day and finished mixed.

Live Cattle futures finished lower every day this week as cash trade was sharply lower and boxed beef struggles to hold steady. Feeder Cattle futures faced a higher Corn market and lower Live Cattle futures, and ended the week lower. Lean Hogs finished the week with good gains as the cash fundamentals begin to work higher. Corn futures finished the week with good gains with plenty of news from around the world supporting the complex.

Live Cattle futures finished the day lower following the futures trend and the lower cash market the past few weeks. Feeder Cattle futures were mostly lower with the exception of the August contract that is trying to stay in line with the cash market. Lean Hogs finished lower today but remain above the 20-day MA. Corn futures followed up yesterday’s sharply higher close with good gains today as the forecast shows heat remaining and the funds were short the complex.

Live Cattle futures finished lower each day of the holiday shortened week due to a poor technical picture and a struggling boxed beef market. Feeder Cattle futures also finished lower everyday this week with Corn rebounding and Live Cattle moving lower. Lean Hogs found technical support this week following last week’s Hogs and Pigs Report. The Corn market moved higher after a neutral USDA Planted Acres Report in the middle of the week.

Live Cattle futures have finished lower three days in a row after a disappointing cash trade last week and no sign of higher cash this week. Feeder Cattle futures traded to support areas today but have failed to find any positive momentum. Lean Hog futures finished the day mixed but have rebounded nicely from the lows set a few weeks ago. Corn futures found support from a neutral Acreage Report today and are over 10 cents off the lows.

Live Cattle futures traded lower for the majority of the day as cash trade has been slow to develop this week. Feeder Cattle futures quickly lost of $9.000/cwt after edging near contract highs this week despite the CME Feeder Cattle index setting a new all-time. Lean Hog futures found slight support from the Hogs and Pigs Report and finished the day mostly higher. Corn posted new contract lows this week but finished the week nearly 10 cents off the lows.

Live Cattle futures finished the day lower after trading to the highest levels since the beginning of May yesterday. Feeder Cattle futures also saw profit taking today after trading sharply higher yesterday on the positive Cattle on Feed Report. Lean Hog futures have finished higher four days in a row in the most active August contract as the cash fundamentals remain stagnant. Corn futures tested new contract lows today but finished a few cents off of those levels.

With no markets tomorrow for Juneteenth, Live Cattle futures finished the day lower ahead of today’s Cattle on Feed Report and the long weekend. Feeder Cattle futures posted new highs for the move today but finished the day slightly lower. Lean Hog futures finished the day mixed with the nearby contracts finishing higher and the deferred contracts slightly lower. Corn futures finished the day lower after a good recovery from the lows yesterday.

Live Cattle futures traded sharply higher today as the managed money have become buyers due to positive outside influence. Feeder Cattle also traded higher today and traded through overhead resistance levels. Lean Hog futures finished the day mixed with the nearby contracts losing ground with a cash market that has finally cooled off. Corn futures also finished mixed but well off the highs of the day.