Market Commentary

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.

Live Cattle finished the week lower following the cash and boxed beef markets and technical damage ensued. Feeder Cattle could not fight off the higher Corn market today and finished sharply lower. Lean Hogs finished slightly lower after setting new contract highs this week. Corn had a very strong finish to the week and finished at levels not seen in nearly three months.

Live Cattle futures finished sharply lower today cash trade has drifted lower and boxed beef has grown stagnant. Feeder Cattle futures finished the day limit lower as technical selling pushed the market below the 20-day MA. Lean Hogs traded mixed today as the pork cutout continues to be supported by boxed beef. Corn futures traded in a narrow range as traders look toward Friday’s WASDE Report to get an update on the U.S. Corn yield.

Live Cattle futures finished lower every day this week as boxed beef and cash prices have fallen stagnant. Feeder Cattle showed a weekly loss for the first time in nearly three months as the Feeder Cattle index works sideways and feed costs increase. Lean Hog futures continue to be supported by the strong pork cutout and cash markets. Corn had a mixed week but finished in the middle of the range as many question the size of the U.S. Corn crop.

Live Cattle futures traded both sides of steady today before finishing mixed as traders weigh out the increased slaughter totals and a boxed beef market that has grown stagnant. Feeder Cattle futures traded with extreme volatility to start the week as cash Feeder Cattle continue to set new record highs. Lean Hogs posted a new high for the move as the pork cutout remains supported while the cash markets work lower. Corn futures started the week lower but finished the day on a positive note as many question whether the U.S. will actually see as big of a yield as currently estimated.

Live Cattle futures posted a new all-time high this week before deliveries and a steady cash market forced the futures to correct in the middle of the week. Feeder Cattle continue their move higher as the Feeder Cattle index surges. Lean Hogs have found support from the beef markets and have now been adding open interest as fund buying continues. Corn futures finished the week sharply higher as many begin to doubt the size of the U.S. crop.