DTN Midday Livestock Comments          06/18 11:25

   Traders Keep a Distanced Position from Livestock Contracts

   Still no cash cattle trade has developed, and no bids are currently being 
offered.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mostly lower as traders remain 
cautious when it comes to overly supporting the livestock markets right now. 
Still no cash cattle trade has developed. July corn is steady and July soybean 
meal is steady. The Dow Jones Industrial Average is up 184.08 points and the 
NASDAQ is up 109.93 points.

LIVE CATTLE:

   The morale throughout the cattle complex continues to be cautious, as 
there's an unsettled essence of worry lingering throughout the contracts. 
Traders are concerned the market is overbought and is long overdue for a 
correction. From a fundamental perspective, the market continues to be bullish 
and powerful, as boxed beef prices scale higher each day, and it's assumed that 
in the worst case scenario the fed cash cattle market will trade steady. Asking 
prices are noted in the South at $235 plus but are still not established in the 
North. Trade will likely be delayed until Thursday or Friday again this week. 
August live cattle are up $0.02 at $210.70, October live cattle are down $0.10 
at $208.45 and December live cattle are down $0.12 at $209.25.

   Boxed beef prices are higher: choice up $2.18 ($388.69) select up $2.48 
($375.02) with a movement of 57 loads (34.57 loads of choice, 6.37 loads of 
select, 5.85 loads of trim and 9.92 loads of ground beef).

FEEDER CATTLE:

   Although the feeder cattle complex continues to see strong demand in the 
countryside, and thus far, the sales have been strong on the video auctions 
this week, the feeder cattle market continues to follow the live cattle 
contracts directly, not challenging their decisions whatsoever. August feeders 
are down $0.02 at $303.32, September feeders are down $0.20 at $302.70 and 
October feeders are down $0.10 at $300.90. And unless the live cattle contracts 
have a change of heart, it's unlikely that the feeder cattle market's direction 
will change anytime soon.

LEAN HOGS:

   It's a mixed day for the lean hog complex as the nearby contracts continue 
to trail lower, but the deferred months are a little more optimistic. July lean 
hogs are down $0.05 at $111.60, August lean hogs are down $0.60 at $111.20 and 
October lean hogs are down $0.25 at $94.92. It was disappointing for traders to 
note the decline in this morning's carcass prices -- which was mainly because 
of the $3.00 to $4.00 declines seen in the loin, the butt, and the ham.

   The projected lean hog index for 6/17/2025 is up $1.39 at $106.34, and the 
actual index for 6/16/2025 is up $1.25 at $104.95. Hog prices on the Daily 
Direct Morning Hog Report average $114.28, ranging from $106.00 to $115.00 on 
9,335 head and a five-day rolling average of $110.94. Pork cutouts total 138.44 
loads, with 126.41 loads of pork cuts and 12.03 loads of trim. Pork cutout 
values: down $2.42, $117.47.

   **

   Editor's Note: Get ahead of the herd with the latest insights on the cattle 
market's changing cycle. Join us on Tuesday, June 24, from 10 a.m. CDT to noon 
for an in-depth analysis of how weather patterns, trade disruptions, and 
drought are reshaping the beef industry's traditional 10-year cycle. Oklahoma 
State University Livestock Marketing Specialist Dr. Derrell Peel shares what 
the cowherd of the future will look like, while DTN experts share details on 
weather conditions for forage and pastures, hay market dynamics and what it all 
means for fat and live cattle prices. Register for free here: 
https://dtn.link/AgSummitSeries-Summer2025 .

   **

   ShayLe Stewart can be reached shayle.stewart@dtn.com




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