Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
July is normally a slow time for feeder movement and the current high temperatures are keeping feeders from sales.
The rally in grain prices is hurting feeder prices along with lower cattle prices and the discounts feeders have in the Fall and into 2027. When more feeders start to move, feedlots will take advantage of the lower prices.
With fewer cattle killed in 2026 compared to a year ago, the recent 5 day average steer price is about the same as 2025 and August 2025 live cattle futures Wednesday closed $223.20 compared to July 22, 2025 at $224.97.
LEAN HOG COMPLEX
August 2026 lean hogs settled on July 22, 2026 $101.45.
The CME Pork Carcass Index continues to move higher but sales are light. Over the past 2 weeks there hasn’t been a daily movement over 300 loads including trimmings.
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