DTN Midday Livestock Comments          07/27 11:48

   Traders Are Keeping Their Distance From Livestock Contracts at Week's Open 

   The livestock complex is trading lower into Monday's noon hour as traders 
are keeping an arms distance from the market right now. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading lower into Monday's noon hour as the cattle 
contracts slowly absorb all the developments that surfaced last Friday and the 
lean hog complex is being cautious as well. Showlists for the week are steady 
to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. 
December corn is down 13 1/2 cents per bushel and December soybean meal is down 
$11.70. The Dow Jones Industrial Average is up 222.93 points and NASDAQ is down 
63.95 points.

LIVE CATTLE:

   Last Friday hit like a Mack truck. From having to absorb the monthly Cattle 
on Feed report, to seeing the bi-annual Cattle inventory report released, to 
late in the day being surprised to see an announcement come from U.S. Ag 
Secretary Brooke Rollins that the U.S. will begin to slowly reopen the border 
to Mexican cattle imports on Aug. 24th -- it was a whirlwind of a day. And 
given that today (Monday) is the first time traders have had the chance to 
react to any of those reports/announcements, it comes as no real surprise the 
market is trading lower. August live cattle are down $1.87 at $225.20, October 
live cattle are down $3.45 at $219.05 and December live cattle are down $4.42 
at $217.85. Showlists for the week are steady to somewhat higher, greater in 
Texas and Kansas, but steady in Nebraska.

   Last week Southern live cattle traded at $230 which is $7.00 to $8.00 lower 
than the previous week's weighted average and Northern dressed cattle traded at 
mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted 
average.

   Boxed beef prices are mixed: choice up $1.72 ($362.96) and select down $0.25 
($346.46) with a movement of 50 loads (29.15 loads of choice, 6.89 loads of 
select, 4.88 loads of trim and 9.23 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is taking last Friday's developments the hardest 
as its contracts are trading anywhere from $6.00 to $10.00 lower. August 
feeders are down $4.85 at $340.47, September feeders are down $6.42 at $335.07 
and October feeders are down $9.05 at $326.95. With little support from the 
live cattle/fed cash cattle market, the additional pressure of not knowing the 
details of the border's reopen will likely weigh heavily on the feeder cattle 
market for awhile.

LEAN HOGS:

   Although midday pork cutout values are higher, the lean hog complex is 
starting the week off in a cautious manner as well. August lean hogs are up 
$0.02 at $102.87, October lean hogs are down $1.42 at $87.60 and December lean 
hogs are down $1.90 at $78.42. More than anything a heavy weight has seemed to 
be cast across the livestock complex Monday morning, and if fundamental support 
prevails, traders will likely be able to shake the doggish energy later this 
week.

   The projected CME Lean Hog Index for 7/24/2026 is up $0.32 at $98.23 and the 
actual index for 7/23/2026 is up $0.43 at $97.91. Hog prices are unavailable on 
the Daily Direct Morning Hog Report because of confidentiality. However, we can 
see that only 270 head have traded and the market's five-day rolling average 
now sits at $100.60. Pork cutouts total 138.40 loads with 123.20 loads of pork 
cuts and 15.20 loads of trim. Pork cutout values: up $2.29, $106.92.

    

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




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