CattleLink Market View

Live cattle: All in all, the live cattle complex continues to long for additional fundamental support before traders are willing to advance the futures complex much higher. Last week it didn’t help matters that fed cash cattle prices traded lower. Southern live cattle traded at $228 ($3 lower than the previous week’s weighted average), and Northern dressed cattle traded at $351 ($8 lower than the previous week’s weighted average).

Feeder cattle: The feeder cattle complex closely followed the direction of the live cattle contracts, as the market desires to trade higher but does so in a cautious manner, as volatility has remained the complex’s overarching theme. Feeder cattle sales in the countryside seemed to be greatly influenced by the board’s direction, regardless of the supply scenario.

Lean hogs: The lean hog complex traded mixed last week, but ultimately, the same underlying issue remains: The market needs to see greater consumer demand before it finds technical stability. 

Corn: December corn futures rose 4 1/2 cents last week before finishing up another 4 1/2 on Monday to settle at $4.34 3/4, rising on huge export inspections, bringing the total shipped to 73% above last year.  

Soybean Meal: December soybean meal futures rose $5.49 last week and surged $8.20 on Monday to settle at $330.80, supported by a strong soybean market after China bought some U.S. beans.