CattleLink Market View

Live cattle: Last week was truly a mixed week for the live cattle complex, as the contracts attempted to pressure resistance thresholds but were unable to break beyond that threshold. But that didn’t put a damper on the cash cattle market’s momentum, as Northern dressed cattle traded at mostly $410 to $415, which is $7 to $12 higher than the previous week’s weighted average, and Southern live cattle traded at $260 to $263, which is $3 to $5 higher than the previous week’s weighted average. It’s quite impressive to note that the cash market has rallied $16.67 in the last three weeks. 

Feeder cattle: The feeder cattle complex merely chopped sideways last week. The contracts struggled to break outside of the market’s current trading range between its 40-day and 100-day moving averages, and sale barns have noted, too, that buyers are becoming more selective about their purchases as their orders are filling up. 

Lean hogs: The lean hog complex was also challenged last week, as traders yearned for the contracts to trade higher but, in the end, were forced to let the contracts fall lower late in the week, as consumer support hasn’t been reliable enough. 

Corn: July corn futures fell last week but rallied sharply on Monday to finish up 21 1/4 cents to settle at $4.77 on China optimism.

Soymeal: July soymeal futures rose just $14.60 last week and just eked out a 20-cent gain on Monday to close at $334.50.