CattleLink Market View

Live cattle: Last week was a disappointing week for the live cattle complex. The contracts chopped sideways upon not seeing enough immediate fundamental support in the marketplace. Southern live cattle traded at mostly $256 to $257, which was $4 to $6 lower than the previous week’s weighted average. Northern dressed cattle traded at mostly $405 to $408, which was $2 to $5 lower than the previous week’s weighted average. 

Feeder cattle: Last week, the feeder cattle complex continued to closely follow the live cattle complex. It didn’t wait to move in the opposite direction, as the feeder cattle market desperately needs the support of the live cattle and fed cattle market right now. 

Lean hogs: The lean hog complex truly had a mixed week last week. Early in the week, the contracts showed a little more optimism, but by the week’s end, the contracts gave up all the momentum recently gained and continued to struggle to find any meaningful fundamental support, with consumer demand being choppy. 

Corn: July corn futures finished last week down a hefty 16 1/2 cents and followed that up with a break of 2 3/4 cents on Monday, pressured by a quick planting pace and very favorable weather.

Soybean Meal: July meal futures fell $2.10 last week and followed with a break of $3.30 on Monday, as the soy planting pace remains record fast, and a potential peace plan with Iran reportedly draws closer.