CattleLink Market View

Live cattle: Last week, the live cattle complex chopped sideways, as the market never gained enough fundamental support to pressure the market’s resistance at its 40-day moving average. The cash cattle market’s trade was extremely late to develop, waiting until late on Friday, but Southern live cattle traded at mostly $255 to $257, which was steady to $1 lower than the previous week’s weighted average, and Northern dressed cattle traded at mostly $404 to $405, which was also steady to $1 lower than the previous week’s weighted average. 

Feeder cattle: The feeder cattle complex saw mixed support but again closely followed the live cattle market’s trend and mostly traded in the same manner. It is worth noting that feeder cattle demand was stronger last week, but calf demand was hit or miss. 

Lean hogs: Last week, the lean hog complex traded mostly higher, as traders seemed willing to accept a short-term bottom in the market and mildly supported the contracts with the help of stronger consumer demand. 

Corn: July corn futures fell 4 3/4 cents last week for the third consecutive weekly lower close before recovering a bit Monday, rising 2 3/4 cents to end the day at $4.15 1/2.

Soybean Meal: July meal futures fell $7.20 last week for the fourth straight weekly lower close as funds unloaded, before rising 70 cents on Monday to finish at $302.