CattleLink Market View

Live cattle: Last week was a tumultuous week for the live cattle complex, as the market was rocked by headlines from President Donald Trump stating that he’d like to see beef prices cheaper, which led the contracts to ultimately close below their 100-day moving average on Monday afternoon. And although nothing has changed for the market’s fundamentals, the tough turn of events in the futures complex did affect cash prices. Last week, Southern live cattle traded at $238, and Northern dressed cattle traded at $370, both of which were $2 lower than the previous week’s weighted average. 

Feeder cattle: The feeder cattle complex endured a painful week, as well, as the market fell in line with the live cattle market’s sharp descent. It was pushed even lower when news broke on Friday that U.S. Ag Secretary Brooke Rollin will meet with Mexico’s ag minister this week to discuss plans for the border. And although no new updates have surfaced regarding that meeting, U.S. producers hope that the border won’t reopen anytime soon.

Lean hogs: The lean hog complex traded mostly lower throughout last week, as traders didn’t see enough demand in the market to turn the contracts higher.

Corn: December corn futures rose 3/4 of a cent last week to finish at $4,23 1/4, followed up Monday by the 5 1/2-cent higher close on trade talk.

Soybean Meal: December soybean meal futures rose $13.10 last week to finish at $294 and another $4.10 on Monday, supported by the strong soybean market and fund short-covering.