Livestock Markets

Choice Fed Steers	-1 to 2	94 - 96
As of 7/3/20	Top	98
Dressed Basis	-2 to 3	152 - 155
As of 7/3/20	Top	155
Boxed Beef Cutout	-0.16	205.30 124 Loads Tue PM

Western Cornbelt	-0.57	28.66
Iowa Lean Average	-0.60	28.66

Commodity	Last	Change	Open	High	Low
LIVE CATTLE August 2020	100.00	-0.10	100.00	100.38	99.60
LIVE CATTLE October 2020	104.18	0.25	103.93	104.40	103.70
LIVE CATTLE December 2020	107.03	-0.03	106.93	107.23	106.63
LIVE CATTLE February 2021	110.50	-0.35	110.83	110.83	110.25
FEEDER CATTLE August 2020	134.93	-1.23	135.83	136.40	134.85
FEEDER CATTLE September 2020	136.33	-0.90	137.13	137.50	136.23
FEEDER CATTLE October 2020	137.25	-0.60	137.83	138.18	137.15
FEEDER CATTLE November 2020	137.88	-0.38	138.20	138.65	137.70
LEAN HOGS July 2020	44.53	-0.43	44.68	44.95	44.53
LEAN HOGS August 2020	48.88	-0.40	48.43	49.88	48.23
LEAN HOGS October 2020	48.63	-0.43	48.35	49.50	48.18
LEAN HOGS December 2020	51.20	-0.83	51.48	51.73	50.95

July 7, 2020 @ 3:45 pm

DTN reports:

Livestock contracts regressed and were unable to muster up the support needed to keep the upward motion.

LIVE CATTLE:

Live cattle contracts kept with their hesitance and closed slightly lower Tuesday afternoon. August live cattle closed $0.10 lower at $100.00, October live cattle closed $0.25 higher at $104.17 and December live cattle closed $0.02 lower at $107.02. The market’s indecisiveness has put a bit of a damper on the upward rally, but its trade in the next couple of days will solidify if prices are to keep trending upward or if they should scale lower. Tuesday afternoon there’s been some light trade reported in the South with live cattle selling for $94 to $95, which is steady to $1.00 higher than last week’s averages. Northern cattle have sold for $152 to $160 (mostly at $157 to $160), which is $3.00 to $6.00 higher than last week’s prices. Tuesday’s slaughter is estimated at 119,000 head, 2,000 head less than a week ago and 1,000 head less than a year ago. Monday’s cattle slaughter was revised to 115,000 head.

Boxed beef prices closed lower: choice down $0.16 ($205.30) and select down $0.13 ($196.84) with a movement of 124 loads (68.84 loads of choice, 20.28 loads of select, 9.09 loads of trim and 25.57 loads of ground beef).

WEDNESDAY’S CASH CATTLE CALL:

Steady. There hasn’t been quite enough trade this week to call the market set in a trend, but trade is developing stronger, as oddly as that may sound. Coming out of the holiday weekend, packers are most likely caught a little shorter bought than they’d like.

FEEDER CATTLE:

Feeder cattle contracts closed lower with nearby contracts enduring the biggest losses. August feeders closed $1.22 lower at $134.92, September feeders closed $0.90 lower at $136.32 and October feeders closed $0.60 lower at $137.25. At OKC West Livestock Auction, in El Reno, Oklahoma, the market’s preliminary report is sharing that, compared to last week, steer and heifer calves are selling $2.00 to $5.00 better, with instances of even $8.00 stronger. Demand is excellent and quality is average to attractive. It’s nerve wrecking for that part of the country right now as temperatures are high and there’s no rain in the nearby forecast. The CME feeder cattle index 7/3/2020: up $0.10, $128.98.