DTN Midday Livestock Comments          06/23 11:43

   Mixed Tones Hold the Livestock Complex at Tuesday's Noon Hour

   Without seeing any cash cattle trade developing, traders are keeping the 
nearby live cattle contracts restrained while the deferred contracts are 
trading higher.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Tuesday's noon hour as the 
market looks for continued fundamental support. At this point, no cash cattle 
trade has developed yet. July corn is down 2 1/4 cents per bushel and July 
soybean meal is up $2.70. The Dow Jones Industrial Average is up 109.80 points 
and NASDAQ is down 383.87 points.

LIVE CATTLE:

   The live cattle complex is trading mixed into Tuesday's noon hour as the 
market would love to continue with its brave upward climb, but before the 
nearby contracts will advance any further, traders want to see continued 
fundamental support. Luckily, midday boxed beef prices are higher, which is 
helping keep the deferred contracts trading strong, but until the nearby 
contracts see what's going to become of this week's fed cash cattle market, 
they'll likely remain in a lower state. June live cattle are down $0.30 at 
$255.52, August live cattle are down $0.52 at $246.82 and October live cattle 
are down $0.25 at $240.75. No bids or asking prices are noted in the fed cash 
cattle market yet.

   Boxed beef prices are higher: choice up $4.20 ($400.26) and select up $7.18 
($382.77) with a movement of 59 loads (32.00 loads of choice, 7.20 loads of 
select, 8.22 loads of trim and 11.69 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is in the same boat as the live cattle complex as 
its nearby contracts are hesitant to trade higher, but at least the deferred 
contracts are trading stronger. August feeders are down $0.97 at $369.45, 
September feeders are down $0.62 at $368.20 and October feeders are down $0.17 
at $365.85. Luckily the demand in the countryside has remained red hot over the 
last week, and hopefully, even though the board is trading mixed, that level of 
support from buyers will remain strong.

LEAN HOGS:

   The lean hog contracts are trading mostly higher into Tuesday's noon hour as 
the market has seemed to attract more trader interest. Unfortunately, today's 
support isn't multifaceted as fundamental support is lagging as midday pork 
cutout values are a tick lower. July lean hogs are down $0.35 at $94.30, August 
lean hogs are up $0.87 at $97.60 and October lean hogs are up $0.70 at $81.55. 
Do remember that this Thursday, the Quarterly Hogs and Pigs report is set to be 
released.

   The projected lean hog index for 6/22/2026 is down $0.30 at $91.47 and the 
actual index for 6/19/2026 is down $0.67 at $91.77. Hog prices average $97.47 
on the Daily Direct Morning Hog Report, ranging from $94.00 to $98.00 on 2,340 
head and a five-day rolling average of $97.09. Pork cutouts total 186.48 loads 
with 166.13 loads of pork cuts and 20.35 loads of trim. Pork cutout values: 
down $0.54, $95.54.

   **

   NOTE:

   The cattle complex has seen record-high prices in the last year. But it's 
also been saddled with record-high risk and volatility, among many other 
challenges. To better understand these cattle market challenges, join DTN 
Livestock Analyst ShayLe Stewart for the inaugural Beef Industry Exchange 
webinar hosted by Senior Livestock Editor Jennifer Carrico at 9 a.m. CDT on 
June 24. 

   In addition to ShayLe's cattle market update, DTN Ag Meteorologist John 
Baranick shares how variability and a building Super El Nino might save or doom 
U.S. pastures. Due to widespread drought conditions across the U.S., cow-calf 
producers may be considering a reduction of the herd. To prepare for this, 
University of Nebraska Lincoln Beef Systems Extension Educator Aaron Berger 
shares different strategies to set up cow herd rebuilding when it rains again. 
Register for the free webinar today: 
https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdtn.link%2FBee
fIndustryExchange&data=05%7C02%7CCheri.Zagurski%40dtn.com%7C807fda3c4c664a981f56
08dec80477bd%7Cd945da26f07f451496e79b8f78a743d0%7C0%7C0%7C639168118702874444%7CU
nknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiI
sIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=CiVrIWXNYNj1JBgWhdg1CI8GUKR
aMhxlgI4NiJV2SwE%3D&reserved=0

   **

   ShayLe Stewart can be reached shayle.stewart@dtn.com




(c) Copyright 2026 DTN, LLC. All rights reserved.