CattleLink Market View

Live cattle: The live cattle complex chopped mostly sideways last week, as traders were leery to advance the market much out of its current trading range. As of Friday afternoon, the cash cattle market had only traded a handful of cattle. Southern live cattle traded at mostly $240 (steady with the previous week’s weighted average), and Northern dressed cattle traded at mostly $370 ($6 lower than the previous week’s weighted average). 

Feeder cattle: The feeder cattle complex traded mostly right in line with whatever direction the live cattle contracts were trading last week. The countryside saw mostly positive support for calves and feeders, but unweaned, unvaccinated calves sold at a sharp discount. But the market did receive an extremely bullish USDA Cattle on Feed report on Friday, as placements were down 10% compared to a year ago. 

Lean hogs: The lean hog complex chopped sideways throughout last week, not receiving enough fundamental support to help traders advance the contracts above current resistance levels.

Corn: December corn finished down 6 cents for the week, closing at $4.24, pressured by the advancing harvest and weaker basis.

Soybean meal: December meal futures fell $4.60 for the week to settle at $284, pressured by the weak soybean market and no China trade deal yet.