Date: May 19, 2025
Livestock futures rebounded back higher after a couple days last week of sharply lower trade. June live cattle hitting a new all-time spot high midweek at $218.62 but then reversing lower as May feeders continue to make new all-time spot highs, now at $303.47. Cash feedlot trade mostly steady in the Southern Plains from $218 to $220 live and steady to $2 higher trade in North at $228 to $229 live and mostly $358 on a dressed basis.
Weekly closes for livestock futures and meats… June Live Cattle -$2.45, August -$2.82, May Feeder Cattle -$1.12, August -$2.70, June Lean Hogs +$2.75, July +$3.75. Boxed Beef Choice +$6.52 @ $352.49 & Pork Carcass Cutout +$2.29 @ $100.12.
Oklahoma Weekly Cattle Auction Summary
Livestock Weighted Average Report for 5/11/2025 – 5/17/2025
Total Receipts: 36,327 Last Week: 21,930 Last Year: 25,315
Compared to last week: Feeder steers and heifers 2.00-6.00 higher. Steer calves over 450lbs 6.00-10.00 higher, under 450lbs 1.00-6.00 lower. Heifer calves over 450lbs steady to 2.00 higher, under 450lbs 6.00-10.00 lower.
Cattle slaughter last week estimated at 566,000 head, up 7,000 from the week previous but down 30,918 from last year with year to date -6.1% vs. last year. Hog slaughter last week estimated at 2,409,000 head, down 28,000 compared to a week ago and down 3,357 compared to a year ago with year to date remaining -2.2% compared to last year.
Boxed beef cutout values higher on Friday on moderate demand with 101 loads sold.
Choice +2.59 @ 352.49, Select +3.21 @ 342.39
CME Feeder Cattle Index @ 300.79
CME Lean Hog Index @ 91.26
Cash Pork Carcass Cutout +.40 @ 100.12
June live cattle again up to a new contract and all-time spot high last week at $218.62 then pulling back to find support at $210.62 with the next support at $208. May feeders also a new contract and all-time spot high last week at $303.47, filled the gap from last Monday and found support at $294.97 with the next down at $292.62. June lean hogs choppy and rangebound trade over the past month with resistance at $102 and support at $96.67.
Grains were mixed last Friday and throughout most of last week. The week began with a friendly crop report for the fall crops from USDA but crop progress continuing to show planting pace well ahead of year ago and the 5-year average. Weather has remained nonthreatening although some current dry conditions spreading in the WCB. Big rains expected though over the next couple days. This is not as welcome in the East and Southeast which could delay planting. There was also the announcement of massive tariff cuts between the U.S. and China, but markets still awaiting further trade deals throughout the world. Funds or managed money continue to be net sellers of corn and buyers of beans with estimates through Friday now showing funds short 87k corn contracts and long 25k soybean contracts.
Weekly closes in the grains…July Corn -$.06 ¼, December -$.06 ½, July Soybeans -$.01 ¾, November +$.05, July Chicago Wheat +$.03 ¼, September +$.02 ½, July KC Wheat -$.01, September -$.01 ¼, July MPLS Wheat -$.20 ¼, July Soybean Meal -$2.20/T.
Grains were higher overnight with corn and beans finishing 2 to 3 higher and wheat 4 to 8 higher. Outside markets have equities sharply lower, US$ lower and energies lower with crude oil down $.20/barrel. USDA announced a private sale this morning of 145,000 MT of soybean meal sold to the Philippines. South Korea booked a cargo of wheat from the U.S. Export inspections out later this morning along with crop progress this afternoon. Most are expecting soybeans planted to be around 65% complete and corn planting 80% done.
Big news items over the weekend include the EU banning all poultry and meat products from Brazil due to their recent outbreak of bird flu. Saudi Arabia purchased 621,000 MT or 21.8 MBU of 12.5% protein HRW wheat and looks like it is all to be shipped from Black Sea origins. Russia’s President Putin did not show up for the meeting with Ukraine’s President Zelenskyy in Turkey last Thursday then hit Ukraine with the largest drone attack to date over the weekend.
Strong storms and good rainfall are still in the forecast for the first part of this week from the Northern Plains down through the WCB and over the eastern parts of the Southern Plains with cooler temps this week. The next round coming later this week and into the weekend. The 6-10 day outlook showing above normal temps for the western half of the country and below normal temps for the eastern half with above normal precipitation still across most of the country, below normal in the Southwest and around the Great Lakes.
July corn down to a new 7-month low last week at $4.36 ½ with support next at $4.30 and nearby resistance at $4.61 then at $4.70. July soybeans breaking resistance last week for a new 3-month high at $10.82 with resistance next at around the $11 level and support at $10.46 then at $10.36. July Chicago wheat down to a new contract low last week at $5.06 ¼ with resistance at $5.33 then at $5.48. July KC wheat also a new contract low last week at $5.00 ¼ and resistance at $5.30 then $5.45. July MPLS wheat contract low at $5.72 ½ with resistance at $5.96. July soybean meal holding a lower trend with the contract low at $289.7 on April 4th and resistance at $300.
Loewen and Associates, Inc.
Pete Loewen / Matt Hines / Doug Biswell / Tyson Loewen
www.loewenassociates.com matt@loewenassociates.com
785-537-3336
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