Date: June 2, 2025
Mixed trading for cattle and lean hogs to end last week with cattle lower week over week and hogs higher. Cash prices and meat values higher for both last week, but the false rumors about New World Screwworm in the U.S. really set cattle back hard early in the week. Cash fed cattle trade higher for the 7th consecutive week. Trade in KS and TX reported from $220 to $223 live, $1 to $3 higher than the week previous and northern trade $234 to $237 live and $365 to $371 dressed which $4 to $8 higher.
Weekly closes for livestock futures and meats… June Live Cattle -$.32, August -$1.10, August Feeder Cattle -$1.55, September -$1.65, June Lean Hogs +$3.02, July +$3.37. Boxed Beef Choice +$4.79 @ $366.34 & Pork Carcass Cutout +$5.76 @ $107.22.
Oklahoma Weekly Cattle Auction Summary
Livestock Weighted Average Report for 5/25/2025 – 5/31/2025
Total Receipts: 16,716 Last Week: 38,047 Last Year: 12,830
Numbers lighter this week as some auctions closed for the Memorial Day Holiday. Feeder steers and steer calves 3.00-8.00 higher except 500 -700lbs 3.00-6.00 lower. Feeder heifer and heifer calves 3.00-8.00 higher. 7 weight index steers averaged $312 to $321 and 8 weights averaged $289 to $298.
Cattle slaughter last week estimated at 477,000 head, down 93,000 from the week previous and down 61,910 from last year with year to date now -6.3% vs. last year. Hog slaughter last week estimated at 2,163,000 head, down 199,000 compared to a week ago but up 790 compared to a year ago with year to date now only -2.0% compared to last year.
Boxed beef cutout values higher on Friday on weak demand with 85 loads sold.
Choice +.25 @ 366.34, Select +3.01 @ 356.65
CME Feeder Cattle Index @ 299.30
CME Lean Hog Index @ 94.84
Cash Pork Carcass Cutout +2.60 @ 107.22
New daily trading limits take effect today. Live cattle increasing from $6.50 to now $7.25 and feeders from $8.25 to $9.25. This also means that if we settle at those limits expanding limits kick in the next trading day at $10.75 for live and $13.75 for feeders.
June live cattle contract and all-time spot high from May 14th at $218.62 with support at $210.62, the low from the very next day, a holding a higher trend since. Nearby support now around $214 and upside resistance if we can break into new highs would be around $220. August feeders contract high at $307.67 with the May low at $293.05. All price gaps now filled and if we continue trading the higher trending channel, $315 would be the next resistance level. June lean hogs still chopping sideways with resistance at $102 and support at $96.67.
Grains were also mixed to end last week but mostly lower as U.S. weather has improved. The only market still adding some weather premium in last week was MPLS wheat with the well below expectations crop conditions early in the week. Corn gave back all its gains from the week previous. Soybeans back to test the lows or support from the rangebound trading since mid-April. Both KC wheat and Chicago wheat hit new recent highs back on the 21st of May, but since have been sliding lower with good rainfall reported winter wheat areas. Weekly export sales didn’t help much either with another net negative for old crop wheat taking some of the bullishness out of good new crop sales.
Weekly closes in the grains…July Corn -$.15 ½, December -$.12 ¼, July Soybeans -$.18 ½, November -$.23 ¾, July Chicago Wheat -$.08 ½, September -$.09 ¾, July KC Wheat -$.05 ½, September -$.06 ¾, July MPLS Wheat +$.19, July Soybean Meal +$.10/T.
Grains traded both sides of unchanged overnight with wheat the leader higher and beans the leader lower. Wheat finished the overnight 7 to 12 higher, corn 1 to 3 higher and soybeans 2 to 4 lower. Outside markets have equities lower, US$ lower and energies higher with crude oil up $2.60/barrel. Export inspections out later this morning along with crop progress this afternoon. Most are expecting soybeans planted to be 85 to 90% complete and corn planting 95% done. Conditions are expected to be unchanged to 1 point higher for corn 68 to 69% good to excellent and soybean conditions will be out for the first time this year with expectations at 65% rated good to excellent. Spring wheat conditions are expected to improve by a couple points.
The northern plains will see light rainfall this week and it remains hot and dry in the PNW. The majority of the Corn Belt and Southern Plains will receive rains this week, with one to three inches common. The 6-10 day outlook showing well above normal temps for the western third of the country and in the South and below normal for the WCB with above normal precipitation from the Mountain West to the East Coast and below normal for the PNW.
July corn recent high and nearby resistance at $4.64 ¾ with the next at $4.80, but now back to test support $4.43 then the May low at $4.36 ½. July soybeans falling through nearby support overnight and the floor of the recent rangebound trading, down to a new recent low at $10.33 ½ with support next at $10.20 and resistance up at $10.55 then $10.73. July Chicago wheat contract low at $5.06 ¼ with resistance at $5.56. July KC wheat contract low at $5.00 ¼ and resistance at $5.47. July MPLS wheat up to a new 2-month high overnight with resistance next at $6.40 and support at $5.95. July soybean meal holding a lower trend with the contract low at $289.7 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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