Cattle Markets Reach Three-Week High Amidst Corn Futures Decline

Livestock producers should extend their feed coverage through September due to market conditions. This is because corn futures have fallen under heavy selling despite strong fundamental support and deteriorating crop conditions.

The cash hog market is trending down, limiting buyer interest in futures. The latest CME lean hog index was down 51 cents at $97.17, while the national direct five-day rolling average cash hog price quote for today was $99.54.

Cattle markets saw fresh technical buying as bulls have momentum and established fledgling price uptrends on daily bar charts. The live cattle futures market rose to a three-week high, with October live cattle rising $1.575 to $229.475 and September feeder cattle gaining $2.225 to $348.375.