The cattle complex may be challenging to predict, but with the help of falling oil prices and strong equity markets, both the live cattle and feeder cattle contracts have rallied aggressively so far this week.

What's sparked this bold rally in the cattle complex is the anticipation of the interim peace deal between the U.S. and Iran, which is expected to happen this Friday at the G7 meeting in Switzerland. It's been reported that the Strait of Hormuz will reopen on Friday as well, which has sent crude oil prices tumbling below $80 per barrel, and is the cheapest price the crude oil futures have traded at since April. This positive development, along with the 400-plus-point rally in the Dow Jones Industrial Index, has given the cattle complex an unexpected but warmly welcomed surge of support from these external factors.

And the timing couldn't be more perfect for those who are selling their calves this week on Superior Livestock Auction's Corn Belt Classic online video auction. These are unofficial prices from Tuesday's portion of the sale, but thus far, the auction has been able to trade feeder steers in the North Central region (Colorado, Iowa, Montana, North Dakota, South Dakota, Nebraska and Wyoming) for the following prices: steers weighing 710 to 750 pounds ranged from $4.19 to $4.37 per pound, steers weighing 800 to 850 pounds ranged from $3.61 to $4.02 per pound, steers weighing 850 to 900 pounds ranged from $3.64 to $3.81 per pound, steers weighing 900 to 950 pounds ranged from $3.54 to $3.57 per pound, steers weighing 950 to 1,000 pounds ranged from $3.40 to $3.58 per pound.

Official sale results will be later this week, and something that we will cover extensively on the DTN Beef Industry Exchange webinar set to happen next Wednesday, June 24. I will be presenting a recap of what the market has accomplished thus far this year and pinpoint some factors to watch for moving forward. In addition, DTN Ag Meteorologist John Baranick will share his thoughts on the weather outlook for the year ahead and how that may affect pasture conditions. And University of Nebraska Lincoln Beef Systems Extension Educator Aaron Berger will share different strategies to set up cow herd rebuilding following drought. The webinar will be moderated by DTN Senior Livestock Editor Jennifer Carrico and is free. Click the link here to register: https://events.zoom.us/….

It's a fine time to be alive and participating in the cattle complex! Yes, the markets move fast, and it can be daunting to try to track a beast such as this, but if you're invested in the industry, it's imperative that you do so. So please, let us help ease some of your stress and help make sense of this wild market. Join us next Wednesday for the DTN Beef Industry Exchange Webinar!

ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

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