Thursday Closing Livestock Market Update - Traders Let Livestock Contracts Drift Lower Into the Long Weekend

GENERAL COMMENTS:

The livestock complex ended the day mixed, with most contracts unwilling to advance in price without stronger fundamental support. At the time of this writing, no cash cattle trade had developed yet. July corn is down 3 1/2 cents per bushel and July soybean meal is down $3.50. The Dow Jones Industrial Average is up 72.15 points and the NASDAQ is up 496.27 points.

Thursday's export report shared that beef net sales of 10,400 metric tons (mt) for 2026 were down 45% from the previous week and 8% from the prior four-week average. The three largest buyers were Japan (2,900 mt), South Korea (2,400 mt) and Mexico (1,500 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 31% from the previous week and 50% from the prior 4-week average. The three largest buyers were China (4,100 mt), Mexico (4,100 mt) and Canada (2,300 mt).

**The markets are closed on June 19 for the Juneteenth holiday. Regular DTN market commentary will resume on Monday, June 22.**

LIVE CATTLE:

All in all it was a sit and wait kind of day for the live cattle complex as traders waited hopeful for better fundamental support, but with boxed beef prices closing lower, no developments yet in the fed cash cattle market and in waiting to see what was going to come of the Cattle on Feed report, you could safely say that there simply wasn't enough immediate support in the market to keep prices elevated. June live cattle closed $0.92 lower at $254.80, August live cattle closed $2.22 lower at $246.62 and October live cattle closed $1.87 lower at $239.97. At the time of this writing, no cash cattle trade had developed. Bids were offered throughout the day in Nebraska and Kansas, but feedlot managers wanted more money. 

Thursday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.58 ($393.92) and select down $2.51 ($374.75) with a movement of 73 loads (48.45 loads of choice, 11.69 loads of select, 5.85 loads of trim and 6.68 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Until we know how this week's trade pans out, it's challenging to determine what next week's market may set out to accomplish.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders simply weren't willing to take any risks ahead of the day's Cattle on Feed report. And although placements were down 10% compared to a year ago, the fact that the total number of cattle on feed was up 2% compared to a year ago, and that marketings were down 12% compared to a year ago, made the report neutral at best.

August feeder cattle closed $0.82 lower at $366.60, September feeders closed $0.97 lower at $364.67 and October feeders closed $1.10 lower at $361.75. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 350 pounds and those weighing 500 to 550 pounds traded higher, but the steer calves weighing 400 to 500 pounds sold lower. Feeder steers traded higher. Heifer calves weighing 350 to 450 pounds and those weighing 500 to 550 pounds sold steady to higher, while the groups of heifers weighing 450 to 500 pounds and those weighing 550 to 600 pounds both traded lower. Slaughter cows sold steady to $5.00 lower and slaughter bulls traded steady. Feeder cattle supply over 600 pounds was 28%. The CME feeder cattle index 6/17/2026: up $3.04, $367.06.

LEAN HOGS:

The lean hog complex ended the day mostly lower (other than in the nearby months, which ended the day slightly higher) as traders continue to be frustrated by the lack of fundamental support and aren't willing to challenge resistance levels until support improves. July lean hogs closed $0.37 higher at $95.02, August lean hogs closed $0.22 higher at $96.72 and October lean hogs closed $0.05 higher at $81.32. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.56 with a weighted average price of $97.19 on 2,935 head. Pork cutouts total 278.29 loads with 243.38 loads of pork cuts and 34.91 loads of trim. Pork cutout values: down $1.06, $93.71. Thursday's slaughter is estimated at 483,000 head -- 6,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 6/16/2026: up $0.50, $92.43.

MONDAY'S HOG CALL: Steady. Packers rarely buy aggressively in the cash hog markets on Monday.

Thursday Midday Livestock Market Summary - Caution Dominates Cattle Complex

GENERAL COMMENTS:

The livestock complex is trading mixed ahead of Thursday afternoon's busy schedule. Before the day is over the fed cash cattle market needs to trade cattle and the monthly Cattle on Feed report is set to be released. July corn is down 6 cents per bushel and July soybean meal is down $5.10.

The Dow Jones Industrial Average is up 171.99 points and NASDAQ is up 387.88 points.

Thursday's export report shared that beef net sales of 10,400 metric tons (mt) for 2026 were down 45% from the previous week and 8% from the prior four-week average. The three largest buyers were Japan (2,900 mt), South Korea (2,400 mt) and Mexico (1,500 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 31% from the previous week and 50% from the prior 4-week average. The three largest buyers were China (4,100 mt), Mexico (4,100 mt) and Canada (2,300 mt).

LIVE CATTLE:

In anticipation of Thursday afternoon's Cattle on Feed report -- and upon seeing no trade yet in the fed cash cattle market -- the live cattle contracts are trading lower into the noon hour. Not to mention, midday boxed beef prices are also lower, which doesn't help matters either. June live cattle are down $1.07 at $254.65, August live cattle are down $1.72 at $247.10 and October live cattle are down $1.47 at $240.37. Bids are on the table in parts of Kansas and Nebraska, but no trade has developed yet. Asking prices are noted in Nebraska at $260. But with Thursday being the last trading day of the week because Friday the markets are closed for the Juneteenth holiday, packers need to get more aggressive.

Boxed beef prices are lower: choice down $1.23 ($393.27) and select down $2.28 ($374.98) with a movement of 42 loads (26.26 loads of choice, 7.94 loads of select, 4.70 loads of trim and 3.46 loads of ground beef).

FEEDER CATTLE:

Cautious ahead of Thursday afternoon's Cattle on Feed report, the feeder cattle contracts are also trading lower. August feeder cattle are down $0.32 at $367.10, September feeders are down $0.75 at $364.90 and October feeders are down $0.70 at $362.15. Placements will likely be a wild card in the Cattle on Feed report with pre-report estimates ranging anywhere from 89% to 104% compared to a year ago.

LEAN HOGS:

The lean hog complex is lower as traders aren't willing to advance the contracts any further until fundamental support improves. July lean hogs are up $0.15 at $94.80, August lean hogs are down $0.22 at $96.27 and October lean hogs are down $0.27 at $81.00. The projected CME Lean Hog Index for 6/17/2026 is up $0.01 at $92.44 and the actual index for 6/16/2026 is up $0.49 at $92.43. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.18 with a weighted average price of $97.32, ranging from $94.00 to $98.00 on 795 head and a five-day rolling average of $96.64. Pork cutouts total 192.15 loads with 164.64 loads of pork cuts and 27.51 loads of trim. Pork cutout values: down $1.30, $93.47.

Thursday Morning Livestock Market Update - Mixed Trading Activity Ahead of the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures are likely to be choppy and remain mixed today as traders react to the large decline in choice boxed beef and look ahead to the Cattle on Feed report. The June live cattle contract nearly reached the contract high set on May 1 and was the only contract that closed positive on Wednesday. Even though the other contract closed slightly lower, cash trade is expected to be higher this week. Packer bids have not yet been posted, but should surface today. The drop in choice boxed beef on Thursday was substantial, with a loss of $5.08. Select boxed beef increased by $0.41. The Cattle on Feed report will be released today after the close and ahead of a three-day weekend. The estimates are for on feed on June 1 at 102.5% with the range of estimates from 101.7% to 103.8%. Placements in May at 94.0% with estimates ranging from 89.0%-104.0%. Cattle marketed in May at 89.2%, with estimates ranging from 88.2% to 91.5%.

Packers' interest this week finally provided some support to hog futures. However, they are expected to have most of their needs covered for the week and may be less aggressive today and Friday. Futures seem to have found support and are moving within a sideways range. One wonders if this support will hold and short-covering will begin to unfold, or if this is the calm before further weakness develops. The magnitude of the decline over the past week suggests the market could be bottoming. The National Daily Direct Afternoon Hog report showed cash up $0.18 on good volume. Pork cutout values declined by $0.80. The weekly hog weights declined significantly to an average of 287.2 pounds.

	BULL SIDE		BEAR SIDE
1)	Cattle placements in May are expected to be 6.0% below a year ago.	1)	Cattle placements could be higher than the trade estimates, with one analyst estimating as much as 4.0% higher. This would pressure the market.
2)	Cash cattle are expected to trade higher this week, as higher futures and higher boxed beef prices will give confidence to feedlots to hold.	2)	The sharp decline on Wednesday in choice boxed beef may indicate that a threshold has been reached.
3)	Hog futures have been trading sideways and possibly building support. Short-covering may kick in to relieve the technically oversold market.	3)	Weekly hog weights remain 0.7 pounds higher than a year ago. That keeps sufficient pork available to the market.
4)	Weekly hog weights averaged 287.2 pounds, down 2.2 pounds from the previous week.	4)	Pork cutouts have not been able to find solid support. This may keep the upside price potential limited.

Wednesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the live cattle contracts slightly more cautious, while both the lean hog and feeder cattle contracts closed higher. Still no cash cattle trade has developed. July corn is up 7 1/4 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is down 507.12 points and the NASDAQ is down 354.68 points.

LIVE CATTLE:

The live cattle complex eased its bullish tone through Wednesday's trade as traders weren't willing to challenge the market's all-time high scored last April, even though the contracts came extremely close to touching that threshold on Tuesday. But without knowing exactly what Thursday's Cattle on Feed report will amount to and without knowing what's going to come of this week's fed cash cattle market, traders pulled back the reins today, and the contracts closed slightly lower. June live cattle closed $0.42 higher at $255.72, August live cattle closed $0.35 lower at $248.85 and October live cattle closed $0.15 lower at $241.85. Still no trade has developed in the cash market, as feedlot managers desperately want the market to scale higher, but packers obviously sit in the opposite boat. Asking prices are noted at $260 to $262 in Texas. 

Wednesday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $5.08 ($394.50) and select up $0.41 ($377.26) with a movement of 149 loads (104.60 loads of choice, 10.16 loads of select, 22.05 loads of trim and 11.91 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. With the board being mostly supportive this week and boxed beef prices trending higher, one would think that feedlot managers would be able to hold the market at least steady, if not advance it another $1.00 or $2.00.

FEEDER CATTLE:

Although the live cattle contracts closed lower as traders remain cautious market participants, the feeder cattle complex was still able to maintain its higher trend, and its furthest deferred contracts closed with the highest advancement. August feeders closed $0.55 higher at $367.42, September feeders closed $0.37 higher at $365.65 and October feeders closed $0.42 higher at $362.85. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers traded $10.00 to $20.00 higher and feeder heifers sold $15.00 to $25.00 higher. Steer calves sold $10.00 to $20.00 stronger and heifer calves traded $5.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 6/16/2026: up $0.02, $264.02.

LEAN HOGS:

The lean hog complex closed mostly higher as traders were willing to advance the contracts up to the market's nearby resistance, which happens to be at the upper echelon of its current trading range. The cash market has lent a sizeable amount of support this week as packer demand has been strong and prices have been higher. Unfortunately, pork demand remains a tough subject. July lean hogs closed $0.15 lower at $94.65, August lean hogs closed $1.45 higher at $96.50 and October lean hogs closed $1.35 higher at $81.27. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.18 with a weighted average price of $97.75, ranging from $86.00 to $98.00 on 10,525 head. Pork cutouts totaled 320.95 loads with 287.14 loads of pork cuts and 33.81 loads of trim. Pork cutout values: down $0.80, $94.77. Wednesday's slaughter is estimated at 476,000 head -- 15,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 6/15/2026: down $0.16, $91.93.

THURSDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured the vast majority of their needs from the market this week.

Wednesday Midday Livestock Market Summary - Cattle Retreat After Tuesday's Massive Rally

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as the cattle contracts retreat mildly following Tuesday's massive surge, but the lean hog contracts are slightly higher. No trade has developed yet in the cash cattle market. July corn is up 4 1/4 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 216.47 points and NASDAQ is up 20.72 points.

LIVE CATTLE:

Following Tuesday's wild rally, the live cattle contracts are trading in a more subtle nature Wednesday, longing to see increased fundamental support after such a bold run higher. June live cattle are up $0.02 at $255.32, August live cattle are up $0.60 at $248.60 and October live cattle are down $0.70 at $241.30. No cash cattle trade has developed yet and there's a chance the week's trade could be delayed until Thursday as feedlot managers are hopeful of seeing the market trade higher this week. Asking prices are noted in Texas at $260 to $262, but no trade has developed at this point.

Boxed beef prices are mixed: choice down $3.47 ($396.11) and select up $0.57 ($377.42) with a movement of 81 loads (60.33 loads of choice, 4.53 loads of select, 7.97 loads of trim and 8.07 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading slightly lower, seeming to be unwilling to advance the market as aggressively as it did on Tuesday without the support of the live cattle contract's higher trend and without knowing what's going to be on Thursday's Cattle on Feed report. August feeder cattle are down $1.00 at $365.87, September feeders are down $1.12 at $364.15 and October feeders are down $1.32 at $361.10. Sales continue to be strong at the Superior Livestock Auction Corn Belt Classic and a full market report of the sale will be available later in the week.

LEAN HOGS:

The lean hog complex is higher as traders are willing to advance the contracts mildly following the setback earlier this week. Unfortunately, the market won't likely see much more of a price advancement later this afternoon as the contracts are nearing resistance and as midday pork cutout values are lower. July lean hogs are down $0.42 at $94.37, August lean hogs are up $1.07 at $96.12 and October lean hogs are up $0.85 at $80.77. The projected CME Lean Hog Index for 6/16/2026 is up $0.49 at $92.43 and the actual index for 6/15/2026 is down $0.16 at $91.93. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.08 with a weighted average price of $97.50, ranging from $86.00 to $98.00 on 3,625 head and a five-day rolling average of $96.69. Pork cutouts total 180.16 loads with 161.45 loads of pork cuts and 18.70 loads of trim. Pork cutout values: down $0.52, $95.05.

Wednesday Morning Livestock Market Update - Beef Demand Supports Futures

GENERAL COMMENTS:

Cattle futures opened near where they closed on Monday and moved substantially higher from there. News of the New World screwworm has not impacted beef demand. Cattle supplies remain tight and will remain that way for some time to come. Traders do not seem concerned about the Cattle on Feed report that will be released after the close on Thursday and ahead of a three-day weekend. Or traders may feel the report will be bullish and want to buy into the market ahead of it. The average trade guess for the report is for on feed at 102.3% of a year ago. Placements at 92.8% and marketings at 89.0%. Boxed beef prices were higher, with choice up $4.53 and select up $0.44. The strength this week of boxed beef and the increase in futures may result in packers having to pay higher prices for cattle.

Hogs continued to struggle. The July, August and October contracts closed lower, while later contracts showed minor gains. July took the brunt of it, falling to the lowest price since Nov. 21, 2025. The National Daily Direct Afternoon Hog report showed cash up $0.32 with a good volume of hogs purchased. However, pork cutouts showed further weakness, declining $1.53. There is no indication of a bottom in this market. Fund traders are net short and have increased their short position. Futures are oversold, but that is having no impact on trading activity. Packers continue to have sufficient hogs available, even though slaughter has increased compared to a year ago.

	BULL SIDE		BEAR SIDE
1)	The strength in boxed beef indicates demand remains robust despite recent news about the New World screwworm. Consumers feel confident in the safety of consuming beef.	1)	The rebound in cattle futures may be short-lived as traders may take a short-term profit ahead of the Cattle on Feed report.
2)	Higher boxed beef and strength in futures will give feedlots confidence to hold for higher cash.	2)	The strength of boxed beef may reach a threshold, as renewed higher prices may reduce demand.
3)	Hog futures are oversold and could see some short-covering ahead of the three-day weekend.	3)	There is no sign of a bottom in hog futures. The market is oversold, but the fundamentals do not suggest a change in trend.
4)	The recent sharp decline in crude oil will reduce fuel prices. This will allow for more disposable income for consumers, with pork demand benefiting from it.	4)	Packers continue to have plenty of hogs available. They do not need to bid aggressively to obtain what they need to maintain the higher slaughter pace.

Tuesday Closing Livestock Market Update - Cattle Rally Sharply Thanks to Stronger Equity Markets and Cheaper Oil

GENERAL COMMENTS:

With strong equity markets and cheapening oil prices, the cattle contracts closed sharply higher. Still no cash cattle trade has developed yet this week, but feedlot managers are hopeful that the board's higher trend will help sell cash cattle higher too this week. July corn is down 1 3/4 cents per bushel and July soybean meal is up $2.80. The Dow Jones Industrial Average is up 347.52 points and the NASDAQ is down 270.60 points.

LIVE CATTLE:

With the onset of stronger equity markets and the sharp decrease in the price of oil, it was almost easy for the live cattle contracts to close $3.00 to $5.00 higher by Tuesday's close. June live cattle closed $4.67 higher at $255.30, August live cattle closed $5.95 higher at $249.20 and October live cattle closed $5.20 higher at $242.00. We've yet to see if this upward trend in the futures market will have a positive effect on the cash sector, but one can only hope as today's surge put the spot August contract at its higher traded point since late April when the all-time high contract price was scored at $249.72. No bids or asking prices are known yet. 

Tuesday's slaughter is estimated at 109,000 head -- steady with a week ago and 9,000 head less than year ago.

Boxed beef prices closed higher: choice up $4.53 ($399.58) and select up $0.44 ($376.85) with a movement of 95 loads (69.88 loads of choice, 11.82 loads of select, zero loads of trim and 13.17 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. With the board's ambitious attitude, there's a chance that the cash market trades higher this week too.

FEEDER CATTLE:

Between the markets outside support of stronger equity markets and cheapening oil prices, to the closer more innate support of the live cattle contracts higher end and strong demand in the countryside for feeders, the feeder cattle contracts had no trouble closing higher on Tuesday. August feeders closed $5.32 higher at $366.87, September feeders closed $5.75 higher at $365.27 and October feeders closed $6.32 higher at $362.42. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $2.00 to $10.00 higher, and the six weight steers traded $20.00 higher. Feeder heifers traded steady to $5.00 higher. Weaned steer and heifer calves traded $20.00 higher. Unweaned calves sold uneven and the quality really dictated price on those types of cattle. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 6/15/2026: up $1.33, $364.00.

LEAN HOGS:

Even though the equity markets were stronger and the cash market traded hogs not only at a higher price but on a larger volume, the lean hog contracts ended the day mixed (lower in the nearby contracts but higher in the deferred contracts) as pork cutouts continue to lag behind trader's hopes and expectations. July lean hogs closed $1.77 lower at $94.80, August lean hogs closed $0.72 lower at $95.05 and October lean hogs closed $0.30 lower at $79.92. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.32 with a weighted average price of $97.57 on 8,650 head. Pork cutouts totaled 291.65 loads with 266.06 loads of pork cuts and 25.58 loads of trim. Pork cutout values: down $1.53, $95.59. Tuesday's slaughter is estimated at 485,000 head -- 9,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 6/12/2026: down $0.66, $92.09.

WEDNESDAY'S HOG CALL: Steady to somewhat lower. At this point it's most likely that packers have secured a large portion of the hogs they needed for the week and prices could either trade sideways or soften through the later part of the week.

Tuesday Midday Livestock Market Summary - Cattle Soar Higher

GENERAL COMMENTS:

With the help of strong equity markets and the recent decline in oil prices, most of the livestock contracts are trading higher into Tuesday's noon hour. No cash cattle trade has developed yet and bids and asking prices still remain elusive. July corn is down 3/4 cent per bushel and July soybean meal is up $2.30. The Dow Jones Industrial Average is up 494.85 points and NASDAQ is down 89.81 points.

LIVE CATTLE:

It's a glorious day for the live cattle contracts as not only are the futures trading higher, the market is rallying aggressively above its 40-day moving average, which has been a challenging threshold over the last three weeks. Consequently, Tuesday's rally only puts the market $1.00 away from the all-time high scored back in April. June live cattle are up $3.50 at $254.12, August live cattle are up $4.72 at $248.00 and October live cattle are up $4.55 at $241.30. No cash cattle trade has developed yet and no bids or asking prices have surfaced at this point.

Boxed beef prices are higher: choice up $4.86 ($399.91) and select up $1.58 ($377.99) with a movement of 57 loads (41.41 loads of choice, 8.29 loads of select, zero loads of trim and 7.44 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts rally anywhere from $3.00 to $4.00 higher -- dare I say it's been almost easy for the feeder cattle contracts to push a $5.00 to $6.00 rally into Tuesday's noon hour? August feeders are up $5.82 at $367.37, September feeders are up $5.97 at $365.50 and October feeders are up $6.07 at $362.17. With the help of strong support from the outside equity markets, this rally is likely going to hold at least through Tuesday's end, if not longer.

LEAN HOGS:

The lean hog contracts are trading mixed into Tuesday's noon hour as the external support of strong equity markets and the lower prices of oil are helping improve the mood of the complex; but traders still want to see better fundamental demand. July lean hogs are down $1.15 at $95.42, August lean hogs are down $0.02 at $95.75 and October lean hogs are up $0.10 at $80.32. The projected CME Lean Hog Index for 6/15/2026 is down $0.16 at $91.93 and the actual index for 6/12/2026 is down $0.66 at $92.09. Hog prices on the Daily Direct Morning Hog Report average $95.42, ranging from $95.00 to $98.00 on 1,185 head and a five-day rolling average of $96.32. Pork cutouts total 140.36 loads with 124.98 loads of pork cuts and 15.39 loads of trim. Pork cutout values: down $1.29, $95.83.

Tuesday Morning Livestock Market Update - Cattle Remain Supported

GENERAL COMMENTS:

Cattle futures rebounded as traders do not believe the New World screwworm and the small plant closings will have any negative impact on the market. Beef demand remains strong, and there is little indication of a surge in available cattle or herd rebuilding. The U.S. and Iran have a preliminary peace agreement to end the war and lift the blockade of the Strait of Hormuz. Crude oil prices have fallen significantly over the past three days, which will lower fuel prices. Consumers will have more disposable income, which may keep beef demand strong. Boxed beef prices were higher on Monday, with choice up $3.12 and select up $3.69. The market is holding support, which may provide traders with the confidence to buy into the market. Feeder cattle surged higher as demand at auctions remain strong, with a premium being paid for cattle.

Hog futures reversed Monday, with October through February contracts moving to new lows. Support continues to remain elusive, with fund traders net short in the market. Packers were aggressive on Monday with the National Daily Direct Afternoon Hog report up $1.98. Pork cutouts declined $0.27. Pork demand is good, but it is masked by the availability of the product. The strong slaughter pace increases the availability of pork, which keeps supply readily available for demand. Pork prices are not improving due to the plentiful supply. There has been anticipation that hog runs would diminish, but that has not been the case.

	BULL SIDE		BEAR SIDE
1)	The strength in cattle futures on Monday indicates the recent news has not been bearish for the market.	1)	Packers continue to reduce slaughter, attempting to improve their margins. Feedlots cannot hold heavier cattle indefinitely.
2)	Packers may need to be more aggressive this week, as they were light buyers last week.	2)	Live cattle are at the top of the recent trading range, which may limit further upside potential.
3)	Hog slaughter remains strong and should keep supplies current. This may eventually tighten supplies.	3)	New lows on some hog contracts do not bode well for the market. Traders see no need to cover their short positions even though the market is oversold.
4)	Hog futures remain oversold, and a price retracement could take place at any time.	4)	Pork cutouts lack consistent support. The supply of pork is plentiful.

Monday Closing Livestock Market Update - Cattle Close Higher Thanks to Stronger Beef Demand

GENERAL COMMENTS:

The cattle contracts ended the day stronger as consumer demand was strong. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas. July corn is up 2 3/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 468.77 points and the NASDAQ is up 795.10 points.

LIVE CATTLE:

With stronger boxed beef prices, the live cattle contracts rallied through the day's end. June live cattle closed $0.75 higher at $250.62, August live cattle closed $2.07 higher at $243.25 and October live cattle closed $3.00 higher at $236.80. The spot August contract closed just $0.05 above the market's 40-day rolling average, which means it will be especially important to see how the market reacts to that on Tuesday. If boxed beef prices remain strong, then traders may be able to hold a position above that threshold. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas. Monday's slaughter is estimated at 99,000 head -- 3,000 head less than a week ago and 1,000 head less than a year ago.

Do note that later this week, the markets will be closed on Friday, June 19, for the Juneteenth holiday, so the monthly Cattle on Feed report will be released on Thursday, June 18.

Boxed beef prices closed higher: choice up $3.12 ($395.05) and select up $3.69 ($376.41) with a movement of 68 loads (40.50 loads of choice, 9.13 loads of select, 5.99 loads of trim and 11.97 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that last week packers bought cattle late in the week and then immediately called for delivery on them likely means that they'll need to be a tick more aggressive this week.

FEEDER CATTLE:

It was a fruitful day for the feeder cattle contracts as the market closed anywhere from $4.00 to $5.00 higher and successfully ended the day above both the market's 40-day and 100-day moving averages. August feeder cattle closed $4.12 higher at $361.55, September feeders closed $4.97 higher at $359.52 and October feeders closed $5.17 higher at $356.10. At the Joplin Regional Stockyards in Carthage, Missouri, at their mid-session point, feeder steers were trading steady to $12.00 higher and feeder heifers were trading steady to $18.00 higher, with the biggest gains being seen on the heifers weighing 550 pounds or less. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 6/12/2026: down $5.34, $362.67.

LEAN HOGS:

The lean hog complex ended the day mixed as traders weren't willing to be overly supportive of the contracts without first seeing what consumer demand was going to be like. July lean hogs closed $0.87 lower at $96.57, August lean hogs closed $0.57 lower at $95.77 and October lean hogs closed $1.15 lower at $80.22. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.98 with a weighted average price of $97.25 on 1,398 head. Pork cutouts total 308.61 loads with 290.46 loads of pork cuts and 18.15 loads of trim. Pork cutout values: down $0.27, $97.12. Monday's slaughter is estimated at 484,000 head -- 19,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 6/11/2026: down $0.15, $92.75.

TUESDAY'S HOG CALL: Steady. Given that packers were a tick more aggressive in Monday's market than they normally are, I'd say that it's likely that they'll be active in Tuesday's market as they're likely short bought.

Monday Midday Livestock Market Summary - Cattle Rally While Hogs Remain Cautious

GENERAL COMMENTS:

The livestock complex is trading mixed into Monday's noon hour as the cattle contracts are scaling higher upon stronger consumer demand, but the lean hog contracts are trading lower. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas. July corn is up 2 cents per bushel and July soybean meal is up $0.50. The Dow Jones Industrial Average is up 717.04 points and NASDAQ is up 776.98 points.

LIVE CATTLE:

With the help of supportive boxed beef prices, the live cattle contracts are trading higher at the week's start and inching even closer to the market's resistance at its 40-day moving average. At this point, traders remain focused on the support stemming from strong consumer demand, but there's a possibility the contracts could soften later Monday or even later this week if not enough fundamental support arises. June live cattle are up $0.25 at $250.12, August live cattle are up $0.92 at $242.12 and October live cattle are up $1.92 at $235.72. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas.

Do note that later this week the markets will be closed on Friday, June 19 for the Juneteenth holiday, so the monthly Cattle on Feed report will be released on Thursday, June 18.

Boxed beef prices are higher: choice up $2.45 ($394.38) and select up $2.65 ($375.37) with a movement of 29 loads (22.04 loads of choice, 4.15 loads of select, zero loads of trim and 2.75 loads of ground beef).

FEEDER CATTLE:

With the support of the live cattle futures' higher trend, the feeder cattle contracts are rallying into Monday's noon hour, pushing anywhere from a $3.00 to $5.00 rally. This week is going to be a heavy hitter for the feeder cattle market as Superior's Corn Belt Classic is set to happen on June 16-17 and this will be the first real test of the summer for feeder cattle sales. With right over 73,000 head set to sell, the market will have a strong test of what feeder cattle demand is for the upcoming summer sales. August feeders are up $3.72 at $361.15, September feeders are up $4.65 at $359.20 and October feeders are up $4.85 at $355.77.

LEAN HOGS:

Meanwhile, the lean hog complex is trading mostly lower as the market desperately longs for continued support. Yes, midday pork cutout values are higher, but traders are leery of being too supportive when demand has been a mixed bag in recent weeks. July lean hogs are down $0.25 at $97.20, August lean hogs are down $0.10 at $96.22 and October lean hogs are down $1.00 at $80.37. The projected CME Lean Hog Index for 6/12/2026 is down $0.66 at $92.09, and the actual index for 6/11/2026 is down $0.15 at $92.75. Hog prices on the Daily Direct Morning Hog Report are not available because of confidentiality, however we can see that only 993 head have traded Monday morning and the market's five-day rolling average now sits at $96.85. Pork cutouts total 194.53 loads with 183.58 loads of pork cuts and 10.95 loads of trim. Pork cutout values: up $1.60, $98.99.

Monday Morning Livestock Market Update - Cattle May Show Further Weakness

GENERAL COMMENTS:

Cattle futures spent little time in positive territory as cash trade was slow to develop, leaving traders questioning whether steady to higher cash trade would surface, with nothing done by the market's close. Instead of cash being steady to higher, the result was steady to $1.00 lower. Packers will not be very anxious to post bids this week, but will see how the news develops. JBS announced the closing of two small plants -- one in Pennsylvania and one in Tennessee. It is uncertain how much impact this will have on the market, other than psychological. The other is that more cases of the New World screwworm have been confirmed. The number of cases has increased to 12. These cases span over six Texas counties and one New Mexico county. It has been found in cattle, goats, sheep and a dog. Clearly, this is not going away anytime soon. Boxed beef prices were lower on Friday, with choice down $1.28 and select down $0.53. The Commitment of Traders report showed fund traders reducing their net-long live cattle futures position by 7,035 contracts to a net long of 109,072. They added 93 contracts to feeder cattle to bring their net-long positions to 11,392.

Hog futures fell to new lows on Friday before short-covering emerged, pushing prices into positive territory by the close. However, that is little consolation given the market's weakness over the past weeks. The cash and cutout prices have not fluctuated to any large degree over the past weeks, but the premium that had been prevalent in the market has eroded to move futures closer to cash. It was a nice bounce, but it may not be a change in trend. The National Daily Direct Afternoon Hog report showed cash down $1.99. Pork cutout values jumped $2.92. Packers may step up early to purchase hogs for the week. The Commitment of Traders report showed funds adding 4,612 short positions, increasing their net-short position to 24,461.

	BULL SIDE		BEAR SIDE
1)	Traders may see little downside price risk and will be willing to maintain support in the market.	1)	Packers are expected to reduce their bids this week in an attempt to take advantage of the news in the market.
2)	More cases of the New World screwworm will be taken in stride and may not impact the market.	2)	Fund traders are reducing their net-long position and may continue to do so in the coming weeks. This may limit upside price potential.
3)	Hog futures are substantially oversold and could correct soon. Generally, there is a 50% retracement in price after a decline of this magnitude.	3)	An increasing net-short position in hog futures does not bode well for the market. Fund traders are not optimistic.
4)	Packers may step up aggressively today to purchase hogs earlier rather than later in the week.	4)	Demand has not increased sufficiently to offset the increased slaughter, leaving sufficient pork available to the market.

Friday Closing Livestock Market Update - Cattle Close Lower and Cash Sales Remain Slow to Develop

GENERAL COMMENTS:

The livestock complex ended the day mixed once again, with the cattle contracts fearing resistance while the lean hog contracts finally found some technical support. Only a handful of cattle sales have developed in the cash market, where live sales are being marked at $255, which is $1.00 lower than last week's weighted average. July corn is up 1 cent per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is up 353.51 points and the NASDAQ is up 79.18 points.

From Friday to Friday, the livestock contracts scored the following changes: June live cattle down $0.20, August live cattle down $0.47; August feeder cattle up $3.53, September feeder cattle up $3.73; June lean hogs down $1.77, July lean hogs down $1.35; July corn down $0.05, September corn down $0.06.

LIVE CATTLE:

With the help of stronger fundamentals, the live cattle contracts were left to sink lower through Friday's close as the market's 40-day moving average simply posed as too much of a resistance barrier at this time. June live cattle closed $1.60 lower at $249.87, August live cattle closed $1.50 lower at $249.87 and October live cattle closed $1.50 lower at $241.17 and October live cattle closed $1.60 lower at $233.80. At the time of this writing, only a handful of cattle had been traded in the cash market. But live sales were noted in both Nebraska and Texas at $255, which is $1.00 lower than last week's weighted average. No trade has developed yet this week in Kansas or Iowa, and no dressed trade has developed.

Friday's slaughter is estimated at 95,000 head -- 5,000 head less than a week and a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 524,000 head -- 9,000 head less than a week ago and 36,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.28 ($391.93) and select down $0.53 ($372.72) with a movement of 77 loads (52.80 loads of choice, 8.87 loads of select, 4.43 loads of trim and 10.74 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers not overly active this week, and boxed beef prices seeing some softness, prices may be lower next week.

FEEDER CATTLE:

And once again this afternoon, in keeping with perfect alignment to the live cattle complex, the feeder cattle contracts closed lower as the market's technical resistance was simply too much for the contracts to withstand. August feeders closed $2.22 lower at $357.42, September feeders closed $1.97 lower at $354.55 and October feeders closed $1.87 lower at $350.92. The Oklahoma Weekly Cattle Auction summary shared that compared to last week, feeder steers weighing over 850 pounds traded $2.00 to $6.00 higher, but steers under 850 pounds traded $10.00 to $13.00 higher. Feeder heifers sold $1.00 to $7.00 higher. Steer calves traded $10.00 to $15.00 higher and heifer calves traded steady to $4.00 higher. Slaughter cows sold steady to $5.00 lower, and slaughter bulls sold $2.00 lower. Feeder cattle supply over 600 pounds was 67%. The CME feeder cattle index 6/11/2026: down $2.09, $368.01.

LEAN HOGS:

The lean hog complex was able to maintain its momentum through the day's end as traders are seeing somewhat of a bottom form in the market's current move. July lean hogs closed $0.82 higher at $97.45, August lean hogs closed $0.45 higher at $96.35 and October lean hogs closed $0.30 higher at $81.37. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.99 with a weighted average price of $95.27 on 2,168 head. Pork cutouts totaled 333.08 loads with 318.47 loads of pork cuts and 14.61 loads of trim. Pork cutout values: up $2.92, $97.39. Friday's slaughter is estimated at 475,000 head -- 8,000 head more than a week ago and 40,000 head more than a year ago. Saturday's slaughter is projected to be around 48,000 head. The CME lean hog index 6/10/2026: down $0.02, $92.90.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Cattle Dip Lower, While Hogs Run Higher

GENERAL COMMENTS:

Mixed tones continue to follow the livestock complex as now the cattle contracts are trading lower but the lean hog contracts are scaling higher. Bids are on the table for the cash market, but no cattle have traded just yet. July corn is up 3 1/4 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is up 368.96 points and NASDAQ is up 62.96 points.

LIVE CATTLE:

Once again, the market's resistance at its 40-day moving average becomes too much for traders to bear, which is mainly why the complex is trading lower into Friday's noon hour. But it also isn't helpful that the market has yet to see any cash cattle trade develop. At this point, even if the fed cash cattle market is able to trade cattle higher, it won't likely have much of a positive effect on the complex ahead of the close. June live cattle are down $2.25 at $249.22, August live cattle are down $2.75 at $239.92 and October live cattle are down $2.75 at $232.65. A few bids are currently being offered in the cash cattle market (in both regions) but at this point feedlot managers are passing on them. Live asking prices are noted at $260 in Nebraska.

Boxed beef prices are mixed: choice down $0.10 ($393.11) and select up $0.73 ($373.98) with a movement of 58 loads (41.80 loads of choice, 5.41 loads of select, 4.38 loads of trim and 5.92 loads of ground beef).

FEEDER CATTLE:

Like the live cattle complex, the feeder cattle contracts are trading lower into Friday's noon hour as the market isn't seeing the technical or fundamental support it needs right now to push the contracts any higher. August feeder cattle are down $3.92 at $355.72, September feeders are down $3.62 at $352.90 and October feeders are down $3.52 at $349.27. Aside from the lack of technical support from the live cattle contracts, the feeder cattle contracts are currently under pressure from the market's resistance at its 40-day moving average.

LEAN HOGS:

The lean hog complex has thankfully found some technical support which is helping it trade higher into Friday's noon hour. Luckily the market has been able to chop merely sideways in recent trading days; which leads one to believe some sort of a technical bottom is forming for this current move. Plus, it's also helpful that pork cutouts are more than $3.00 higher on Friday's midday report. July lean hogs are up $0.67 at $97.30, August lean hogs are up $0.25 at $96.15 and October lean hogs are up $0.22 at $81.30. The projected CME Lean Hog Index for 6/11/2026 is down $0.15 at $92.75 and the actual index for 6/10/2026 is down $0.02 at $92.90. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.34 with a weighted average price of $94.26, ranging from $91.00 to $97.00 on 933 head and a five-day rolling average of $96.73. Pork cutouts total 161.29 loads with 152.99 loads of pork cuts and 8.29 loads of trim. Pork cutout values: up $3.31, $97.78.

Friday Morning Livestock Market Update - Hog Futures May Show Short-Covering Ahead of Weekend

GENERAL COMMENTS:

Cattle futures began Thursday without fanfare with a steady to slightly higher open. As the day progressed, so did the buying interest. The gains were not fueled by actual cash cattle trade, but by the anticipation of no worse than steady cash. Feedlots may hold out to obtain higher prices or carry cattle over to next week. The market has taken the news of the New World screwworm in stride and looked to the fundamentals of supply. No new cases have been reported in the past few days, providing confidence that the spread might be minimal. No cash cattle have traded, making today an interesting day. Boxed beef prices were lower on Thursday, with choice down $0.08 and select down $2.46.

Hog Futures finally posted minor gains in the August and later contracts after five consecutive days of losses. This does not mean a bottom has been found. However, traders may liquidate some of their short positions ahead of the weekend due to the market's oversold condition. Neither cash nor cutouts are providing much fundamental support to the market. The National Daily Direct Afternoon Hog report showed cash down $0.26. The packers likely have purchased much of what they need and will remain unaggressive Friday. Pork cutout values declined by $1.49. Friday is the final day to trade the June contract with July moving to the lead month.

	BULL SIDE		BEAR SIDE
1)	Steady to potentially higher cash cattle trade is expected Friday, which should support the market as the June contract carries a discount.	1)	Boxed beef prices have been choppy. This may limit the upside price potential of futures.
2)	So far, no further cases of the New World screwworm have been discovered. Traders are focusing on the fundamentals.	2)	Packers may not need to be aggressive this week as they have already purchased some cattle for deferred delivery. Feedlots may have to sell at a steady to lower price if they need to move cattle.
3)	Hog futures are significantly oversold and the bounce on Thursday could carry through Friday as traders may cover shorts ahead of the weekend.	3)	Weekly pork exports were 40% below the previous week and down 26% from the four-week average.
4)	Hog futures have held support at the November lows. The aggressive selling interest may have run its course.	4)	Market-ready hogs remain plentiful. Packers do not need to be very aggressive in the cash market to obtain the hogs they need.

Thursday Closing Livestock Market Update - Traders Helped Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day mostly higher as traders were willing to mildly support the contracts through the end of the day. Bids were offered throughout the day in the cash market, but no cattle have traded yet. July corn is down 7 1/4 cents per bushel and July soybean meal is down $0.20. The Dow Jones Industrial Average is up 929.97 points and the NASDAQ is up 640.16 points.

LIVE CATTLE:

It was a quiet and mixed day for the live cattle complex, as although the contracts were able to rally through the day's end, unfortunately, boxed beef prices closed lower. And given that the market is sitting in the second week of June, at any point in time, the market could begin to soften as retailers are likely close to having their coolers refilled after the holiday rush around Memorial Day. June live cattle closed $1.37 higher at $251.47, August live cattle closed $1.17 higher at $242.67 and October live cattle closed $1.70 higher at $235.40. No cash cattle trade developed throughout the day, but bids were offered. Asking prices in the South are firm around $258, but are still not established in the North. 

Thursday's slaughter is estimated at 105,000 head -- 3,000 head less than a week ago and 12,000 head less than a year ago.

Thursday's WASDE report shared that beef production for 2026 was decreased by 109 million pounds as both fed and non-fed slaughter speeds have declined. However, it is worth noting that the decline in slaughter is partially offset by heavier carcass weights. The quarterly steer price projections didn't show much of a change from May's report. The only quarter that saw an increase from last month was second quarter steers averaged $255 -- up $2.00 from last month. Steers in the third quarter are expected to average $252 and steers in the third quarter are expected to average $255, both of which are unchanged from a month ago. Beef imports for 2026 were steady at 6,109 million pounds, but beef exports for 2026 fell by 20 million pounds.

Boxed beef prices closed lower: choice down $0.08 ($393.21) and select down $2.46 ($373.25) with a movement of 110 loads (83.93 loads of choice, 13.53 loads of select, 7.62 loads of trim and 4.67 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that feedlot managers haven't been in a rush to trade cattle, it feels as though feedlot managers may be holding out to push packers into paying more.

FEEDER CATTLE:

Feeder cattle demand has been a tick stronger this week, and with the live cattle contract's higher trend, the feeder cattle contracts were able to end the day higher. August feeders closed $5.27 higher at $359.65, September feeders closed $5.15 higher at $356.52 and October feeders closed $5.07 higher at $352.80. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 800 to 1,000 pounds traded $5.00 to $6.00 lower. Feeder heifers weighing 700 to 900 pounds traded $5.00 higher to $5.00 lower. Slaughter cows sold steady, but slaughter bulls sold cheaper. Feeder cattle supply over 600 pounds was 95%. The CME feeder cattle index 6/10/2026: up $2.04, $370.10.

LEAN HOGS:

The lean hog complex ended the day mostly higher, although the nearby contracts did end a tick softer. June lean hogs closed $0.40 lower at $92.77, July lean hogs closed $0.22 lower at $96.62 and August lean hogs closed $0.47 higher at $95.90. Following the steep regression endured earlier in the week, hopefully, the complex is beginning to find some sort of technical bottom. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.26 with a weighted average price of $97.26 on 3,545 head. Pork cutouts totaled 267.86 loads with 248.52 loads of pork cuts and 19.35 loads of trim. Pork cutout values: down $1.49, $94.47. Thursday's slaughter is estimated at 485,000 head -- 9,000 head more than a week ago and 6,000 head more than a year ago. The CME lean hog index 6/9/2026: up $0.16, $92.92.

Thursday's WASDE report shared that pork production for 2026 was increased by 10 million pounds as heavier carcass weights are more than offsetting the slight decline in production. Meanwhile, quarterly hog prices saw a decrease from last month's report as hogs in the second quarter remained steady at $64.50, but hogs in the third quarter are now expected to average $69 (down $2.00), and hogs in the fourth quarter are now expected to average $74 (down $3.00). Pork imports for 2026 grew by 10 million pounds, and pork exports for 2026 grew by 20 million pounds.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs in the cash market.

Thursday Midday Livestock Market Summary - Cattle Continue to Inch Higher

GENERAL COMMENTS:

The cattle contracts are continuing to rally into Thursday's noon hour, but the lean hog complex hasn't found the same support. Bids are on the table in the South, but no cattle have traded yet. July corn is down 5 1/4 cents per bushel and July soybean meal is up $1.00. The Dow Jones Industrial Average is up 387.35 points and NASDAQ is up 203.30 points.

LIVE CATTLE:

The live cattle contracts are still mildly rallying as traders gingerly push the contracts higher and closer to resistance at the market's 40-day moving average. At this point, traders haven't seemed nervous about getting closer to that resistance threshold, which hopefully means they'll hold this momentum through Thursday's close. June live cattle are up $0.90 at $251.00, August live cattle are up $1.07 at $242.57 and October live cattle are up $1.55 at $235.25. Bids are on the table in three major feeding states, but because the offers are well below asking prices trade could be delayed for a while still. Asking prices are noted at $258 in the South but are not established in the North.

Thursday's WASDE report shared that beef production for 2026 was decreased by 109 million pounds as both fed and non-fed slaughter speeds have declined. However, it is worth nothing that the decline in slaughter is partially offset by heavier carcass weights. The quarterly steer price projections didn't show much of a change from May's report. The only quarter that saw an increase from last month was second quarter steers averaged $255 -- up $2.00 from las month. Steers in the third quarter are expected to average $252 and steers in the third quarter are expected to average $255 -- both of which are unchanged from a month ago. Beef imports for 2026 were steady at 6,109 million pounds, but beef exports for 2026 fell by 20 million pounds.

Boxed beef prices are mixed: choice up $1.59 ($394.88) and select down $0.41 ($375.30) with a movement of 63 loads (44.09 loads of choice, 8.10 loads of select, 7.39 loads of trim and 3.29 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts scaling higher, the feeder cattle contracts are boldly pushing higher into Thursday's noon hour. August feeders are up $5.30 at $359.67, September feeders are up $4.72 at $356.10 and October feeders are up $4.65 at $352.37. Helping add some additional support to the market is the fact that buyers have been a tick more aggressive this week in the countryside as the board's higher trend seems to have them buying more confidently.

LEAN HOGS:

While the cattle contracts rally, the lean hog contracts continue to fall as traders aren't confident in the marketplace right now. Yes, midday pork cutout values may be higher, but traders have seen too much choppy trade lately to let that alone hold the market steady. July lean hogs are down $0.27 at $96.57, August lean hogs are up $0.12 at $95.55 and August lean hogs are up $0.15 at $95.57. The projected CME Lean Hog Index for 6/10/2026 is down $0.02 at $92.90 and the actual index for 6/9/2026 is up $0.16 at $92.92. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.25 with a weighted average price of $97.60, ranging from $93.00 to $98.00 on 904 head and a five-day rolling average of $96.67. Pork cutouts total 137.43 loads with 128.47 loads of pork cuts and 8.95 loads of trim. Pork cutout values: up $1.05, $97.01.

Thursday's WASDE report shared that pork production for 2026 was increased by 10 million pounds as heavier carcass weights are more than offsetting the slight decline in production. Meanwhile quarterly hog prices saw a decrease from last month's report as hogs in the second quarter remained steady at $64.50, but hogs in the third quarter are now expected to average $69 (down $2.00) and hogs in the fourth quarter are now expected to average $74 (down $3.00). Pork imports for 2026 grew by 10 million pounds and pork exports for 2026 grew by 20 million pounds. 

Thursday Morning Livestock Market Update - Another Ban on Cattle Movement

GENERAL COMMENTS:

News about the New World screwworm has been a daily occurrence. Canada banned the importation of Texas cattle and now Mexico has joined them. Mexico is halting most livestock imports from the United States, including cattle, pigs, and sheep. There is not much livestock that moves from the U.S. to Mexico, but the ban has been implemented. So far, the market has digested the news of the past week and decided it was not bearish. The bearish aspect would be if beef demand were to decline. Cash cattle have not traded so far this week, as feedlots have not jumped to sell cattle aggressively due to the news. The expectation is for cash to trade steady to higher. Boxed beef prices were mixed on Wednesday, with choice up $0.38 and select down $1.23.

Hog futures moved higher as traders may have tried to bottom-pick the market due to it being near support. Early strength ran out of steam with most contracts making new lows, but avoided closing below support. Friday is the last trading day for June hogs, with the price closing near the low last seen Nov. 24, 2025. The downtrend has been brutal since futures topped on March 4. Packers remained aggressive on Wednesday with the National Daily Direct Afternoon Hog report up $0.04. Packers are not expected to be aggressive the rest of the week. Pork cutout values remained unchanged from Tuesday. Weekly hog weights averaged 289.4 pounds. The USDA will release the WASDE report at 11 a.m. CDT Thursday, which will show its estimates for average quarterly prices into next year.

	BULL SIDE		BEAR SIDE
1)	Traders have not turned bearish and liquidated positions due to the New World screwworm being discovered in the U.S.	1)	Packers may not need to be aggressive with cash purchases this week and may not raise their bids. Feedlots may need to lower offers to move cattle.
2)	Feedlots have not panicked and sold cattle this week, but may hold for steady-to-higher cash.	2)	Cattle futures may be developing a sideways pattern for the near term. A return to the highs may be difficult to achieve.
3)	Hog futures are oversold and prices near support may trigger short-covering.	3)	Weekly hog weights are 2.2 pounds higher than a year ago. Increased slaughter provides significantly more pork for consumers.
4)	Weekly hog weights declined one pound from the previous week, averaging 289.4 pounds.	4)	If futures break through and close below the November support, they could make another leg lower.

Wednesday Closing Livestock Market Update - Mixed Tones Again Follow the Complex

GENERAL COMMENTS:

It was yet another day for the livestock complex, where the cattle contracts rallied mildly while the hog contracts struggled to gain support. No cash cattle trade developed throughout the day. Do note that the monthly WASDE report is scheduled for release on Thursday. July corn is down 1/2 cent per bushel and July soybean meal is up $0.80. The Dow Jones Industrial Average is down 881.97 points and the NASDAQ is down 464.74 points.

LIVE CATTLE:

The livestock contracts ended the day stronger as traders were willing to advance the contracts mildly but weren't quite confident enough in the market's position to rival its resistance at the 40-day moving average threshold. June live cattle closed $2.07 higher at $250.10, August live cattle closed $1.80 higher at $241.50 and October live cattle closed $1.57 higher at $233.70. No cash cattle trade developed throughout the day, and no bids were offered either. Asking prices are noted at $258 to $260 in Texas, but are not established in other regions. 

Wednesday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.38 ($393.28) and select up $1.23 ($375.70) with a movement of 107 loads (68.19 loads of choice, 13.93 loads of select, 9.55 loads of trim and 15.44 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. Given that feedlot managers didn't jump at the early bids offered in Nebraska on Wednesday, I'm led to believe that feedlot managers believe that packers are still in need of more cattle and that they should be able to successfully hold the market steady, if not even advance it mildly.

FEEDER CATTLE:

And again today, with the support of the live cattle contracts higher trend and a tick more interest in the countryside for feeders and calves, the feeder cattle contracts were also able to end the day stronger. August feeders closed $0.22 higher at $354.37, September feeders closed $0.67 higher at $351.37 and October feeders closed $0.82 higher at $347.72. At the OKC West Livestock Auction in EL Reno, Oklahoma, compared to last week, feeder steers over 750 pounds sold $6.00 to $12.00 higher, but steers under 750 pounds traded $15.00 to $20.00 higher. Feeder heifers sold $5.00 to $10.00 higher. Steer calves traded $5.00 to $15.00 stronger, and heifer calves sold steady to $5.00 stronger. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 6/9/2026: down $0.14, $368.06.

LEAN HOGS:

Try as it might, the lean hog complex just wasn't able to muster up enough support to push all the contracts higher by Wednesday's end. The spot July contract and nearby August contract closed higher, but without enough concrete fundamental support in the complex, the rest of the contracts fell lower through the day's close. July lean hogs closed $0.70 higher at $96.85, August lean hogs closed $0.72 higher at $95.42 and October lean hogs closed $0.17 lower at $80.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.04 with a weighted average price of $97.52 on 4,693 head. Pork cutouts totaled 353.00 loads with 306.02 loads of pork cuts and 46.97 loads of trim. Pork cutout values: unchanged, $95.96. Wednesday's slaughter is estimated at 477,000 head -- 1,000 head less than a week and a year ago. The CME lean hog index 6/8/2026: up $0.13, $92.76.

THURSDAY'S HOG CALL: Steady. Packers have been more aggressive in this week's cash market, which likely means that they were short bought coming into the week. Now, whether or not they need more hogs on what they've already purchased remains unknown.

Cattle updates - Price strength persists, drought risk builds

Tight cattle supplies and strong consumer demand continue to support historically strong market conditions, though drought risk is escalating. Pasture conditions and hay production will be key drivers of cattle production capacity heading into 2026.

As of May 26, 60% of U.S. cattle regions were in drought, up sharply from 37% a year earlier. Within AgWest states, Arizona, Idaho, Oregon, and Montana face some of the most severe conditions, while California and Washington remain comparatively manageable. In contrast, drought is intensifying across major production areas in the Central and Southern Plains, where 52% of Oklahoma, 65% of Texas, and 75% of Nebraska cattle regions are classified in D2 (severe) drought or worse. While a transition to El Niño may improve moisture conditions in key central regions, the West is expected to remain hot and dry, posing ongoing challenges for forage production and limiting herd expansion.

With rising drought concerns and water cutbacks, hay production is likely to be constrained, keeping forage costs elevated. In response, cow-calf producers in Idaho and Montana have already begun purchasing hay, contributing to recent price increases. (See the hay update for additional details.) In contrast, corn supplies are projected to remain adequate. Prices are stabilizing in a moderate range that will support feedlot cost-of-gain.

The lack of carrying capacity won’t be conducive to herd expansion and points to continued cattle supply constraints. Domestic inventories have contracted significantly from the 2019 cycle peak, with total cattle numbers down roughly 8–9% and the beef cow herd down about 12–13%.

U.S. beef production has remained resilient despite tight domestic cattle supplies. The industry has partially offset lower slaughter volumes through heavier carcass weights, adding an estimated 200+ million pounds of production in 2025 compared to the previous year. Carcass weights remain elevated in 2026 and are expected to continue supporting overall output. However, these larger animals are creating processing challenges, as not all slaughter facilities are equipped with the infrastructure needed to handle increased carcass size. At the same time, the expansion of beef-on-dairy cattle has strengthened the supply base, now accounting for more than 12% of fed cattle production. One emerging downside risk is the New World screwworm; despite extensive mitigation efforts, a confirmed case in Texas on June 3 marks a meaningful escalation in the threat to U.S. cattle supplies.

Consumer demand for beef remains consistently strong, supported by its enduring role in protein consumption despite normal market cycles. While higher prices have not significantly weakened demand, consumers and retailers are placing greater emphasis on meat quality and grade, influencing purchasing behavior and shaping how producers raise and finish cattle. Going forward, rising household cost pressures may limit further price gains, leading to a more stable demand environment.

Cattle prices are expected to remain historically strong but may face some near-term pressure. Fed cattle prices have recently reached record highs, though seasonal patterns suggest potential softening later in the year. While tight supply fundamentals should provide ongoing support, prices may face headwinds from seasonal trends, rising cost constraints, and broader market volatility.

Profitability

Cattle feeders: Slightly profitable - Neutral 12-month outlook
Cow-calf producers: Very profitable - Neutral 12-month outlook

Strong fed cattle prices and heavy carcass weights have helped offset higher feeder cattle costs.

Record-high calf prices, driven by historically tight cattle supplies and strong beef demand, have more than offset elevated production costs.