Friday Midday Livestock Market Update - Weaker Tones Send Contracts Lower

GENERAL COMMENTS:

The livestock complex is trading lower into Friday's noon hour as the market simply doesn't have enough support to turn the futures higher. There's been a thin movement of cattle noted in Texas at $256, but otherwise the cash market hasn't seen much trade either. July corn is down 7 3/4 cents per bushel and July soybean meal is down $4.60. The Dow Jones Industrial Average is up 380.17 points and NASDAQ is up 98.59 points.

LIVE CATTLE:

The live cattle complex continues to scale lower as the market simply isn't seeing the level of fundamental support it needs. With the attitude around the cash market seeming as though prices are going to be lower this week -- and with midday boxed beef prices lower -- traders don't have enough fundamental support to justify advancing the contracts. June live cattle are down $1.17 at $248.57, August live cattle are down $1.42 at $239.57 and October live cattle are down $1.90 at $230.67. Some light cash cattle trade is being reported in Texas at $256, which is $4.00 lower than last week's weighted average. A few more bids are now being offered, but no more sales have been confirmed. Asking prices are noted in Nebraska at $410 but are not identified in the South. More trade will need to develop throughout Friday.

Boxed beef prices are lower: choice down $0.26 ($392.06) and select down $2.26 ($383.32) with a movement of 60 loads (33.07 loads of choice, 8.13 loads of select, 7.19 loads of trim and 11.49 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts drift lower, the feeder cattle contracts didn't even attempt to trade higher and are also lower heading into Friday's noon hour. August feeders are down $4.32 at $348.70, September feeders are down $4.57 at $345.67 and October feeders are down $4.77 at $342.22. A lower tone is likely to remain the market's theme through Friday as fundamental support simply isn't surfacing.

LEAN HOGS:

The lean hog contracts are also trading lower into Friday's noon hour as traders are merely wiping their hands of the market ahead of the weekend. June lean hogs are down $0.95 at $96.02, July lean hogs are down $2.05 at $100.07, and August lean hogs are down $2.05 at $98.87. Yes, midday pork cutout values are a tick higher -- but at this point it's too little support showing up too late in the week to make a difference.

The projected CME Lean Hog Index is delayed from the source. Hog prices are not available right now as the USDA is experiencing technical difficulties and the report has not been published. Pork cutouts total 314.52 loads with 261.97 loads of pork cuts and 52.55 loads of trim. Pork cutout values: up $0.91, $100.02.

Friday Morning Livestock Market Update - Traders Wait for Cash Direction

GENERAL COMMENTS:

Traders were not able to find any specific fundamental reason to support cattle futures. Cash has not traded sufficiently to provide solid direction for the week. Early strength on Thursday waned as traders could not find support. Fundamentally, cattle supplies are tight, but that is old news. If demand slows, it will not make any difference that supplies are tight. The slaughter pace is lower, but cattle weights are higher. This results in a steady beef supply despite the lower pace. Boxed beef prices have decreased since early in the week. On Thursday, choice boxed beef declined $2.40, with select down $3.71.

Hogs closed moderately higher, except for the June and July contracts. There was no solid fundamental reason for futures to move higher, as packers remained unaggressive in the cash market. The National Daily Direct Afternoon Hog report was down $1.00. It is uncertain whether packers will need more hogs to finish out the week. It was expected that they would increase slaughter to make up for the holiday-shortened week, but that does not seem to be the case. Pork cutout values were up $0.76, but that will have a limited positive impact on the market today. Weekly hog weights averaged 291.1 pounds.

	BULL SIDE		BEAR SIDE
1)	If the cash cattle trade is no worse than steady, futures are likely to increase as there is a significant discount to cash.	1)	Cattle futures have had difficulty holding gains as traders are concerned about the ongoing beef demand.
2)	There remains a strong demand for feeder cattle, with feedlots paying a premium for animals to put on feed.	2)	Packers may remain unaggressive in the cash market today, which may result in lower cash cattle trade.
3)	Hog futures remain oversold and should see further short covering to correct the market.	3)	Other than hog futures correcting from being oversold, there is little else for traders to turn bullish.
4)	Weekly hog weights declined by 0.2 pounds to an average of 291.1 pounds. Further decline is expected to move through the summer.	4)	Weekly hog weights are 3.1 pounds higher than a year ago. There are sufficient hogs and plenty of pork available for demand.

Thursday Closing Livestock Market Update - Traders Send Cattle Contracts Lower Upon Not Seeing Enough Fundamental Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts closing weaker, but the lean hog contracts were met with mild trader support. No cash cattle trade developed throughout the day. July corn is up 3 1/4 cents per bushel and July soybean meal is up $3.50. The Dow Jones Industrial Average is up 24.69 points and the NASDAQ is up 242.74 points.

LIVE CATTLE:

The live cattle complex drifted lower throughout the day as traders didn't see enough fundamental support in the market to justify pushing the contracts any higher. June live cattle closed $1.67 lower at $249.75, August live cattle closed $1.50 lower at $241.00 and October live cattle closed $1.40 lower at $232.57. Bids of $253 were offered throughout the day in Kansas and Nebraska, but no cattle traded. And at this point, asking prices remain elusive. 

Thursday's slaughter is estimated at 110,000 head -- 1,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.40 ($392.32) and select down $3.71 ($385.58) with a movement of 125 loads (89.25 loads of choice, 12.90 loads of select, 8.44 loads of trim and 14.29 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. There's a chance that packers could be short bought and that prices may trade higher later this week, but with boxed beef prices closing lower, packers will likely try to use that as leverage and work the cash market lower.

FEEDER CATTLE:

Without the help or support of the live cattle contracts, the feeder cattle contracts closed lower without another option in hand. August feeders closed $1.60 lower at $353.02, September feeders closed $1.55 lower at $350.25 and October feeders closed $1.47 lower at $347.00. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 875 to 975 pounds sold unevenly steady, however load lots sold up to $5.00 higher. Steers weighing 775 to 875 pounds traded up to $10.00 higher. Feeder heifers weighing 700 to 950 pounds traded $9.00 to $12.00 higher. Feeder cattle supply over 600 pounds was 96%. The CME feeder cattle index 5/27/2026: up $2.37, $369.63.

LEAN HOGS:

The lean hog complex was able to end the day mostly higher on the June 2026 contract closing the day lower. Traders were pleased to see pork cutout values higher at midday, but unfortunately, the afternoon's carcass price did close a tick lower. June lean hogs closed $0.62 lower at $96.97, July lean hogs closed steady at $102.12 and August lean hogs closed $0.07 higher at $100.92. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $1.00 with a weighted average price of $93.64 on 2,232 head. Thursday's slaughter is estimated at 476,000 head -- 8,000 head less than a week ago and steady with a year ago. Pork cutouts totaled 335.54 loads with 288.22 loads of pork cuts and 47.31 loads of trim. Pork cutout values: up $0.76, $99.11. The CME lean hog index 5/26/2026: down $0.12, $90.58.

FRIDAY'S HOG CALL: Lower. Packers have likely secured the vast majority of their cash needs for the week.

Thursday Midday Livestock Market Update - Lackadaisical Tones Take Over Complex

GENERAL COMMENTS:

Thus far it's been a quiet and mundane day for the livestock complex without much developing. There's a single cash bid on the table in Kansas at $253; otherwise no cash business has developed. July corn is up 3 3/4 cents per bushel and July soybean meal is up $3.90. The Dow Jones Industrial Average is up 36.52 points and NASDAQ is up 206.26 points.

LIVE CATTLE:

With boxed beef prices lower and still no cash cattle trade developing, the live cattle futures are trading slightly lower into Thursday's noon hour. June live cattle are down $0.92 at $250.50, August live cattle are down $0.27 at $242.22 and October live cattle are down $0.27 at $233.70. A single bid is on the table in Kansas at $253, but otherwise the cash market sits idle with no business yet. With it being a holiday-shortened week, export data will be released on Friday.

Boxed beef prices are lower: choice down $2.23 ($392.49) and select down $1.96 ($387.33) with a movement of 57 loads (44.54 loads of choice, 5.37 loads of select, zero loads of trim and 6.79 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading mostly lower, other than the November 2026 and January 2027 contracts. But without the support of the live cattle contracts, the feeder cattle complex isn't willing to boldly step out and trade higher by itself. August feeders are down $0.22 at $354.40, September feeders are down $0.10 at $351.70 and October feeders are down $0.12 at $348.35.

LEAN HOGS:

The lean hog contracts are lower as traders aren't willing to advance the contracts following Wednesday's modest move higher. It's unfortunate because Thursday there's signs of stronger consumer support with the midday pork cutout values up over $2.00. But traders are leery of being too ambitious. June lean hogs are down $0.55 at $97.05, July lean hogs are down $0.07 at $102.07 and August lean hogs are down $0.10 at $100.75.

The projected CME Lean Hog Index for 5/27/2026 is up $0.34 at $90.92 and the actual index for 5/26/2026 is down $0.12 at $90.58. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.03 with a weighted average price of $94.47, ranging from $91.50 to $95.00 on 1,207 head and a five-day rolling average of $94.30. Pork cutouts total 231.27 loads with 192.25 loads of pork cuts and 39.02 loads of trim. Pork cutout values: up $2.37, $100.72.