Monday Closing Livestock Market Update - Traders Drove Contracts Higher

GENERAL COMMENTS:

It was a fruitful day for the livestock contracts as the markets closed higher thanks to greater trader interest and support. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. July corn is up 5 3/4 cents per bushel and July soybean meal is up $8.70. The Dow Jones Industrial Average is down 62.92 points and the NASDAQ is up 50.50 points.

LIVE CATTLE:

It was a prosperous day for the live cattle complex as the market was fully supported by traders, which led to a nice rally through the day's end. June live cattle closed $3.72 higher at $348.95, August live cattle closed $3.72 higher at $245.37 and October live cattle closed $3.57 higher at $241.05. With the added support of stronger boxed beef prices and the hope that fed cash cattle prices will trade higher this week as well, traders were bold throughout Monday's market. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. Monday's slaughter is estimated at 106,000 head, 9,000 head more than a week ago and 2,000 head more than a year ago.

Last week Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which were $2.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $2.56 ($389.56) and select up $2.53 ($388.60) with a movement of 94 loads (70.13 loads of choice, 6.15 loads of select, 4.70 loads of trim and 13.28 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. With May being the strongest demand month of the year historically, there's hope throughout the complex that cash prices will be higher this week.

FEEDER CATTLE:

And in keeping in one perfect unison with the live cattle complex, the feeder cattle contracts also closed higher Monday afternoon. May feeders closed $6.55 higher at $367.45, August feeders closed $6.50 higher at $368.27 and September feeders closed $6.50 higher at $366.25. Demand has been strong in the countryside for calves that will make good grass cattle as the turn-out season is nearing, but with prices so high, buyers have been picky on the type and kind they purchase. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers were selling $10.00 lower to $10.00 higher, with feeder heifers traded unevenly steady from $5.00 lower to $10.00 higher. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index for 4/24/2026: up $0.02, $369.34.

LEAN HOGS:

The lean hog complex also enjoyed a modest rally throughout Monday's trade as the market was chalked full of trader support. June lean hogs closed $0.27 higher at $102.17, July lean hogs closed $0.12 higher at $105.02 and August lean hogs closed $0.02 higher at $105.60. And it was slightly disappointing for traders to see pork cutout values tip lower, as they need continued fundamental support to help drive the contracts higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.18 with a weighted average price of $90.24 on 1,539 head. Pork cutouts totaled 273.25 loads with 236.18 loads of pork cuts and 37.07 loads of trim. Pork cutout values: down $0.38, $99.23. Monday's slaughter is estimated at 489,000 head, 3,000 head less than a week ago and 5,000 head more than a year ago. The CME lean hog index 4/23/2026: up $0.01, $91.44.

TUESDAY'S HOG CALL: Higher. Packers weren't overly aggressive in today's trade, which likely means that they'll need to be more aggressive in Tuesday's market.

 

Monday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is off to a stronger start, as all three markets are trading higher into midday Monday. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. July corn is up 4 3/4 cents per bushel and July soybean meal is up $9.10. The Dow Jones Industrial Average is down 60.30 points and the NASDAQ is down 43.32 points.

LIVE CATTLE:

The live cattle complex is off to an ambitious start this week, with contracts enjoying a strong $2.00 to $3.00 rally as boxed beef prices are higher to start the week, and traders continue to hope that fundamental support will surface later this week. June live cattle are up $3.70 at $248.92, August live cattle are up $3.67 at $245.22 and October live cattle are up $3.45 at $240.92. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado.

Last week Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which were $2.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.42 ($388.42) and select up $1.67 ($387.74) with a movement of 39 loads (28.06 loads of choice, 3.15 loads of select, zero loads of trim and 8.10 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also enjoying a bullish rally this morning as traders continue to move the contracts in the same direction as the live cattle complex. May feeders are up $6.30 at $366.92, August feeders are up $6.17 at $367.90 and September feeders are up $6.15 at $365.90. And so long as the live cattle complex continues to trade in a bullish manner, the feeder cattle complex shouldn't struggle to keep the same trend.

LEAN HOGS :

The lean hog complex is also trading higher after the market endured some pressure just last week and chopped sideways throughout most of the week's duration. But if pork demand remains stable and potentially pushes higher, then there's a chance that contracts will also be able to advance. June lean hogs are up $0.42 at $102.32, July lean hogs are up $0.17 at $105.07 and August lean hogs are up $0.12 at $105.70.

The projected lean hog index for 4/24/2026 is down $0.18 at $91.26, and the actual index for 4/23/2026 is up $0.01 at $91.44. Hog prices are lower on the Daily Direct Morning Hog report, down $0.28 with a weighted average price of $90.32, ranging from $88.00 to $92.00 on 1,469 head and a five-day rolling average of $90.84. Pork cutouts total 142.80 loads with 114.97 loads of pork cuts and 27.82 loads of trim. Pork cutout values: up $0.68, $100.29.

Monday Morning Livestock Market Update - Uncertainty May Result in Mixed Trade

GENERAL COMMENTS:

Cash cattle traded lower last week, but Friday's trade did not reflect that. Lower cash had already been factored in, allowing the market to correct into the weekend. It is uncertain whether the strong gains in boxed beef will provide further support today. Boxed beef prices on Friday showed choice up $3.50 and select up $3.49. Cattle futures closed lower for the week, but it is uncertain whether the trend will continue. High fuel prices, which are impacting food prices, are affecting consumer buying habits. Consumers are turning toward lower-priced beef cuts and may be turning toward other sources of meat. The Commitment of Traders showed the fund traders trimming their long positions by 23 contracts, reducing their net-long position in live cattle to 132,816. They were net sellers of 1,603 contracts in feeder cattle, reducing their long position to 20,348.

Hog futures closed lower on Friday, but closed higher for the week. There was little fundamental news last week to establish a change in trend. Without much change in the fundamentals, technical trade seemed to be the activity of the week. The May and June contracts closed the chart gap that had remained since earlier in the week. Some later contracts still retain their gaps, but without strong support, those may be filled soon. As expected, there was no change released on the National Daily Direct Afternoon Hog report, with only a weighted average price of $90.42 reported. Pork cutouts were higher, posting a gain of $1.79. However, that in itself will have little impact on the market today. The Commitment of Traders report showed the fund traders selling 23,155 futures contracts, reducing their net-long position to 54,876.

	BULL SIDE		BEAR SIDE
1)	Higher boxed beef prices may indicate that some stability is developing at the lower prices.	1)	The bounce of cattle futures on Friday may be the result of short covering into the weekend and not that support has been found.
2)	Even though consumers seem to be turning toward lower price cuts of beef, demand should remain strong overall.	2)	The Commitment of Traders report showed the first decrease in long positions seen for a while. Traders may continue to liquidate to reduce their exposure.
3)	Hog futures may have found support, but technical trade may result in closing the chart gaps. Once close, aggressive buying may again resume.	3)	Some hog futures contracts have chart gaps below the market that need to be filled and likely will happen soon.
4)	Hog slaughter remains aggressive and will continue to keep supply from backing up in the market and eventually tighten supply.	4)	Packers are not expected to be aggressive with their hog purchases to begin the week, but will see how many they have available.

Friday Closing Livestock Market Update - Mixed Tones Followed the Complex

GENERAL COMMENTS:

The livestock complex closed mixed Friday afternoon, with the cattle contracts scaling higher while the hog contracts closed lower. More than anything, fundamental support needs to be strong next week if the contracts are to scale any higher. July corn is down 1/4 cent per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is down 79.61 points and the NASDAQ is up 398.10 points.

From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.65, June live cattle down $2.13; April feeder cattle down $3.70, May feeder cattle down $4.37; June lean hogs up $0.85, July lean hogs up $1.23; May corn up $0.06, July corn up $0.06.

LIVE CATTLE:

The live cattle complex ended the day with a modest rally as traders quickly absorbed the extra technical support that poured into the market late this week. June live cattle closed $1.72 higher at $245.22, August live cattle closed $1.50 higher at $241.65 and October live cattle closed $1.75 higher at $237.47. No new cash cattle trade developed following Wednesday's and Thursday's business. Throughout the week, Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which are $2.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 93,000 head, 16,000 head more than a week ago and 10,000 head more than a year ago. Saturday's slaughter is projected to be around 11,000 head. The week's total slaughter is estimated at 529,000 head, 15,000 head more than a week ago and 26,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.50 ($387.00), select up $3.49 ($386.07) with a movement of 71 loads (42.42 loads of choice, 4.33 loads of select, 10.93 loads of trim and 13.29 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers able to secure more inventory at lower prices, they're slowly gaining more leverage in the marketplace.

FEEDER CATTLE:

The feeder cattle complex also ended the day stronger, with most of the contracts able to close anywhere from $2.00 to $3.00 higher. May feeders closed $2.02 higher at $360.90, August feeder cattle closed $2.42 higher at $361.77 and September feeder cattle closed $2.67 higher at $359.75. Luckily, although the market came close to falling below its 40-day moving average in the spot May contract, with the added technical support late in the week, the contract has again moved away from that threshold. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $1.00 to $6.00 lower and feeder heifers traded $5.00 to $10.00 lower. Steer calves sold $7.00 to $10.00 lower and heifer calves sold $5.00 to $8.00 lower. Slaughter cows traded $1.00 to $4.00 stronger, and slaughter bulls sold $1.00 lower. The weekly report did include this note, which I found interesting: Packers continue to be outbid by aggressive return to feed buyers, as cows that would typically go for slaughter are instead being returned to grass. Feeder cattle supply over 600 pounds was 75%. The CME feeder cattle index 4/25/2026: down $0.68, $369.32.

LEAN HOGS:

The lean hog complex ended the day mixed, with the market's nearby contracts closing a tick lower while the deferred contracts held onto their slightly higher position. More than anything, traders need to see greater fundamental support, and while you may want to point to today's uptick in pork demand, traders saw that support come in a little too late in the week to do much good. June lean hogs closed $1.55 lower at $101.90, July lean hogs closed $1.52 lower at $104.90 and August lean hogs closed $1.30 lower at $105.57. Hog prices averaged $90.42 on the Daily Direct Afternoon Hog Report, ranging from $88.00 to $92.00 on 1,306 head and a five-day rolling average of $92.19. Pork cutouts totaled 339.71 loads with 303.52 loads of pork cuts and 36.20 loads of trim. Pork cutout values: up $1.79, $99.61. Friday's slaughter is estimated at 485,000 head, 44,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 31,000 head. The CME lean hog index 4/23/2026: down $0.38, $91.43.

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