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.

Thursday Closing Livestock Market Update - Contracts Close Higher on Thursday

GENERAL COMMENTS:

The livestock contracts ended the day higher, as traders were willing to mildly support the contracts even without there being strong developments in the cash market. There was another thin movement on Thursday in the cash complex, but prices held steady with Wednesday's business, which is $2 lower in both regions. May corn is up 1 1/4 cents per bushel, and July soybean meal is up $0.20. The Dow Jones Industrial Average is down 179.71 points, and the NASDAQ is down 219.07 points.

Thursday's export report shared that beef net sales of 15,100 metric tons (mt) for 2026 were up 26% from the previous week and 17% from the prior four-week average. The three largest buyers were South Korea (5,100 mt), Japan (4,100 mt) and Mexico (2,100 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 57% from the previous week and 60% from the prior 4-week average. The three largest buyers were Mexico (8,900 mt), South Korea (3,300 mt) and Columbia (3,300 mt).

LIVE CATTLE:

All in all, it was a mixed day for the live cattle complex as, yes, the futures contracts were able to close higher, but the cash market kept with Wednesday's trend and cattle traded mostly $2 lower in both regions than compared to last week's weighted average. Thursday was a mixed case, as the futures contracts received a tick more technical support following the six previous days when the market scaled lower, but the market's fundamentals didn't see the same uptick in enthusiasm, as cash prices still traded lower than last week's weighted average and boxed beef prices closed lower. Some more cash cattle trade developed throughout the day with Northern dressed cattle trading at $386, and Southern live cattle traded at $246, both of which were steady prices with Wednesday's business and $2 lower than last week's weighted average. At this point, some more cleanup trade could develop, but it's looking like the bulk of this week's trade is done. 

Thursday's slaughter is estimated at 106,000 head -- 2,000 head more than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.69 ($383.50) and select down $0.75 ($382.58) with a movement of 105 loads (71.24 loads of choice, 4.68 loads of select, 13.94 loads of trim and 14.83 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady with the week's trend. Some more cleanup trade could develop on Friday, but it's likely that the week's trend is set and any cattle that do trade will keep with the week's weighted average.

FEEDER CATTLE:

The feeder cattle contracts also ended the day slightly higher as the market closely followed the direction of the live cattle contracts. May feeders closed $0.45 higher at $358.87, August feeders closed $0.47 higher at $359.35 and September feeders closed $0.65 higher at $357.07. And with the market's change of direction, the spot May contract was able to maintain a position above its 40-day moving average. At Mobridge Livestock Exchange in Mobridge, South Dakota, compared to last week, the best test on steers was those weighing 850 to 899 pounds, which traded $12 to $14 higher on a thin test. Heifers weren't well tested. Feeder cattle supply over 600 pounds was 98%. The CME feeder cattle 4/22/2026: down $3.44, $370.

LEAN HOGS:

The lean hog complex was able to maintain a slightly higher position through Thursday's close, as more than anything, traders were simply willing to support the contracts. It was disappointing to note that pork cutout values closed lower again Thursday afternoon, and the cash market has been of little support this week, too. June lean hogs closed $0.82 higher at $103.45, July lean hogs closed $0.72 higher at $106.42 and August lean hogs closed $0.75 higher at $106.87. Hog prices were unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 2,261 head traded throughout the day and that now the market's five-day rolling average sits at $92.12. Pork cutouts totaled 255.36 loads with 209.99 loads of pork cuts and 45.36 loads of trim. Pork cutout values: down $0.73, $97.82. Thursday's slaughter is estimated at 490,000 head -- 1,000 head less than a week ago and 18,000 head more than a year ago. The CME lean hog index 4/21/2026: up $0.54, $91.05.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely filled the needs in the cash market and won't likely participate on Friday.

Friday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Have Stalled

GENERAL COMMENTS:

The livestock complex is seeing mixed trade at midday Friday, as the cattle contracts are trading higher thanks to some additional technical support. However, the lean hog complex is stalling and trading mostly lower. No new cash cattle trade has developed, and it's looking like the bulk of this week's trade is done with. July corn is down 1 1/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is down 124.47 points and the NASDAQ is up 372.28 points.

LIVE CATTLE:

The live cattle complex is trading higher into Friday's noon hour as the market has thankfully stumbled into some technical support. June live cattle are up $1.35 at $244.85, August live cattle are up $1.27 at $241.40 and October live cattle are up $1.57 at $237.30. Following the market's regression earlier this week, on Thursday, the market seemed to have established a short-term bottom for the time being. And it's pretty impressive that the market has done this while receiving no support from the cash market, as prices have been lower this week. So far this week, Northern dressed deals have had a range of $385 to mostly $386, $2 lower than the prior week's weighted averages. Southern live trade has been marked at $246, $2 lower than the previous week's weighted averages. At this point, some more clean-up trade could develop in the cash market, but the bulk of the week's trade is likely done with.

Boxed beef prices are higher: choice up $3.66 ($387.16) and select up $2.38 ($384.96) with a movement of 44 loads (27.98 loads of choice, 2.72 loads of select, 5.56 loads of trim and 8.09 loads of ground beef).

FEEDER CATTLE:

And in keeping with alignment to the live cattle market, the feeder cattle contacts are also trading higher. May feeders are up $2.22 at $361.10, August feeders are up $2.45 at $361.80 and September feeders are up $2.65 at $359.72. The market's change in direction has thankfully kept the spot May contract above its 40-day moving average, which remains a critical threshold to monitor.

LEAN HOGS:

The lean hog complex is trading lower into Friday's noon hour as the market seems to be stalling out. Although pork demand may seem stronger today as the carcass price is up $2.63, demand has been choppy this week, and traders need more fundamental support if they're going to successfully trade the contracts any higher. June lean hogs are down $0.67 at $102.77, July lean hogs are down $0.77 at $105.65 and August lean hogs are down $0.70 at $106.17.

The projected lean hog index for 4/23/2026 is up $0.01 at $91.44 and the actual index for 4/22/2026 is up $0.38 at $91.43. Hog prices are unavailable at this time because of packer submission issues. Pork cutouts totaled 226.21 loads with 204.55 loads of pork cuts and 21.65 loads of trim. Pork cutout values: up $2.63, $100.45.

 

Friday Morning Livestock Market Update - Agriculture Secretary Rollins Cancels Trip to Douglas, Arizona

GENERAL COMMENTS:

Cash trade and boxed beef did not provide support to the market on Thursday. Northern dressed cattle and Southern live cattle both traded $2.00 lower, with that trend expected to continue today. Boxed beef declined, with choice down $0.69 and select down $0.75. The strength may have stemmed from some profit-taking after six consecutive days of weakness. The short covering may also have been from the news that Agriculture Secretary Rollins canceled her trip to Douglas, Arizona, amid ongoing border biosecurity questions. There has been no information about rescheduling her trip. Whether further aggressive buying will continue today is uncertain. The market may have been corrected in line with the fundamentals.

Hog futures extended their strength another day, following the pattern of three days of short covering in an oversold market. Weekly export sales totaled 16,100 metric tons (mt), marking a marketing-year low, but that was unable to keep futures from increasing, as one week does not indicate a trend. Due to packer confidentiality, prices were not available on the National Daily Direct Afternoon Hog report. Packers could be more aggressive today as they need to finish up purchases for the week. However, pork cutout values were down $0.73. This could be negative for the market.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may have found a bottom after six consecutive days of losses. Further short covering into the weekend may take place.	1)	Cash cattle traded lower so far this week, and that trend is expected to continue today.
2)	The Mexican border will remain closed for now, as the trip to Arizona by Rollins has been canceled.	2)	The weakness of boxed beef may be an indication that consumers are reducing their beef consumption as they search for less expensive alternatives.
3)	Hog futures have had a nice rebound, which may continue into the weekend as the market corrects from being oversold.	3)	The chart gaps in the hog market are at a technical level that is likely to be filled at some point. Futures would need to decline to fill those gaps.
4)	Packers may aggressively bid up for hogs to finish up their purchases for the week. Sales were light on Thursday.	4)	Pork cutouts lack the consistency of support needed to provide traders with the confidence that demand is improving.