Thursday Midday Livestock Market Summary - Traders Continue to Mildly Support Contracts

GENERAL COMMENTS:

The livestock complex is higher as we move into Thursday's noon hour as traders continue to see enough technical support to mildly push the contracts higher, although the fundamentals are mixed. Some light cash cattle trade has developed Thursday morning, but prices are holding steady with Wednesday's trend. May corn is down 1 1/4 cents per bushel and July soybean meal is up $1.00. The Dow Jones Industrial Average is down 89.70 points and NASDAQ is down 63.16 points.

Thursday's export report shared that beef net sales of 15,100 mt for 2026 were up 26% from the previous week and 17% from the prior 4-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:

The live cattle complex has finally found some technical support and currently the contracts are scaling higher into Thursday's noon hour, which is a pleasant surprise following the last six days of lower trade. June live cattle are up $0.20 at $243.30, August live cattle are up $0.52 at $239.70 and October live cattle are up $0.27 at $235.32. Private sources have shared there's a major packer in Colorado that intends to be dark both Thursday and Friday -- which likely means the fed cash cattle market won't see prices improve later this week as demand will be less. There has been a light trade reported Thursday morning in Nebraska at $386 which is steady with Wednesday's business and $2.00 lower than last week's weighted average. The South is also seeing some live sales marked at $246, which is also steady with Wednesday's business and $2.00 lower than last week's weighted average.

Boxed beef prices are mixed: choice up $0.78 ($384.97) and select down $1.65 ($381.68) with a movement of 48 loads (24.75 loads of choice, 2.87 loads of select, 9.94 loads of trim and 10.28 loads of ground beef).

FEEDER CATTLE:

Thankfully the feeder cattle complex is following the lead and direction of the live cattle market as it is trading higher into Thursday's noon hour. April feeders are up $0.85 at $367.65, May feeders are up $0.10 at $358.52 and August feeders are up $0.25 at $359.12. Luckily with Thursday's direction change, the spot May contract has been able to keep above its 40-day moving average.

LEAN HOGS :

The lean hog complex is continuing to chop sideways Thursday as the market is thankful for the extra trader support. Unfortunately, traders have noted the midday pork cutout values are lower, but at this point that doesn't seem to be affecting the market's slight upward trend. June lean hogs are up $0.57 at $103.20, July lean hogs are up $0.70 at $106.40 and August lean hogs are up $0.70 at $106.82. The projected CME Lean Hog Index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only a slim 25 head have traded Thursday morning and the market's five-day rolling average now sits at $91.05. Pork cutouts total 175.57 loads with 140.26 loads of pork cuts and 35.31 loads of trim. Pork cutout values: down $0.44, $98.11.

Thursday Morning Livestock Market Update - Cash Cattle Trade Is Expected to Take Place

GENERAL COMMENTS:

Cattle futures have been under pressure for the first half of the week, with uncertainty coming from different angles. There is a strong possibility that cash cattle may trade lower. Some light trade took place on Wednesday, but it was not sufficient to indicate at what price business will be done. Boxed beef prices declined, with choice down $1.99 and select down $3.87. USDA Agriculture Secretary Brooke Rollins is scheduled to visit Douglas, Arizona, on Friday to assess the border crossing and whether it would be safe to resume cattle imports from Mexico.

The May and June hog contracts settled lower while later contracts posted a second day of gains. Much of the trading action might be due to short covering in an oversold market. Market fundamentals have not turned decisively bullish, but there is a friendlier tone developing over increasing demand. The slaughter pace remains strong and above that of a year ago. The National Dairy Direct Afternoon Hog report showed cash down $0.38 with weakness expected again today. Pork cutout values declined $0.79. Weekly hog weights are climbing, with last week's average at 291.7 pounds.

	BULL SIDE		BEAR SIDE
1)	Cattle numbers will remain low for some time in the future. That will limit the downside price potential. Price retracements may be short-lived.	1)	Boxed beef prices seem to be struggling as high fuel prices may have an impact on consumer spending. Beef prices are high and demand may slow.
2)	Even if some imports from Mexico would resume through the Douglas border crossing, it would not be bearish to the market.	2)	Packers are not going to bid up for cattle due to boxed beef weakness. Cash should be no better than steady this week.
3)	Increased hog slaughter exceeding that of a year ago indicates strong demand. This is expected to continue and eventually tighten supply.	3)	Weekly hog weight increased to 291.7 pounds, up 0.3 pounds from the previous week and up 0.4 pounds from a year ago.
4)	Short covering in an oversold market generally lasts three days, and this is day three. Hog futures may see further strength.	4)	Hog futures have a chart gap below the market that will be filled at some point. Gaps usually are filled.

 

Wednesday Closing Livestock Market Update - Cattle Futures Remain Cautious While Hogs Maintain Momentum

GENERAL COMMENTS:

Wednesday, livestock futures closed mixed as the cattle complex remains too skeptical to be overly bullish and the lean hog complex has come into some support. Some light cash cattle trade developed in Nebraska, but not enough volume has traded to say any sort of a trend has been established yet for the week. May corn is steady and July soybean meal is down $3.80. The Dow Jones Industrial Average is up 265.20 points and NASDAQ is up 343.57 points.

LIVE CATTLE:

Without enough fundamental support, the live cattle complex closed lower Wednesday afternoon. April live cattle closed $0.57 lower at $246.85, June live cattle closed $0.47 lower at $243.07 and August live cattle closed $0.52 lower at $239.17. Some light cash cattle trade did develop in the north as one regional packer in eastern Nebraska was able to buy some dressed cattle at $386 and some live cattle at $246; but not enough volume has traded yet to say any sort of trend has been established for the week. Packer interest will likely improve Thursday. 

Wednesday's slaughter is estimated at 111,000 head -- 2,000 head more than a week ago and 9,000 head less than a week ago.

Boxed beef prices closed lower: choice down $1.99 ($384.19) and select down $3.87 ($383.33) with a movement of 117 loads (102.91 loads of choice, 6.74 loads of select, zero loads of trim and 7.76 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to $1.00 lower. With the board trending on the cautious side this week, it's likely the fed cash cattle market will trade steady at best.

FEEDER CATTLE:

With the live cattle contracts lower, there being no sizeable trade yet in the fed cash cattle market, and corn prices lightly scaling higher, traders felt it was in their best interest to not be overly ambitious and to merely let the feeder cattle contracts close lower. May feeders closed $0.12 lower at $358.42, August feeders closed $0.07 lower at $358.87 and September feeders closed $0.25 lower at $356.42. At Kingsville Livestock Auction in Kingsville, Missouri, compared to last week steer and heifer calves sold steady to $10.00 lower with some $15.00 lower; yearlings sold mostly steady. Demand was good for a moderate to heavy supply but the steers weighing 600 to 650 pounds carrying a bit more flesh did see less demand. Feeder cattle supply over 600 pounds was 59%. The CME Feeder Cattle Index 4/21/2026: down $0.93, $373.44.

LEAN HOGS:

All in all, the lean hog complex had a victorious day as, aside from its spot June contract, the contracts closed fully higher. June lean hogs closed $0.57 lower at $102.62, July lean hogs closed $0.47 higher at $105.70 and August lean hogs closed $1.00 higher at $106.12. It was somewhat disappointing to see pork cutout values close lower this afternoon. If demand doesn't improve in the upcoming days, the board may not be as confident as it's relying on fundamental support. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.38 with a weighted average price of $92.27 on 2,860 head. Pork cutouts totaled 300.32 loads with 265.40 loads of pork cuts and 34.93 loads of trim. Pork cutout values: down $0.79, $98.55. Wednesday's slaughter is estimated at 495,000 head -- 1,000 head more than a week ago and 21,000 head more than a year ago. The CME Lean Hog Index 4/20/2026: up $0.14, $90.51.

THURSDAY'S HOG CALL: Steady/somewhat lower. At this point packers will likely only light-heartedly participate in the market through the remainer of the week.

 

Wednesday Midday Livestock Market Update - Cattle Futures Have Softened While Hog Contracts Trend Higher

GENERAL COMMENTS:

The livestock complex is mixed as the cattle contracts need to see greater support from the fed cash cattle market and lean hog futures are still mostly higher. No cash cattle trade has developed yet, but bids have surfaced across most of the major feeding states. May corn is up 2 cents per bushel and July soybean meal is down $1.60. The Dow Jones Industrial Average is up 309.78 points and NASDAQ is up 306.69 points.

LIVE CATTLE:

With some choppiness in boxed beef prices and still no sizeable trade volume in the cash market, it comes as no real surprise to see the futures trading lower. April live cattle are down $0.85 at $246.57, June live cattle are down $0.80 at $242.75 and August live cattle are down $0.77 at $238.92. There are bids surfacing in the cash market, but there is yet to be any sizeable trade. Asking prices are noted at $388 in Nebraska, but otherwise no other asking prices are reported. Trade could begin to develop later Wednesday afternoon, but it's more likely trade will be delayed until Thursday or Friday. April live cattle are down $0.15 at $247.27, June live cattle are down $0.47 at $243.07 and August live cattle are down $0.30 at $239.40.

Boxed beef prices are mixed: choice down $1.09 ($385.09) and select up $3.06 ($390.26) with a movement of 58 loads (50.78 loads of choice, 2.50 loads of select, zero loads of trim and 4.35 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex was trading slightly higher earlier Wednesday, but upon seeing the live cattle contracts soften and scale lower, the feeder cattle moved that way as well. It's not helpful that corn prices are slightly higher either. Although corn prices remain affordable from a historical perspective, a three-day rally in the spot July corn contract is something traders have noted. April feeders are up $0.32 at $366.90, May feeders are down $0.45 at $358.10 and August feeders are down $0.52 at $358.42.

LEAN HOGS:

The lean hog complex is continuing to trend mostly higher, although the spot June contract is a tick softer Wednesday morning as morning pork cutout values are lower. More than anything it's a relief to see the complex turn direction and trade higher, largely because of the uptick in consumer support. That consumer demand will need to remain a stable supportive factor to move forward. June lean hogs are down $0.17 at $103.02, July lean hogs are up $0.70 at $105.92 and August lean hogs are up $1.12 at $106.25. The projected CME Lean Hog Index for 4/21/2026 is up $0.54 at $91.05, and the actual index for 4/20/2026 is up $0.14 at $90.51. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.90 with a weighted average price $89.83, ranging from $88.00 to $94.00 on 1,085 head and a five-day rolling average of $91.05. Pork cutouts total 178.70 loads with 152.28 loads of pork cuts and 26.42 loads of trim. Pork cutout values: down $0.26, $99.08.