Wednesday Closing Livestock Market Update - Live Cattle Contracts Rally Thanks to Strong Cash Trade

GENERAL COMMENTS:

The livestock complex closed mixed Wednesday afternoon, with the live cattle and lean hog contracts rallying through the day's end, but the feeder cattle contracts closed lower. Some more fed cash cattle trade happened at $256 in Texas, which is $10.00 higher than last week's weighted average. July corn is up 2 1/4 cents per bushel and July soybean meal is down $3.60. The Dow Jones Industrial Average is down 295.33 points and the NASDAQ is down 28.95 points.

LIVE CATTLE:

The market not only ran to new contract highs in the futures complex, but it also saw some more cash cattle trade in the South. June live cattle closed $1.75 higher at $255.25, August live cattle closed $0.62 higher at $249.72 and October live cattle closed $0.12 lower at $243.92. For the most part, the live cattle contracts closed higher, but the October 2026 through February 2027 contracts did close a touch softer. Nevertheless, that didn't affect the cash market as a few more deals have been marked in Texas at $256, which is a whopping $10.00 higher than last week's weighted average. At Tuesday's close, prices were mostly being reported at $395 to $396 in Nebraska and Iowa. However, after the mandatory cutout time, price sources were reporting prices as high as $400, which is $14.00 higher than last week's weighted average. But do note that a large percentage of those sales were marked for delivery for the week of 5/11/2026. Southern live cattle were reported at $250 to $252 at the cutoff time, but later sales jumped as high as $255, which is $9.00 higher than last week's weighted average. 

Wednesday's slaughter is estimated at 109,000 head, 2,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.85 ($388.05) and select down $2.53 ($386.25) with a movement of 115 loads (79.44 loads of choice, 10.29 loads of select, 12.01 loads of trim and 13.50 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. There's been a sizeable volume traded in the cash market already this week, but it's likely that packers still need more cattle.

FEEDER CATTLE:

The tone may have been stronger throughout the live cattle complex, but the feeder cattle contracts simply weren't as bold and confident throughout the day. May feeders closed $0.22 lower at $371.50, August feeders closed $0.55 lower at $372.52 and September feeders closed $0.32 lower at $370.92. The market's resistance currently is too much for trades to tackle, which is what pressured the contracts to close lower Wednesday afternoon. At the Kingsville Livestock Auction in Kingsville, Missouri, compared to last week, steers and heifers sold steady to $10.00 higher, and demand was called good for a moderate to heavy supply of cattle today. Slaughter cows traded $2.00 to $4.00 higher. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 4/28/2026: up $0.80, $369.80.

LEAN HOGS:

It was a powerful day for the lean hog contracts as the market was able to maintain its moderate rally through Wednesday's close. June lean hogs closed $1.77 higher at $103.75, July lean hogs closed $1.85 higher at $106.27 and August lean hogs closed $1.60 higher at $106.42. Seeing the contracts keep a moderate rally through the day's end without the help of stronger consumer demand was quite impressive. But the biggest reason why the afternoon carcass price was pulled lower was because of the $6.70 decline in the belly. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.69 with a weighted average price of $93.25 on 4,736 head. Pork cutouts totaled 322.13 loads with 279.48 loads of pork cuts and 42.65 loads of trim. Pork cutout values: down $1.07, $97.19. Wednesday's slaughter is estimated at 489,000 head, 6,000 head less than a week ago and 9,000 head more than a year ago. The CME lean hog index 4/27/2026: down $0.07, $91.19.

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

Wednesday Midday Livestock Market Summary - Hogs Jump Higher While Cattle Contracts Remain Uncertain

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Wednesday as the cattle contracts are currently trading in an indecisive manner, but the lean hog contracts are trending higher. Some more cash cattle trade has been noted in Texas at $256 which is $10.00 higher than last week's weighted average. July corn is up 1 cent per bushel and July soybean meal is down $3.80. The Dow Jones Industrial Average is down 344.57 points and the NASDAQ is down 121.00 points.

LIVE CATTLE:

It's been a back-and-forth morning for the live cattle complex as traders desire to push the contracts higher. However, following Tuesday's successful close and higher rally in the cash market, traders are somewhat holding their breath. June live cattle are up $0.80 at $254.30, August live cattle are down $0.15 at $248.95 and October live cattle are down $0.47 at $243.57. A few more deals have been marked in Texas at $256, which is a whopping $10.00 higher than last week's weighted average. At yesterday afternoon's close, prices were mostly being reported at $395 to $396 in Nebraska and Iowa. However, after the mandatory cutout time, price sources were reporting prices as high as $400 which is $14.00 higher than last week's weighted average. But do note that a large percentage of those sales were marked for delivery for the week of 5/11/2026. Southern live cattle were reported at $250 to $252 at the cutoff time, but later sales jumped as high as $255, which is $9.00 higher than last week's weighted average.

Boxed beef prices are lower: choice down $0.94 ($387.96) and select down $0.94 ($387.84) with a movement of 70 loads (47.11 loads of choice, 6.52 loads of select, 7.33 loads of trim and 8.91 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also having a challenging day as the market appears to desire to trade higher but following Tuesday's sharp rally. Upon seeing mixed signals in the live cattle complex, traders are being cautious at this point. May feeders are down $1.40 at $270.32, August feeders are down $1.82 at $371.25 and September feeders are down $1.55 at $369.70. If the market is to trade any higher, it will look for the technical support of the live cattle complex.

LEAN HOGS:

The lean hog complex continues to trade in a back-and-forth manner, but at least today the market is trading higher into midday. June lean hogs are up $1.65 at $103.62, July lean hogs are up $1.85 at $106.25 and August lean hogs are up $1.72 at $106.55. Today's technical bounce is somewhat surprising given that pork demand has been choppy, and prices are lower at the midday point.

The projected lean hog index for 4/28/2026 is up $0.12 at $91.31, and the actual index for 4/27/2026 is down $0.07 at $91.19. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.62 with a weighted average price of $92.87, ranging from $87.00 to $96.00 on 3,585 head and a five-day rolling average of $91.91. Pork cutouts total 182.26 loads with 154.01 loads of pork cuts and 28.25 loads of trim. Pork cutout values: down $0.08, $98.18.

 

Wednesday Morning Livestock Market Update - Higher Cash Will Support Cattle Futures

GENERAL COMMENTS:

Cattle futures increased substantially on Tuesday, fueled by cash trade taking place. Cash was reported at $4.00 higher in the South. It is unusual to see cash cattle trade this early in the week. This indicates packers are short-bought and need to procure cattle to fill slaughter schedules. Cash prices may increase further as feedlots will hold out for higher prices. Even though their margins are negative, they need to satisfy demand. Boxed beef prices were mixed, with choice down $0.66 and select up $0.18. Live cattle futures moved to new contract highs in all but the April contract, which will cease trading on Thursday. Feeder cattle were strong but did not achieve new highs. Feeder cattle traded higher in the country in response to the strength in futures over the past few days.

Hog futures closed lower, but thankfully rebounded from the lows during the day. The July contract closed the chart gap on the weakness. Only the August contract maintains a gap that will be filled at some point. Futures may retest the lows from two weeks ago. Whether this would provide support remains to be seen. Packers turned aggressive on Tuesday, with the National Daily Direct Afternoon Hog report showing an increase of $2.32. Higher cash should take place again today, as volume was somewhat light. Pork cutouts declined $0.97, leaving traders unwilling to buy into the market without consistent support.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures closing at new contract highs may keep buying interest strong, as there is no technical resistance above the market.	1)	Live cattle futures already have higher cash factored in. This may leave futures mixed for the rest of the week, with some potential liquidation of long positions.
2)	Cash cattle trade taking place on Tuesday is unusual, indicating packers are short bought. Cash may even strengthen further by the end of this week.	2)	Boxed beef prices may falter as higher prices may impact demand. Crude oil futures moved to new highs in overnight activity, which will increase fuel prices.
3)	The July hog contract closed the chart gap that remained below the market and then rebounded. This may indicate the market may have finished retracing.	3)	The August hog contract maintains a chart gap below the market that may be filled before the market is low enough to increase the buying interest of traders.
4)	Packers were aggressive in the cash hog market on Tuesday and are expected to be aggressive today. A light volume has been traded so far this week.	4)	There remains too much inconsistency in pork cutout values to increase the desire of traders to support the market.

Tuesday Closing Livestock Market Update - Early Cash Cattle Sales Jump $4.00 Higher

GENERAL COMMENTS:

The livestock complex ended Tuesday mixed as the cattle contracts maintained their rally but the lean hog contracts fell lower. The most exciting news for the day was some early cash cattle sales were noted in Texas at $250, which is $4.00 higher than last week's weighted average. July corn is up 6 1/4 cents per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is down 31.64 points and NASDAQ is down 223.30 points.

LIVE CATTLE:

There was talk and speculation the cash market may trade higher, but who would have thought there would be some early sales noted in Texas at $250 -- $4.00 higher than last week's weighted average. It's one thing to see higher trade, but to see a $4.00 advancement in the cash market on a Tuesday indicates packers are shorter bought than most realized and feedlot managers have more power in this week's game than they realized. June live cattle closed $4.55 higher at $253.50, August live cattle closed $3.72 higher at $249.10 and October live cattle closed $3.00 higher at $244.05. Since the early sales of $250 were noted in Texas, bids are up to as much as $252, indicating packers still clearly need more cattle. Asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 109,000 head -- 2,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.66 ($388.90) and select up $0.18 ($388.78) with a movement of 98 loads (77.63 loads of choice, 7.66 loads of select, zero loads of trim and 12.72 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. With early sales marked as much as $4.00 higher it's tough telling what prices could advance to by the end of the week as clearly packers are short bought and need more cattle.

FEEDER CATTLE:

Thankfully, the feeder cattle contracts were also able to rally throughout Tuesday's trade as the market was not only grateful for the support from the live cattle contract's higher trend, but they were ecstatic to see the advancement in the cash market as more than anything the complex needs strong fundamental support. May feeders closed $4.27 higher at $371.72, August feeders closed $4.80 higher at $373.07 and September feeders closed $5.00 higher at $371.25. At Oklahoma National Stockyard in Oklahoma City, Oklahoma, feeder cattle and steers traded mostly steady compared to last week. With the board trading higher the sale report noted demand was active and strong. Feeder cattle supply over 600 pounds was 75%. The CME Feeder Cattle Index 4/27/2026: up $0.28, $369.62.

LEAN HOGS:

Try as it might, the lean hog complex simply wasn't able to come up with enough fundamental support to pull the contracts higher. With pork cutout values down slightly, a lower day was really the only option for the complex as traders continue to long for stronger support from the market's fundamentals. June lean hogs closed $0.20 lower at $101.97, July lean hogs closed $0.60 lower at $104.42 and August lean hogs closed $0.77 lower at $104.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.32 with a weighted average price of $92.56 on 2,275 head. Pork cutouts totaled 340.00 loads with 312.52 loads of pork cuts and 27.48 loads of trim. Pork cutout values: down $0.97, $98.26. Tuesday's slaughter is estimated at 488,000 head -- 1,000 head less than a week ago and 1,000 head more than a year ago. The CME Lean Hog Index 4/24/2026: down $0.18, $91.26.

WEDNESDAY'S HOG CALL: Steady/somewhat higher. Packers were slightly more aggressive in Tuesday's market, but it's likely they'll still need more hogs and could be a tick more aggressive in Wednesday's cash market.