Thursday Morning Livestock Market Update - Quarterly Hogs and Pigs Report To Be Released Today

GENERAL COMMENTS:

Cattle futures closed higher across the board. However, contracts could not hold the highs, trimming the gains. Feeder cattle have been stronger with new highs again on Wednesday as futures move closer to the contract highs. Cash cattle look to be stronger as some light activity took place in the North at $260 live and $408 dressed. Some feedlots have passed on those bids in expectation that packers will raise bids due to limited purchases last week. The New World screwworm cases have risen to 19, with Texas expanding quarantines. Boxed beef prices declined on Wednesday, with choice down $1.37 and select down $2.92.

Hog futures closed mixed as some of the earlier spread activity of buying the nearby contracts and selling the deferred were unwound. Nearby contracts were lower, with later contracts higher. The Quarterly Hogs and Pigs report will be released after the close. This may keep trading activity mixed, as positioning may be limited ahead of the report. The estimates are for all hogs and pigs on June 1 at 101.0% of a year ago. The range of estimates is from 100.6% to 101.6%. Hogs kept for breeding at 99.3% with estimates ranging from 98.7% to 99.8%. Hog kept for marketing at 101.1% with estimates ranging from 100.8% to 101.8%. This report is generally not a big market mover, but who knows. The Daily Direct Afternoon Report showed cash down $1.70. Pork cutout values declined by $1.39.

	BULL SIDE		BEAR SIDE
1)	Light cash cattle trading took place on Wednesday at higher prices. This may set the stage for cash for the rest of the week.	1)	Increasing cases of the New World screwworm may become a greater concern for consumers, even though it does not impact the safety of beef.
2)	Feedlots passed on higher bids as packers were not aggressive last week and may be short-bought. They may need to raise bids to obtain the cattle they need.	2)	Cattle futures have yet to break through technical resistance. Sellers may be more aggressive near the highs.
3)	Weekly hog weights declined 1.1 pounds last week to average 286.1 pounds. More hogs will be required to maintain pork tonnage.	3)	Weekly hog weights are 0.8 pounds higher than a year ago at 286.1 pounds.
4)	Hog futures continue to hold support, suggesting traders may not want to press the market lower.	4)	Hog futures have been holding support, but have been unable to develop an uptrend. The lack of strong fundamental support leaves the market sideways.

Wednesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

All in all, it was a mixed, lackadaisical day for the livestock complex as little action developed. No cash cattle trade has developed yet. July corn is down 2 3/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 182.06 points and the NASDAQ is down 110.40 points.

LIVE CATTLE:

The live cattle complex ended the day higher as traders were willing to mildly support the contracts through the day's end, as they're hopeful the cash market will lend support later this week when trade develops. No cash cattle trade has developed yet, and trade will likely be delayed until Friday as feedlot managers hope to see the cash market gain another $1.00 or $2.00. June live cattle closed $0.85 higher at $256.00, August live cattle closed $0.52 higher at $246.52 and October live cattle closed $0.62 higher at $240.37. 

Wednesday's slaughter is estimated at 108,000 head -- 1,000 head less than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.37 ($398.94) and select down $2.92 ($378.14) with a movement of 98 loads (64.94 loads of choice, 17.87 loads of select, 4.99 loads of trim and 10.02 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With feedlot managers aiming to see the market advance again this week, it's likely that trade will be delayed until Friday.

FEEDER CATTLE:

The combination of stronger feeder cattle demand in the countryside, mixed with the technical support of the higher trend in the live cattle contracts, has helped propel the feeder cattle contracts higher. August feeders closed $4.77 higher at $372.92, September feeders closed $3.65 higher at $370.62 and October feeders closed $2.95 higher at $367.55. At the Torrington Livestock Auction in Torrington, Wyoming, compared to two weeks ago, feeder steers and heifers traded $10.00 to $18.00 higher. Feeder cattle supply over 600 pounds was 89%. The CME feeder cattle index 6/23/2026: up $2.83, $375.83.

LEAN HOGS:

The lean hog complex ended the day mixed as the nearby contracts remain cautious as demand isn't as strong as traders would like, but the deferred contracts continued to trade higher. July lean hogs closed $0.37 lower at $93.85, August lean hogs closed $0.52 lower at $96.70 and October lean hogs closed $0.30 lower at $80.90. Do note that tomorrow afternoon the Quarterly Hogs and Pigs report is set to be released. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.70 with a weighted average price of $95.56 on 700 head. Pork cutouts totaled 269.94 loads with 231.75 loads of pork cuts and 38.19 loads of trim. Pork cutout values: down $1.39, $93.86. Wednesday's slaughter is estimated at 487,000 head -- 35,000 head more than a week ago and 15,000 head more than a year ago. The CME lean hog index 6/22/2026: down $0.17, $91.47.

THURSDAY'S HOG CALL: Lower. At this point, packers have seemed to show this week that they don't need many hogs, and they won't be participating in the cash market much this week.

Wednesday Midday Livestock Market Update - Cattle Trade Higher While Hogs Drift Sideways

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as the cattle contracts are trading higher while the lean hog contracts continue to trade mixed. No bids are currently on the table in the cash market, and trade will likely be delayed until Friday. July corn is down 3/4 cent per bushel and July soybean meal is up $1.90. The Dow Jones Industrial Average is up 436.05 points and NASDAQ is up 71.03 points.

LIVE CATTLE:

Although the market has yet to see any trade in the cash cattle complex and boxed beef prices are mixed, the live cattle contracts are trading higher as traders are willing to mildly support the complex in the meantime. August live cattle are up $1.12 at $247.12, October live cattle are up $1.02 at $240.77 and December live cattle are up $1.02 at $240.77. No cash cattle trade has developed yet and bids and asking prices are both elusive at this point. It's most likely that trade will be delayed until Friday again as feedlot managers will try to hold out in hopes that packers will up their bids when bidding does start.

Boxed beef prices are mixed: choice up $0.63 ($400.94) and select down $1.20 ($379.86) with a movement of 48 loads (31.31 loads of choice, 6.19 loads of select, 4.99 loads of trim and 5.69 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex trading higher, the feeder cattle contracts are also now trading higher into Wednesday's noon hour. August feeders are up $4.55 at $372.70, September feeders are up $3.92 at $370.90 and October feeders are up $3.72 at $368.32. Not only are traders willing to advance the board because of the live cattle contract's support, but with the increased demand in the countryside for feeder cattle, fundamental support is also encouraging the complex.

LEAN HOGS:

The lean hog complex is trading mixed into Wednesday's noon hour as the market desires to see greater fundamental support and with both midday pork cutout values and cash prices lower, traders are leery. July lean hogs are down $0.32 at $93.90, August lean hogs are down $0.57 at $96.67 and October lean hogs are up $0.07 at $81.27. Do remember that tomorrow (Thursday) the Quarterly Hogs and Pigs report is set to be released.

The projected lean hog index for 6/23/2026 is up $0.38 at $91.85 and the actual index for 6/22/2026 is down $0.30 at $91.47. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 30 head have traded and that the market's five-day rolling average now sits at $96.73. Pork cutouts total 121.22 loads with 103.68 loads of pork cuts and 17.54 loads of trim. Pork cutout values: down $0.41, $94.84.

Wednesday Morning Livestock Market Update - Choppy Trading Activity Is Expected

GENERAL COMMENTS:

It was a bit surprising that cattle could not extend their gains on Tuesday. The fundamentals support remains positive, but traders seemed more interested in taking some profit on long positions rather than guessing if the market will move to new highs. As I mentioned before, these higher levels may be an area of strong resistance. Higher cash trade last week may provide confidence for feedlots to hold for higher cash again this week, but so far, no bids or offers have been posted. Boxed beef prices were strong on Tuesday, with choice up $4.25 and select up $5.47. Choice has now moved back above $400.00 to $400.31 on Tuesday. It has been a while since choice boxed beef moved above that level.

Hog futures again tried to maintain positive trade, but only the August and October contracts closed higher. Futures continue to struggle at these lower levels, with bullish traders unable to find any solid fundamental reason to buy into the market aggressively. Cash was lower, with the National Daily Direct Afternoon report showing a decline of $0.51. Lower cash is again expected today. Pork cutout values could not find support, posting a decline of $0.85. The Quarterly Hogs and Pigs report will be released on Thursday. The estimates are for all hogs and pigs on June 1 at 101.0% of a year ago. Hogs kept for breeding at 99.3%. Hog kept for marketing at 101.1%.

	BULL SIDE		BEAR SIDE
1)	Strong boxed beef prices should support the market as demand remains strong.	1)	Cattle futures may have established a level of price resistance. Traders may be unwilling to push the market higher.
2)	New cases of the New World screwworm are being taken in stride and have not been a bearish influence on the market.	2)	At these loft price levels, business is being done with little reason to hold out for higher cash cattle prices. Feedlots may increase the sale of heavyweight cattle.
3)	Hog futures have been maintaining support and may eventually generate buying interest as traders may feel downside risk is limited.	3)	Hog futures have not been able to retrace after the large price decline in May and June. Traders are not bullish for the long term.
4)	Hog futures remain oversold. Fund traders could cover their net-short positions at any time.	4)	The upcoming Quarterly Hogs and Pigs report may keep futures rangebound today and Thursday.