Wednesday Midday Livestock Market Summary - Minimal Fundamental Support Has Contracts Trading Lower

GENERAL COMMENTS:

The livestock contracts are trading lower into Wednesday's noon hour. Still no cash cattle trade has developed and asking prices remain elusive too. July corn is down 10 3/4 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is up 481.37 points and NASDAQ is up 285.84 points.

LIVE CATTLE:

With boxed beef prices mixed, no developments in the fed cash cattle market, and the futures up against resistance levels, the live cattle contracts are back to trading lower. June live cattle are down $2.57 at $251.97, August live cattle are down $4.10 at $243.10 and October live cattle are down $4.80 at $234.50. Bids and asking prices still remain unknown in the cash market; at this point it's looking like the week's trade could be delayed until the bitter end as everyone awaits to see what Friday's Cattle on Feed report could unveil. But with placements anticipated to be higher than a year ago, there's a level of hesitancy laced throughout the marketplace.

Boxed beef prices are mixed: choice down $1.54 ($394.21) and select up $1.28 ($394.86) with a movement of 73 loads (48.80 loads of choice, 5.84 loads of select, 10.18 loads of trim and 8.05 loads of ground beef).

FEEDER CATTLE

The feeder cattle contracts are also trading lower as the market continues to closely follow the lead of the live cattle contracts. August feeders are down $4.50 at $359.15, September feeders are down $4.67 at $356.32 and October feeders are down $4.57 at $353.07. Unless the live cattle market changes its direction, the feeder cattle contracts will likely keep with their lower trend.

LEAN HOGS:

The lean hog complex continues to slide lower as the market is simply displeased with the lack of support. Without stronger consumer demand and with very minimal interest from packers in the cash market, the market simply doesn't have the support it needs to find stability. June lean hogs are down $0.67 at $97.25, July lean hogs are down $0.55 at $101.60 and August lean hogs are down $0.95 at $101.15. The projected CME Lean Hog Index for 5/19/2026 is up $0.44 at $91.00 and the actual index for 5/18/2026 is up $0.05 at $90.55. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.73 with a weighted average price of $93.62, ranging from $88.00 to $95.00 on 2,204 head and a five-day rolling average of $93.10. Pork cutouts total 170.14 loads with 135.76 loads of pork cuts and 34.38 loads of trim. Pork cutout values: down $0.70, $96.18.

Wednesday Morning Livestock Market Update - Live Cattle Struggle With Technical Resistance

GENERAL COMMENTS:

Live cattle futures were somewhat reluctant to increase, but the strength of feeder cattle pulled them higher. June live cattle futures hold a discount to cash, which may not be maintained for very long. Cash is expected to be steady this week, which may result in higher trade to narrow the gap. However, there may be some apprehension due to the Cattle on Feed report being released on Friday. Boxed beef prices showed strong gains, with choice up $3.61 and select up $3.35. Retail demand remains strong as consumers prefer beef and are willing to pay for it. The May feeder cattle contract goes off the board on Thursday, with August then taking over as the lead month.

Hog futures continue to struggle with the June contract falling below support on Tuesday. This may open the way for further follow-through selling. Fundamental support remains elusive, leaving the market in a bearish mode. There was good movement on the National Daily Direct Afternoon Hog report, with the price down $0.01. Pork cutouts did not fare well, with values down $1.48. Bellies fell $5.24, and loins declined $3.69. However, the ribs jumped $5.25, helping to offset some of the weakness. There is little expectation for cash prices to show much strength ahead of the three-day weekend.

	BULL SIDE		BEAR SIDE
1)	China's reopening for U.S. beef imports is bullish for retail beef prices, if there is interest in or enough beef available for export.	1)	Traders may liquidate some of their long positions ahead of the Cattle on Feed report and the three-day weekend.
2)	Wildfires that were ignited in Kansas last week have burned more than 115,000 acres. The dryness and wildfires will further impact cattle supplies.	2)	Live cattle futures may struggle to move to new contract highs, as higher prices could trigger profit-taking and increased selling interest.
3)	The July and later hog contracts are still above support. Buying interest may increase at these low levels.	3)	Bullish fundamental support remains elusive. There are ample supplies of pork to meet increased demand.
4)	Retail interest should pick up as high-priced beef may be replaced somewhat by pork on the grill this summer.	4)	Packers are not expected to be aggressive with hog purchases the rest of this week due to the upcoming extended weekend.

Tuesday Closing Dairy Market Update - Cattle Rallied Thanks to Consumer Demand

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts able to rally mildly through the day's end, while the lean hog contracts continue to struggle. Still no cash cattle trade has developed. July corn is down 1 3/4 cents per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is down 322.24 points and the NASDAQ is down 220.02 points.

LIVE CATTLE:

The live cattle complex ended the day slightly higher, with strong beef demand helping keep traders' morale strong, and it also helped that the contracts were no longer up against immediate resistance pressure following Monday's lower close. June live cattle closed $1.17 higher at $254.55, August live cattle closed $0.10 higher at $247.25 and October live cattle closed $0.35 higher at $239.30. The cash cattle market was quiet throughout the day again today, and it's most likely that trade will be delayed until Thursday or Friday. Both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.61 ($395.75) and select up $3.35 ($393.58) with a movement of 81 loads (59.00 loads of choice, 10.44 loads of select, zero loads of trim and 11.68 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Given that next week is a holiday-shortened week, and that packers have bought aggressively in the cash market the last two weeks, there's a chance that the cash market may just trade steady.

FEEDER CATTLE:

Because the live cattle contracts rallied through the day's end, the feeder cattle contracts rallied through the day's close as well. August feeders closed $4.80 higher at $363.65, September feeders closed $4.80 higher at $361.00 and October feeders closed $4.55 higher at $357.65. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded mostly steady with moderate to good demand. Weaned steer and heifer calves traded $10.00 to $20.00 lower in a light test and on a lower quality offering, and unweaned calves sold sharply lower. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 5/18/2026: not available at this time.

LEAN HOGS:

The lean hog contracts ended the day lower as the contracts simply didn't find enough support in the market today to justify advancing to any degree. June lean hogs closed $0.60 lower at $97.92, July lean hogs closed $0.60 lower at $102.15 and August lean hogs closed $1.12 lower at $102.10. Unfortunately, it's not looking like the market is going to muster up much support this week, as pork demand has been lagging. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.01 with a weighted average price of $94.87 on 3,595 head. Pork cutouts totaled 409.03 loads with 343.73 loads of pork cuts and 65.30 loads of trim. Pork cutout values: down $1.48, $96.88. Tuesday's slaughter is estimated at 485,000 head -- 1,000 head less than a week ago and 2,000 head more than a year ago. The CME lean hog index 5/15/2026: up $0.04, $90.50.

WEDNESDAY'S HOG CALL: Lower. At this point, it's looking like packers are only going to vaguely participate in this week's market.

Tuesday Midday Livestock Market Summary - Cattle Inch Higher While the Hog Contracts Slide Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed into Tuesday's noon hour as the cattle contracts modestly rally into the afternoon, while the lean hog contracts continue to struggle. Still no cash cattle trade has developed. July corn is down 2 1/4 cents per bushel and July soybean meal is down $2.50. The Dow Jones Industrial Average is down 171.96 points and NASDAQ is down 244.97 points.

LIVE CATTLE:

The live cattle complex is trading mostly higher into Tuesday's noon hour, as the contracts are hopeful that fundamental support will firmly develop later in the week, but are pleased with the slight uptick in boxed beef prices to start the week off. June live cattle are up $0.90 at $254.27, August live cattle are down $0.17 at $246.02 and October live cattle are up $0.02 at $238.97. You'll notice a touch of hesitancy in the spot August contract, which likely stems from the contract being near resistance level. More than anything, the market is hopeful that fundamental support will develop from the cash market. However, it is also aware that as packers buy for a holiday-shortened weekend and with a Cattle on Feed report set to be released on Friday, the cash market may not be as fruitful as it has been in recent weeks.

Boxed beef prices are higher: choice up $3.61 ($395.75) and select up $3.65 ($393.88) with a movement of 43 loads (27.61 loads of choice, 6.43 loads of select, zero loads of trim and 9.17 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also enjoying a modest rally into Tuesday's noon hour as traders are willing to let the contracts trade higher so long as the live cattle contracts continue to do so. August feeders are up $3.02 at $361.87, September feeders are up $2.65 at $358.85 and October feeders are up $2.55 at $355.65. And so long as the live cattle contracts continue to rally through the afternoon, the feeder cattle contracts will likely do so as well.

LEAN HOGS:

The lean hog contracts are trading lower into Tuesday's noon hour as the market continues to struggle to find the support it needs to establish some technical momentum. June lean hogs are down $0.32 at $98.20, July lean hogs are down $0.30 at $102.45 and August lean hogs are down $0.77 at $102.45. The biggest strain on the pork cutout values this morning was the $3.37 decline in the loin. The projected lean hog index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $94.35, ranging from $87.00 to $95.00 on 370 head and a five-day rolling average of $94.15. Pork cutouts total 261.58 loads with 226.71 loads of pork cuts and 34.86 loads of trim. Pork cutout values: down $0.48, $97.88.