Friday Closing Livestock Market Update - Cattle Drift Lower While Hogs Inch Higher

GENERAL COMMENTS:

By Friday's close, the livestock complex had successfully kept with its mixed trend through the week's very end as cattle closed lower, but the lean hog contracts saw some mild support. At the time of this writing, only a small trade had developed in the cash cattle market, but prices were mixed, with Southern cattle trading $1.00 lower and Northern cattle trading $1.00 higher. July corn is down 2 cents per bushel and July soybean meal is down $1.20. The Dow Jones Industrial Average is down 44.51 points and the NASDAQ is down 60.98 points.

From Thursday to Friday, the livestock futures scored the following changes: June live cattle up $2.65, August live cattle down $0.80; August feeder cattle up $3.25, September feeder cattle up $3.00; July lean hogs down $2.10, August lean hogs down $0.15; July corn down $0.05, September corn down $0.04.

LIVE CATTLE:

The live cattle contracts ended the day lower as traders were not willing to be overly supportive or overly bullish over the futures contracts without clear evidence that the market's fundamentals were going to be strong. And with the cash cattle market trading late on Friday, unfortunately, traders didn't have any indication as to what the cash market was going to do at the day's closing bell. June live cattle closed $0.05 higher at $257.45, August live cattle closed $1.40 lower at $245.82 and October live cattle closed $1.42 lower at $239.20. Only some light cash cattle trade has been reported at this point, but Southern live cattle were trading at $258 in Texas, which is $1.00 lower than last week's weighted average, while Northern dressed cattle were traded at $408, which is $1.00 stronger than last week's weighted average. 

Friday's slaughter is estimated at 100,000 head -- 5,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated at 537,000 head -- 11,000 head more than a week ago and 24,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.29 ($391.03) and select down $3.16 ($371.58) with a movement of 94 loads (72.95 loads of choice, 6.90 loads of select, 6.41 loads of trim and 7.52 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat lower. With boxed beef prices seeing some pushback, packers may not be as aggressive in next week's market.

FEEDER CATTLE:

Traders remained skeptical through Friday's close as they simply weren't willing to advance the feeder cattle contracts without the support of the live cattle contracts or without knowing what was going to become of this week's fed cash cattle market. August feeder cattle closed $3.45 lower at $369.85, September feeder cattle closed $3.70 lower at $367.67 and October feeders closed $3.75 lower at $364.60. The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers and heifers traded $5.00 to $10.00 stronger, while steer and heifer calves traded $10.000 to $20.00 higher. Slaughter cows sold steady to $2.00 higher and slaughter bulls traded $1.00 stronger. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 6/25/2026: not available at this time.

LEAN HOGS:

The lean hog contracts kept their momentum through the day's close, and luckily, most of the contracts were able to close over $1.00 higher. July lean hogs closed $0.22 higher at $92.92, August lean hogs closed $0.02 lower at $96.57 and October lean hogs closed $1.00 higher at $81.95. It was also supportive to note that afternoon pork cutout values closed higher, which hopefully will help the market continue to trade higher into next week. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.85 with a weighted average price of $93.44 on 778 head. Pork cutouts totaled 273.73 loads with 252.76 loads of pork cuts and 20.97 loads of trim. Pork cutout values: up $0.15, $95.37. Friday's slaughter is estimated at 445,000 head -- 26,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 52,000 head. The CME lean hog index 6/24/2026: down $0.07, $91.78.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash market on Mondays.

Friday Midday Livestock Market Update - Waiting Game in the Cash Cattle Market Continues

GENERAL COMMENTS:

The livestock complex is trading mixed as the cattle contracts are trading lower as traders wait for trade to develop in the cash market, but the lean hog complex is trading higher. Given that virtually no trade has developed yet this week in the cash market, packers will need to get aggressive soon. July corn is up 1 1/2 cents per bushel and July soybean meal is down $1.60. The Dow Jones Industrial Average is down 47.38 points and NASDAQ is up 0.57 points.

LIVE CATTLE:

With lower prices seen in boxed beef prices at midday, and no sales noted yet in the cash market, the live cattle contracts are trading lower into Friday's noon hour. Bids are on the table across most of the major feeding states. Again this week, it's a sit and wait scenario as feedlot managers want the market to trade higher and packers want the market to obviously trade lower. This week's trend will likely be determined by whether or not packers feel confident in the supply they have secured around them. If they have enough inventory for the weeks ahead, then prices will likely be softer, but if they're short-bought, prices could scale higher. June live cattle are down $0.25 at $257.15, August live cattle are down $1.12 at $246.10 and October live cattle are down $1.47 at $239.15.

Boxed beef prices are lower: choice down $4.22 ($392.10) and select down $2.33 ($372.41) with a movement of 74 loads (58.70 loads of choice, 5.08 loads of select, 4.34 loads of trim and 5.42 loads of ground beef).

FEEDER CATTLE:

And although feeder cattle demand has been red hot this week, the feeder cattle contracts are trading lower into Friday's noon hour. The market is up against resistance levels and needs the continued support of the fed cash market and live cattle contracts in order to trade any higher. August feeders are down $4.17 at $369.12, September feeders are down $4.42 at $366.95 and October feeders are down $4.05 at $364.30. Although the board is lower, feeder cattle sales will likely remain strong this afternoon as supplies are limited and the trend this week in the countryside has been higher.

LEAN HOGS:

Thursday's neutral Hogs and Pigs report seems to have a slightly positive effect on the lean hog complex as the contracts are trading higher into Friday's noon hour. The slight decrease in the total number of hogs and pigs is sitting well with traders as they hope that demand will increase and the decrease in supply could positively affect prices. July lean hogs are up $0.32 at $93.02, August lean hogs are up $0.37 at $96.97 and October lean hogs are up $1.22 at $82.17.

The projected lean hog index for 6/25/2026 is down $0.23 at $91.55 and the actual index for 6/24/2026 is down $0.07 at $91.78. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 218 head have traded and that the market's five-day rolling average now sits at $97.47. Pork cutouts total 185.12 loads with 172.86 loads of pork cuts and 12.26 loads of trim. Pork cutout values: up $2.60, $97.82.

Friday Morning Livestock Market Update - Higher Cash Cattle Trade Expected

GENERAL COMMENTS:

The June live cattle contract set a new contract high as it needs to move closer in line with cash. Tuesday is the last trading day for the contract. The rest of the live cattle contracts were slightly higher but well off their daily high. The market continues to hold a discount in later contracts. Feeder cattle futures are in better posture, with contracts moving very close to the contract highs. There is a strong appetite for feeder cattle in the country. The cash cattle trade has been nearly nonexistent this week, but will erupt today as packers are expected to increase bids to obtain cattle. Boxed beef prices were lower on Thursday, with choice down $2.62 and select down $3.40.

The Quarterly Hogs and Pigs report showed all hogs on June 1 were at 100% of a year ago. This was 1% below the trade estimate. Hogs kept for breeding were at 99% compared to the estimate of 99.3%. Hogs kept for marketing were at 100% versus the estimate of 101.1%. The various weight categories were all at 100% of a year ago. Farrowing intentions were at 99% with the March-May pig crop at 100%. Pigs per litter were 11.87, up 1% from June 2025. This is considered to be a neutral report, but it could support the market at the current level. The National Daily Direct Afternoon Hog report showed a decline of $0.27. Packers may be more aggressive today to finish up purchases for the week. Pork cutout values on Thursday were up $1.36.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle futures are very near to making new contract highs. A break above that level could generate further buying interest.	1)	Live cattle futures have just not been able to move to and through contract highs. This may be a level of resistance.
2)	Higher cash cattle trade is expected as feedlots hold out. Packers seem to be short of cattle.	2)	Deferred live cattle contracts hold a substantial discount to cash as traders anticipate prices to decline.
3)	The Hogs and Pigs report was not bearish to the market but neutral to slightly supportive. This may support the market.	3)	The neutral Hogs and Pigs report may not provide a catalyst to generate strong buying interest in futures.
4)	The recent pattern has been that packers were more aggressive in the cash market on Friday. The same may be true again today.	4)	There has been no interest for technical traders to purchase hog futures to correct the oversold market. Fundamental support for higher prices remains elusive.

Thursday Closing Livestock Market Update - Feedlot Managers Aim to See the Cash Market Rally Again This Week

GENERAL COMMENTS:

The livestock complex ended the day mixed as the cattle contracts rallied onward, although no cash cattle trade has developed yet; the lean hog contracts closed mixed. Keep your eyes on the cash cattle market on Friday as packers will need to get aggressive. July corn is up 7 3/4 cents per bushel and July soybean meal is up $4.60. The Dow Jones Industrial Average is up 71.72 points and the NASDAQ is down 118.04 points.

Thursday's export report shared that pork next sales of 26,200 mt for 2026 were up 63% from the previous week but down 6% from the prior 4-week average. The three largest buyers were Mexico with 9,700 mt, Japan with 3,700 mt and South Korea with 2,800 mt. Beef net sales of 21,300 mt for 2026 were up noticeably from the previous week and up 88% from the prior 4-week average. The three largest buyers were South Korea with 7,100 mt, Japan with 3,400 mt and Taiwan with 3,400 mt.

LIVE CATTLE:

The live cattle contracts decided to continue to rally through Thursday's close, even though the market has yet to see what's going to be accomplished in this week's cash cattle trade. June live cattle closed $1.40 higher at $257.40, August live cattle closed $0.70 higher at $247.22 and October live cattle closed $0.25 higher at $240.62. Bids were offered throughout the day in Kansas and Nebraska, but with feedlot managers hoping to see the market scale higher again this week, they're not in a rush to trade cattle and would rather wait the week out and see prices increase before cattle begin to trade hands. 

Thursday's slaughter is estimated at 109,000 head -- steady with a week ago and 2,000 head more than a year ago.

Boxed beef prices closed lower: choice down $2.62 ($396.32) and select down $3.40 ($374.74) with a movement of 97 loads (67.98 loads of choice, 13.77 loads of select, 9.63 loads of trim and 6.02 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. With the board's higher trend, the cash cattle complex could likely see another $1.00 or $2.00 added to the market this week.

FEEDER CATTLE:

Feeder cattle prices also closed higher as traders were grateful not only to see the live cattle contracts scaling higher, but were also pleased to see the continued demand in the countryside for feeders this week. Sale receipts may be lighter than a week ago, but the CME feeder cattle index continues to prove that demand is strong. August feeders closed $0.37 higher at $373.30, September feeders closed $0.75 higher at $371.37 and October feeders closed $0.80 higher at $368.35. Sale barn receipts were lighter this week, making it difficult to note an accurate market trend compared to last week's sales. Most sale barns will be closed next week for the Fourth of July holiday. The CME feeder cattle index 6/24/2026: up $6.03, $381.86.

LEAN HOGS:

The lean hog complex ended the day mixed as the nearby contracts likely fell lower as traders awaited to see what was going to develop from Thursday's Quarterly Hogs and Pigs report, but the deferred contracts maintained their mild rally through the day's end. July lean hogs closed $1.15 lower at $92.70, August lean hogs closed $0.10 lower at $96.60 and October lean hogs closed $0.05 higher at $80.95. Thursday's Quarterly Hogs and Pigs report will mostly be absorbed as a neutral report, although the total inventory of hogs and pigs is down slightly from a year ago and from last quarter's report, the slight increase in the March-May pig crop could put some supply pressure on the market in the near term. 

Hog prices closed lower on the Daily Direct Afternoon report, down $0.27 with a weighted average price of $95.29 on 683 head. Pork cutouts totaled 200.65 loads with 170.44 loads of pork cuts and 30.21 loads of trim. Pork cutout values: up $1.36, $95.22. Thursday's slaughter is estimated at 479,000 head -- 4,000 head less than a week ago and 8,000 head more than a year ago. The CME lean hog index 6/23/2026: up $0.38, $91.85.

FRIDAY'S HOG CALL: Lower. Packers have likely bought all the hogs they need in the market already this week.