Monday Closing Livestock Market Update - Complex Closed Lower

GENERAL COMMENTS:

The livestock complex ended the day lower as traders simply didn't see the support they needed to trade the contracts higher. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. June lean hogs are down $1.53 at $99.75, July corn is up 5 1/2 cents per bushel and July soybean meal is up $1.60. The Dow Jones Industrial Average is down 557.37 points and the NASDAQ is down 46.64 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders kept with the downward trend that began last Thursday after reaching new contract highs just earlier in the week. On the heels of a huge rally that took place early last week, traders seem to be a little apprehensive about being overly supportive of the complex. This is due to the futures market needing continued fundamental support if it's to trade any higher. And given that last week's volume in the cash market was lofty and prices were sharply higher, that support may be slow to surface. June live cattle closed $1.25 lower at $251.75, August live cattle closed $1.65 lower at $246.17 and October live cattle closed $2.00 lower at $240.45. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. Monday's slaughter is estimated at 98,000 head, 8,000 head less than a week ago and 10,000 head less than a year ago.

Last week, Northern dressed cattle traded anywhere from $392 to $405, but mostly at $400, which is $14.00 higher than the previous week's weighted average, and Southern live cattle traded anywhere from $250 to $256, but mostly at $255 to $256, which is $9.00 to $10.00 higher than the previous week's weighted average. The new weighted averages for both regions mark new all-time highs in the fed cash cattle market, as packers were extremely aggressive in last week's market. Last week's negotiated fed cash cattle trade totaled 91,765 head, of which 80% (73,104 head) were committed to the market's nearby delivery, but the remaining 20% (18,661 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.45 ($391.56) and select up $3.55 ($390.60) with a movement of 104 loads (72.77 loads of choice, 7.45 loads of select, 8.57 loads of trim and 15.39 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers now have more supply available to them, it's likely that prices trade steady at best this week.

FEEDER CATTLE:

The feeder cattle complex also closed lower as the market fell lower upon seeing the live cattle contracts track lower, upon seeing demand be mixed in the countryside, and in keeping with the downward trend stated late last week. May feeders closed $4.80 lower at $366.60, August feeders closed $5.57 lower at $366.60 and September feeders closed $5.90 lower at $364.80. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers were trading steady to $4.00 higher, while feeder heifers were trading steady to $2.00 lower. Demand was called moderate to good amid a day in which the futures market closed lower. Steer calves under 500 pounds sold $5.00 to $10.00 higher and steer calves over 500 pounds traded $5.00 to $10.00 lower. Heifer calves under 500 pounds traded $10.00 to $20.00 higher, and heifers over 500 pounds sold steady. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 5/1/2026: up $1.51, $375.54.

LEAN HOGS:

The lean hog complex ended the day lower as well, as traders simply don't possess the support needed to keep the market from trading in any other direction aside from lower. June lean hogs closed $1.52 lower at $99.75, July lean hogs closed $1.55 lower at $101.82 and August lean hogs closed $1.45 lower at $102.40. Until some substantial fundamental support develops, this choppy sideways/lower trend could remain the market's theme. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.90 with a weighted average price of $94.44 on 657 head. Pork cutouts totaled 296.93 loads with 271.28 loads of pork cuts and 25.65 loads of trim. Pork cutout values: down $0.23, $97.36. Monday's slaughter is estimated at 490,000 head, 6,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index 4/30/2026: down $0.11, $91.30.

TUESDAY'S HOG CALL: Steady. With pork demand not showing much enthusiasm, packers may not be overly aggressive in this week's market.

Monday Midday Livestock Market Summary - Complex Starts Week Out Lower

GENERAL COMMENTS:

The livestock complex is off to a weaker start as the market needs fundamental support to help encourage traders to push the contracts higher. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. July corn is up 5 cents per bushel and July soybean meal is up $2.90. The Dow Jones Industrial Average is down 483.30 points and NASDAQ is down 121.17 points.

LIVE CATTLE:

Following last week's tremendous rally, the market seems to be inching into the new week asking: Now what? Luckily, boxed beef prices are higher which traders will find some comfort in; but with the futures contracts trading in a slightly weaker manner again this week, fundamental support and reassurance is going to be vital if the market is to continue to trade higher. August live cattle are down $2.37 at $245.45, October live cattle are down $2.55 at $239.90 and December live cattle are down $2.47 at $239.37. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas.

Last week Northern dressed cattle traded anywhere from $392 to $405, but mostly at $400, which is $14.00 higher than the previous week's weighted average. And Southern live cattle traded anywhere from $250 to $256, but mostly at $255 to $256, which is $9.00 to $10.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.54 ($391.65) and select up $1.83 ($388.88) with a movement of 51 loads (38.62 loads of choice, 2.62 loads of select, zero loads of trim and 9.86 loads of ground beef).

FEEDER CATTLE:

As to be expected, the feeder cattle contracts are following right in line with the live cattle market's lower trend. Not only are traders keenly aware of the slight hesitation in the live cattle complex, but sale barns have also been reporting buyers being more selective in recent weeks as they're getting their spring grass orders filled. Needless to say, the combination of cautiousness on the board mixed with touch-and-go support in the countryside has led the feeder cattle contracts to a weaker open on Monday. May feeders are down $5.07 at $366.32, August feeders are down $6.12 at $366.05 and September feeders are down $6.40 at $364.30.

LEAN HOGS:

The lean hog complex is also lower as traders can't seem to find enough technical or fundamental support in the hog complex to justify pushing the market higher. June lean hogs are down $0.85 at $100.42, July lean hogs are down $0.92 at $102.45 and August lean hogs are down $1.02 at $102.82. Hopefully the market finds some support here as the next support plane is a steep downward step to $96.00. The projected CME Lean Hog Index for 5/1/2026 is down $0.27 at $91.03, and the actual index for 4/30/2026 is down $0.11 at $91.30. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 20 head have traded Monday morning and the market's five-day rolling average now sits at $92.74. Pork cutouts total 148.31 loads with 129.58 loads of pork cuts and 18.73 loads of trim. Pork cutout values: up $0.35, $97.94.

 

Monday Morning Livestock Market Update - Hog Futures Need to Hold Support

GENERAL COMMENTS:

Cattle futures pushed to new contract highs on Friday, but they slipped as sellers became more aggressive ahead of the weekend. Strong cash cattle trade dominated the week, with cash trade having already developed on Tuesday. This carried throughout the week with Southern live cattle trading as much as $10.00 higher and Northern dressed cattle up to $14.00 higher. Boxed beef prices were lower on Friday, with choice down $0.41 and select down $1.12. However, that does not change the fact that beef demand is strong, and packers need to step up slaughter. It is doubtful that cash this week will repeat last week's performance, but cash prices may remain steady. The Texas Department of Agriculture confirmed a New World screwworm case about 119 miles from the Texas border near Zapata, Texas. This will assuredly keep the border closed indefinitely. The Commitment of Traders report showed the fund traders as net sellers of 1,256 live cattle contracts, reducing their net-long position to 131,560. They reduced their long position in feeder cattle by 1,740 contracts to a net long of 18,608.

Hog futures showed further weakness with the August contract closing the chart gap and most contracts closing at or near support. Futures will need to hold support, or contracts may make another leg down. A close below support would move futures to the lowest level since the beginning of the year. Packers were able to procure the hogs they needed without being aggressive. The National Daily Direct Afternoon Hog report showed cash down $0.10. Pork cutout values gained $0.83. The expected demand for pork due to the high beef prices has developed to some degree, but not enough to support pork prices. The Commitment of Traders report showed fund traders reducing their net-long position by 8,774 contracts to a net long of 46,102.

	BULL SIDE		BEAR SIDE
1)	The strong cash cattle trade last week will continue to support the market as beef demand remains strong.	1)	Cattle futures are overbought and may see a continued correction to begin the week.
2)	New contract highs in cattle futures were made before the market fell back into the close. The trend remains up.	2)	High fuel prices impacting the cost of almost everything will eventually limit demand for high-priced beef.
3)	The August hog contract closed the chart gap. Other contracts held support, which may increase technical buying interest.	3)	Traders remain negative on the hog market, as it lacks strong fundamentals.
4)	Packers were light buyers last week, remaining unaggressive. They may step up more aggressively this week.	4)	If support does not hold, hog futures may decline as further liquidation would take place.

Friday Closing Livestock Market Update - Lower Tones Dominate Complex

GENERAL COMMENTS:

Livestock contracts fell lower ahead of Friday's close, as traders weren't willing to extend their positions into the weekend. No new cash cattle trade developed throughout the day. July corn is up 5 1/2 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is down 152.87 points and the NASDAQ is up 222.13 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $7.78, August live cattle up $6.18; May feeder cattle up $10.50, August feeder cattle up $10.40; June lean hogs down $0.63, July lean hogs down $1.53; May corn up $0.13, July Corn up $0.17.

LIVE CATTLE:

The live cattle complex ended the day lower as traders let the contracts drift into the weekend following a robust week of new highs -- new highs scored on the futures contracts, and new highs reached in the fed cash cattle market. June live cattle closed $1.00 lower at $253.00, August live cattle closed $0.85 lower at $247.82 and October live cattle closed $1.02 lower at $242.45. No new cash cattle trade developed throughout the day. So far this week, trade has had a fairly wide range, with Northern dressed trade done at $392 to $405, mostly $400, $14 higher than the previous week's weighted averages. Southern live deals have had a range of $250 to mostly $255 to $256, $9 to $10 higher than the prior week's weighted averages. 

Friday's slaughter is estimated at 90,000 head, 3,000 head less than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 10,000 head. The week's total slaughter is estimated to be around 534,000 head, 5,000 head more than a week ago and 28,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.41 ($389.11) and select down $1.12 ($387.05) with a movement of 57 loads (36.29 loads of choice, 3.56 loads of select, 6.64 loads of trim and 10.50 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Without knowing exactly how many cattle traded this week, it's a tough call to try to anticipate how next week's trade could pan out following this week's record-breaking prices.

FEEDER CATTLE:

The feeder cattle contracts fell lower ahead of Friday's end as the complex simply followed in the live cattle market's direction. May feeders closed $1.25 lower at $371.40, August feeders closed $1.35 lower at $372.17 and September feeders closed $1.27 lower at $370.70. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers over 800 pounds traded $5.00 to $10.00 higher, but steers under 800 pounds sold steady to $5.00 lower. Feeder heifers traded $4.00 to $10.00 higher. Steer calves sold mostly steady but heifer calves traded $2.00 to $6.00 higher. The sale report specifically shared that, "when cash slaughter trade hit 255.00 and 400.00 in the meat, demand for feeders went through the roof. Grass accounts have definitely been filled as lighter-weight feeders cheapened up. More un-weaned calves continue to come to town and demand is moderate to good for those." Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 4/30/2026: up $1.56, $374.03.

LEAN HOGS:

The lean hog contracts also ended the day lower as traders simply weren't willing to fight the day and try to push the contracts higher following a week of mixed fundamental messages. June lean hogs closed $1.00 lower at $101.27, July lean hogs closed $1.67 lower at $103.37 and August lean hogs closed $1.60 lower at $103.85. And until traders see a vast improvement from the market's overall demand, a sideways trend is the best-case scenario. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.10 with a weighted average price of $92.54 on 1,314 head. Pork cutouts totaled 314.04 loads with 280.32 loads of pork cuts and 33.72 loads of trim. Pork cutout values: up $0.83, $97.59. Friday's slaughter is estimated at 461,000 head, 24,000 head less than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 45,000 head. The CME lean hog index 4/29/2026: up $0.10, $91.41.

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