Friday Closing Livestock Market Update - Lower Tones Mark Complex

GENERAL COMMENTS:

The livestock complex rounded out the week on a lower note as traders simply weren't confident the market actually possessed enough support to push the contracts any other direction other than lower. Some light cash cattle trade developed throughout Friday but prices held mostly steady with Thursday's trade. May corn is up 1/4 cent per bushel and May soybean meal is down $0.90. The Dow Jones Industrial Average is up 868.71 points and NASDAQ is up 365.78 points.

From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.82, June live cattle down $1.85; April feeder cattle down $2.82, May feeder cattle down $7.07; June lean hogs down $2.68, July lean hogs down $2.90; May corn up $0.08, July corn up $0.06.

LIVE CATTLE:

All in all it was a disappointing day for the live cattle complex -- except for this afternoon's Cattle on Feed report which was found to be mostly bullish, as anticipated. Click here to read DTN's full Cattle on Feed comments: .

But with the cash market trading steady to $1.00 lower this week, traders simply didn't find enough support in Friday's market -- or really even in this week's market -- to hold the complex from trading lower into the weekend. April live cattle closed $0.35 lower at $249.95, June live cattle closed $0.27 lower at $247.35 and August live cattle closed $0.25 lower at $242.82. Throughout the week, Southern live cattle traded at mostly $248, which is steady with last week's weighted average. Northern dressed cattle traded at mostly $388, which is steady to $1.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 77,000 head -- 6,000 head less than a week ago and 13,000 head less than a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 514,000 head -- 2,000 head more than a week ago and 63,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.51 ($381.06) and select down $1.88 ($376.60) with a movement of 92 loads (75.40 loads of choice, 4.72 loads of select, 6.06 loads of trim and 5.67 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat lower. With packers able to get more cattle committed to them and for mostly steady prices, feedlot managers are going to have a tougher time getting the market to trade higher when packers are gaining leverage.

FEEDER CATTLE:

The feeder cattle complex also closed lower Friday as traders simply weren't willing to advance the market while the live cattle contracts sank lower and the fed cash cattle market held steady. April feeder cattle closed $1.75 lower at $371.32, May feeders closed $1.82 lower at $365.27 and August feeders closed $2.85 lower at $365.67. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers traded steady to $5.00 higher and feeder heifers traded $2.00 to $4.00 higher. Steer and heifer calves traded unevenly steady. Slaughter cows sold $1.00 to $5.00 lower, but lean cows traded $10.00 higher. Slaughter bulls traded steady. The feeder cattle supply over 600 pounds was 75%. The CME Feeder Cattle Index 4/16/2026: down $1.42, $377.67.

LEAN HOGS:

The lean hog complex closed lower as the futures complex was never able to gain the support it needed this week to turn the market's direction. June lean hogs closed $0.62 lower at $101.05, July lean hogs closed $0.67 lower at $103.67 and August lean hogs closed $0.67 lower at $103.90. Hopefully next week traders will give more merit to the uptick in pork demand and the market may be able to form some sort of a technical bottom for this current move. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $0.12 with a weighted average price of $90.28 on 1,738 head. Pork cutouts totaled 307.47 loads with 277.32 loads of pork cuts and 30.14 loads of trim. Pork cutout values: up $2.52, $99.20. Friday's slaughter is estimated at 457,000 head -- 27,000 head less than a week ago and 66,000 head more than a year ago. Saturday's slaughter is projected to be around 77,000 head. The CME Lean Hog Index 4/15/2026: up $0.06, $90.66.

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

 

Friday Midday Livestock Market Update - Lower Trends Dominate Complex

GENERAL COMMENTS:

The livestock complex is again fully lower moving into Friday's noon hour as traders simply haven't seen the fundamental support they yearn for this week. A few more sales have developed in the cash market, but at this point the week's trade is mostly done. May corn is down 2 cents per bushel and May soybean meal is down $0.20. The Dow Jones Industrial Average is up 1,068.16 points and NASDAQ is up 394.56 points.

LIVE CATTLE:

The fed cash cattle market was only able to hold part of the market steady while the other part traded anywhere from $1.00 to $3.00 lower. Unfortunately, traders simply aren't seeing the fundamental support they need or desire. Consequently, that's pushing the live cattle contracts lower into Friday's noon hour. April live cattle are down $0.87 at $249.42, June live cattle are down $1.25 at $246.30 and August live cattle are down $1.07 at $242.00. There's been a bit more trade noted this morning in the South at $248, which is steady with Thursday's business and also steady with the previous week's weighted average. But the North is unfortunately seeing cattle trade lower. There's been some cattle marked in the North to a regional packer for the week of May 11 and currently they're trading at $386, which is $2.00 to $3.00 lower than Thursday's business. On Thursday, Northern cattle were trading at mostly $388 to $389, which is steady to $1.00 lower than last week's weighted average. At this point it's looking like the bulk of the week's trade is complete, although a few more sales could develop after the afternoon's Cattle on Feed report.

Boxed beef prices are lower: choice down $0.35 ($381.22) and select down $1.12 ($377.36) with a movement of 71 loads (58.82 loads of choice, 3.55 loads of select, 3.92 loads of trim and 4.43 loads of ground beef).

FEEDER CATTLE:

In typical feeder cattle complex behavior, the contracts are also trading lower as the market isn't willing to move in the opposite direction of the live cattle complex right now. April feeders are down $3.52 at $369.55, May feeders are down $3.65 at $363.50 and August feeders are down $4.02 at $364.50. At this point, a lower tone is fully expected through Friday's close even though this afternoon's Cattle on Feed report is expected to be mildly bullish.

LEAN HOGS:

It's been a long, draining week for the lean hog complex and that description has thus far kept with the market through Friday's trade. June lean hogs are down $0.67 at $101.00, July lean hogs are down $0.42 at $103.92 and August lean hogs are down $0.45 at $104.12. While it may be frustrating to see midday pork cutout values higher and traders giving that fundamental uptick no recognition, that's simply been the case all week as the market can't seem to find any technical support.

The projected CME Lean Hog Index for 4/16/2026 is down $0.15 at $90.51 and the actual index for 4/15/2026 is up $0.06 at $90.66. Hog prices average $90.76 on the Daily Direct Morning Hog report, ranging from $89.50 to $91.00 on 1,063 head and a five-day rolling average of $91.03. Pork cutouts total 230.77 loads with 206.39 loads of pork cuts and 24.39 loads of trim. Pork cutout values: up $3.48, $100.16.

Friday Morning Livestock Market Update - Traders Continue to Position Ahead of Cattle on Feed Report

GENERAL COMMENTS:

The combination of an overbought market and traders positioning ahead of the Cattle on Feed report likely sent the market lower. Some influence may have been from limited dressed cattle sales in the North at $1.00 lower. It was not sufficient to anticipate lower cash sales for the week, but it did create some caution for traders. There was some positioning ahead of the Cattle on Feed report, as some exposure was being reduced and profits were being taken. It is better to be safe than sorry. The Cattle on Feed report is estimated to show the on-feed number at 99.7% of a year ago. The range of estimates is 99.1% to 100.1%. Placements are estimated at 93.3% with a range of 89.8% to 95.4%. Marketings are estimated at 93.6% with a range of 92.3% to 95.3%. Boxed beef prices posted minor losses, with choice down $0.41 and select down $0.10.

Hog futures continued the downtrend with traders unable to find support from the cash market. Packers are not expected to be aggressive today as they have covered most of their needs. The National Daily Direct Afternoon Hog report showed cash down $1.72. Pork cutouts increased $1.54, regaining about half of what was lost on Wednesday. Even though cash is not expected to increase today, the oversold market may show short covering into the weekend.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is not expected to have a long-term impact on the market. Fundamentals will not change because of tight cattle numbers.	1)	A limited cash cattle trade took place on Thursday with prices steady to $1.00 lower. Not many were traded, but it may have set the stage for the week.
2)	Placements will remain below a year ago as there is little indication of rebuilding the herd.	2)	Boxed beef prices continue to show weakness despite packers reducing slaughter, attempting to increase margins.
3)	Hog futures are oversold. This could cause some short covering ahead of the weekend.	3)	Without solid support in the cash market, further weakness of hog futures may continue.
4)	Lower pork prices should increase demand as consumers grapple with high food and fuel prices.	4)	Hog runs are not slowing down, leaving packers less aggressive in the cash market.

Thursday Closing Livestock Market Update - Traders Led Contracts Lower

GENERAL COMMENTS:

The livestock complex ended the day lower as traders continue to yearn for one thing -- greater fundamental support. Some light cash cattle trade did develop, and prices were mostly steady in the South to $1.00 lower in the North. May corn is down 2 3/4 cents per bushel and May soybean meal is down $1.70. The Dow Jones Industrial Average is up 115.00 points and the NASDAQ is up 86.68 points.

Thursday's export report shared beef net sales of 12,100 metric tons (mt) for 2026, which were down 31% from the previous week, but up 12% from the prior four-week average. Increases were primarily for South Korea (4,900 MT, including decreases of 500 MT), Japan (2,400 MT, including decreases of 400 MT), Mexico (1,400 MT), Taiwan (1,300 MT, including 100 MT switched from Hong Kong and decreases of 200 MT), and Canada (400 MT). Pork exports of 13,400 MT were up 1 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (3,000 MT), Hong Kong (1,500 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).

LIVE CATTLE:

After a large rally over the last three weeks, with the spot June live cattle contract rallying $12.82 as of this afternoon's close in the last 15 days, the market is at a tipping point. Either trades need to see more fundamental support to justify allowing the contracts to trade higher, or there's a chance that the top is in for this stint of the bull run. It's too hard to say which is more likely at this point, and as always, time will need to play out, and our answer will eventually unveil itself. April live cattle closed $2.30 lower at $250.30, June live cattle closed $3.45 lower at $247.62 and August live cattle closed $3.05 lower at $243.07. A few deals have been reported sold in parts of the South at $248, about steady with last week's weighted averages, and some dressed sales in parts of Nebraska have been marked at $388, nearly $1 lower than the previous week's weighted average. 

Thursday's slaughter is estimated at 104,000 head, 1,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.41 ($381.57) and select down $0.10 ($378.48) with a movement of 104 loads (73.48 loads of choice, 8.76 loads of select, 9.87 loads of trim and 12.21 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that some light trade has now developed, likely, prices will mostly hold steady with the week's trend, but with there only being light test traded so far, there's still a chance that prices could improve on Friday after the Cattle on Feed report.

FEEDER CATTLE:

The feeder cattle complex followed in the same direction as the live cattle complex, seeming uncomfortable to advance its own contracts without the support of the live cattle market. April feeder cattle closed $0.42 lower at $373.07, May feeders closed $3.85 lower at $367.10 and August feeders closed $3.67 lower at $368.52. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold unevenly in large numbers, with 550-to-600-pound steers traded $15.00 to $18.00 higher. Feeder steers traded steady to $15.00 lower. Heifer calves weighing 450 to 500 pounds sold $18.00 to $20.00 higher. Feeder heifers weighing 700 to 750 pounds sold $10.00 higher. Slaughter cows sold steady to $5.00 higher, but slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 37%. The CME feeder cattle index 4/15/2026: up $3.63, $379.09.

LEAN HOGS:

And again, this afternoon, the lean hog complex stair-stepped its way lower as the market seems unable to gain any technical support. Yes, afternoon pork cutout values did close a bit higher today, but to traders, that seems like support that came a little too late in the week to really make an impact. June lean hogs closed $0.27 lower at $101.67, July lean hogs closed $0.62 lower at $104.35 and August lean hogs closed $0.57 lower at $104.57. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.72 with a weighted average price of $90.16 on 717 head. Pork cutouts totaled 276.93 loads with 223.86 loads of pork cuts and 53.06 loads of trim. Pork cutout values: up $1.54, $96.68. Thursday's slaughter is estimated at 491,000 head, 4,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 4/14/2026: up $0.27, $90.60.

FRIDAY'S HOG CALL: Lower. At this point, packers have the vast majority of their buying done for the week.