Monday Closing Livestock Market Update - Lower Tones Followed the Contracts

GENERAL COMMENTS:

The livestock contracts ended the day lower as traders simply weren't willing to advance the contracts without first seeing greater fundamental support. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. July corn is up 21 1/4 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 159.95 points and the NASDAQ is down 134.41 points.

LIVE CATTLE:

The live cattle complex merely chopped sideways throughout the day, with the live cattle contracts ending the day slightly lower as traders weren't willing to challenge the market's resistance threshold. June live cattle closed $0.52 lower at $253.37, August live cattle closed $0.77 lower at $247.15 and October live cattle closed $0.92 lower at $238.95. No cash cattle trade developed throughout the day and it's unlikely that much trade will develop until later this week, potentially even waiting until after Friday's Cattle on Feed report is unveiled. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. Monday's slaughter is estimated at 106,000 head -- 4,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.89 ($392.14) and select up $0.98 ($390.23) with a movement of 84 loads (46.79 loads of choice, 11.03 loads of select, 9.93 loads of trim and 15.84 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. With next week being a shortened holiday week, it's likely that packers won't be as aggressive in this week's market.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders simply weren't willing to advance the contracts while the live cattle contracts were trading lower. August feeders closed $2.60 lower at $358.85, September feeders closed $2.97 lower at $356.20 and October feeders closed $3.07 lower at $353.10. Sale barns have noted that buyers are being more selective as their orders are filling up and as grass isn't as plentiful in the High Plains as normal. At Joplin Regional Stockyards in Carthage, Missouri compared to last week and at their midsession point, feeder steers were trading from $10.00 higher to $5.00 lower and feeder heifers under 600 pounds were selling $5.00 to $10.00 lower with heavier weights trading steady to $20.00 higher. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 5/15/2026: down $2.46, $367.63.

LEAN HOGS:

The lean hog complex also ended the day lower as traders simply weren't willing to advance the contracts until they saw robust fundamental support. June lean hogs closed $0.22 lower at $98.52, July lean hogs closed $0.60 lower at $102.75 and August lean hogs closed $0.92 lower at $103.22. And while today's pork cutout value may have closed higher -- traders desire to see stable support, not just a single day's higher close. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.36 with a weighted average price of $94.88 on 1,557 head. Pork cutouts totaled 257.36 loads with 224.93 loads of pork cuts and 32.43 loads of trim. Pork cutout values: up $0.80, $98.36. Monday's slaughter is estimated at 460,000 head -- 2,000 head less than a week ago and 21,000 head less than a year ago. The CME lean hog index 5/14/2026: down $0.02, $90.46.

TUESDAY'S HOG CALL: Steady to somewhat higher. Given that packers weren't very aggressive in today's market, it's likely that they could be slightly more aggressive on Tuesday.

Monday Midday Livestock Market Summary - Lower Tones Dominate the Complex

GENERAL COMMENTS:

The livestock complex is trading lower into Monday's noon hour as the market is needing to see strong fundamental support before trades will likely confidently advance the contracts this week. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. July corn is up 20 cents per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is up 33.49 points and the NASDAQ is down 246.99 points.

LIVE CATTLE:

Initially the live cattle complex was off to a bullish start as all of its contracts were trading higher at Monday's open, but as traders saw how close the market was to resistance pressure -- they quickly changed their mind and have since gingerly walked the contracts back slightly. June live cattle are up $0.05 at $253.90, August live cattle are down $0.20 at $247.72 and October live cattle are down $0.45 at $238.70. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado.

Last week Northern dressed cattle traded at mostly $410 to $415 which is $7.00 to $12.00 higher than the previous week's weighted average and Southern live cattle traded at mostly $260 to $263 which is $3.00 to $5.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.67 ($391.92) and select up $0.81 ($390.06) with a movement of 41 loads (17.36 loads of choice, 4.46 loads of select, 8.64 loads of trim and 10.65 loads of ground beef).

FEEDER CATTLE:

And in keeping with the same theme in which the market has been doing now for weeks on end – the feeder cattle complex continues to closely track and mimic the movements of the live cattle complex. May feeders are down $0.12 at $367.55, August feeders are down $2.55 at $358.90 and September feeders are down $2.77 at $356.40. And with later this week the Monthly Cattle on Feed report set to be released -- the market could remain more cautious ahead of that report's release.

LEAN HOGS:

Even though pork cutout values are higher, the lean hog complex is also trading lower as traders remain uncomfortable with the support -- or more so lack of fundamental support -- that they've recently seen in the marketplace. June lean hogs are down $0.07 at $98.67, July lean hogs are down $0.35 at $103.00 and August lean hogs are down $0.72 at $103.42. A choppy sideways trend is most likely going to continue in the hog complex until something noticeable develops from the market's fundamentals.

The projected lean hog index for 5/15/2026 is up $0.04 at $90.50 and the actual index for 5/14/2026 is down $0.02 at $90.46. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 187 head have traded this morning and that the week's five-day rolling average now sits at $94.50. Pork cutouts total 148.51 loads with 128.11 loads of pork cuts and 20.40 loads of trim. Pork cutout values: up $1.64, $99.20.

Monday Morning Dairy Market Update - China Renews Suspended Export Licenses for US Beef Plants

GENERAL COMMENTS:

Cash cattle traded substantially higher for the week, with Northern dressed cattle $7.00 to $12.00 higher, while Southern live cattle were $3.00 to $5.00 higher. The past two weeks have shown incredible gains in the cash market. This moves packers' margins further in the red. Boxed beef prices on Friday showed choice up $1.80 and select up $0.25. Packers are having a difficult time finding sufficient cattle for slaughter and to purchase for deferred delivery. China renewed export licenses for 425 U.S. beef plants that had been suspended for more than a year and added another new 77 plants last Thursday, but they were suspended again over the following 12 hours, creating confusion. However, that is being reversed again, and indeed the renewed licenses are granted. Ironically, beef supplies in the U.S. are very tight, yet more opportunities are opening up for beef exports. How much will be exported when supplies are tight and prices are high? The Commitment of Traders report showed fund traders as net sellers of 9,064 live cattle futures, reducing their long positions to 128,954. They were net sellers of 2,612 futures in feeder cattle, reducing their long positions to 17,909.

Hog futures closed lower on Friday, with contracts slightly above or below the close of the previous week. There was substantial volatility during the week, but bullish traders could not find traction. At least futures did not fall below support, which could open the way for further losses. Positive fundamentals remain elusive as both cash and cutouts continue to chop up and down. The National Daily Direct Afternoon Hog report showed cash down $1.80 with a weighted average price of $91.52. Pork cutout values increased by $1.01. The Commitment of Traders report showed the funds continued to reduce their long positions, being net sellers of 9,476 futures contracts to a net long of 29,211.

	BULL SIDE		BEAR SIDE
1)	Very strong cash cattle prices indicate demand remains strong and packers are short bought.	1)	If export quotas and tariffs are eliminated for beef imports, it could put pressure on domestic beef prices.
2)	China is granting beef export licenses to U.S. plants that have been suspended, allowing for greater export business in an already tight domestic market.	2)	Live cattle futures have been unable to move above resistance and make new highs, even though cash has been very strong.
3)	Hog futures held support last week, and the longer they remain that way, stronger support may be developing.	3)	Hog futures tried to rally a few times last week, only to be met with selling. Traders are focused on day trading to scalp the market rather than establishing long-term positions.
4)	Increased pork demand is possible through the summer as beef prices continue to escalate.	4)	The fund traders continue to reduce their long position, seeing little reason for prices to trend higher anytime soon.

Friday Closing Livestock Market Update - Cattle Round Out the Week Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with cattle contracts closing higher while hog contracts ended the day softer. No new cash cattle trade was noted, although bids were offered by packers throughout the day. July corn is down 11 3/4 cents per bushel and July soybean meal is up $1.80. The Dow Jones Industrial Average is down 537.29 points and the NASDAQ is down 410.08 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $5.00, August live cattle up $3.83; May feeder cattle up $1.30, August feeder cattle down $2.78; June lean hogs up $0.13, July lean hogs up $0.15; July corn down $0.16, September corn down $0.15.

LIVE CATTLE:

The live cattle complex was able to maintain its moderate rally through the day's close as the contracts weren't up against immediate resistance pressure. Today's trade is really a mix of traders wanting to support the contracts amid a red-hot rally in the cash market but not wanting to challenge the market's resistance threshold. June live cattle closed $1.82 higher at $253.90, August live cattle closed $1.77 higher at $247.92 and October live cattle closed $1.80 higher at $239.87. No new cash cattle trade developed throughout the day, but packers were offering up bids through the day's end. Throughout the day, Northern dressed cattle have traded from mostly $410 to $415, which is $7.00 to $12.00 higher than last week's weighted average, and Southern live cattle have traded at mostly $260 to $263, which is $3.00 to $5.00 higher than last week's weighted average.

Friday's slaughter is estimated at 100,000 head, 8,000 head more than a week ago and 3,000 head less than a year ago. Saturday's slaughter is projected to be around 9,000 head. The week's total slaughter is estimated at 535,000 head, 8,000 head more than a week ago and 31,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.80 ($389.25) and select up $0.25 ($389.25) with a movement of 103 loads (77.10 loads of choice, 7.46 loads of select, 4.43 loads of trim and 13.87 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat higher. Until packers have enough supply secured, prices will likely hold steady if not trade higher as supplies of market-ready cattle are thin right now.

FEEDER CATTLE:

With the support of the live cattle contracts' higher trend, the feeder cattle contracts were also able to round out the day on a stronger note as the market continues to closely track alongside the live cattle market's trading behavior. May feeders closed $1.10 higher at $368.67, August feeders closed $3.45 higher at $361.45 and September feeders closed $3.95 higher at $359.17. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $6.00 to $13.00 lower and feeder heifers traded $5.00 to $10.00 lower. Steer calves sold $15.00 to $20.00 lower, while heifer calves over 450 pounds sold $5.00 to $8.00 lower, and heifers under 450 pounds sold $25.00 to $30.00 lower. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 5/14/2026: down $3.14, $370.09.

LEAN HOGS:

Yes, pork cutout values closed higher, but that wasn't enough support to keep the lean hog contracts from trading lower. June lean hogs closed $0.77 lower at $98.75, July lean hogs closed $1.20 lower at $103.35 and August lean hogs closed $1.32 lower at $104.15. The lean hog complex can't seem to find firm support, and unfortunately, that's keeping the contracts from trading higher. Pork cutouts totaled 274.90 loads with 242.62 loads of pork cuts and 32.29 loads of trim. Pork cutout values: up $1.01, $97.56. Friday's slaughter is estimated at 445,000 head, 34,000 head less than a week ago and 18,000 head less than a year ago. Saturday's slaughter is projected to be around 30,000 head. The CME lean hog index 5/13/2026: down $0.26, $90.48.

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