Monday Morning Livestock Market Update - Cattle May Show Further Weakness

GENERAL COMMENTS:

Cattle futures spent little time in positive territory as cash trade was slow to develop, leaving traders questioning whether steady to higher cash trade would surface, with nothing done by the market's close. Instead of cash being steady to higher, the result was steady to $1.00 lower. Packers will not be very anxious to post bids this week, but will see how the news develops. JBS announced the closing of two small plants -- one in Pennsylvania and one in Tennessee. It is uncertain how much impact this will have on the market, other than psychological. The other is that more cases of the New World screwworm have been confirmed. The number of cases has increased to 12. These cases span over six Texas counties and one New Mexico county. It has been found in cattle, goats, sheep and a dog. Clearly, this is not going away anytime soon. Boxed beef prices were lower on Friday, with choice down $1.28 and select down $0.53. The Commitment of Traders report showed fund traders reducing their net-long live cattle futures position by 7,035 contracts to a net long of 109,072. They added 93 contracts to feeder cattle to bring their net-long positions to 11,392.

Hog futures fell to new lows on Friday before short-covering emerged, pushing prices into positive territory by the close. However, that is little consolation given the market's weakness over the past weeks. The cash and cutout prices have not fluctuated to any large degree over the past weeks, but the premium that had been prevalent in the market has eroded to move futures closer to cash. It was a nice bounce, but it may not be a change in trend. The National Daily Direct Afternoon Hog report showed cash down $1.99. Pork cutout values jumped $2.92. Packers may step up early to purchase hogs for the week. The Commitment of Traders report showed funds adding 4,612 short positions, increasing their net-short position to 24,461.

	BULL SIDE		BEAR SIDE
1)	Traders may see little downside price risk and will be willing to maintain support in the market.	1)	Packers are expected to reduce their bids this week in an attempt to take advantage of the news in the market.
2)	More cases of the New World screwworm will be taken in stride and may not impact the market.	2)	Fund traders are reducing their net-long position and may continue to do so in the coming weeks. This may limit upside price potential.
3)	Hog futures are substantially oversold and could correct soon. Generally, there is a 50% retracement in price after a decline of this magnitude.	3)	An increasing net-short position in hog futures does not bode well for the market. Fund traders are not optimistic.
4)	Packers may step up aggressively today to purchase hogs earlier rather than later in the week.	4)	Demand has not increased sufficiently to offset the increased slaughter, leaving sufficient pork available to the market.

Friday Closing Livestock Market Update - Cattle Close Lower and Cash Sales Remain Slow to Develop

GENERAL COMMENTS:

The livestock complex ended the day mixed once again, with the cattle contracts fearing resistance while the lean hog contracts finally found some technical support. Only a handful of cattle sales have developed in the cash market, where live sales are being marked at $255, which is $1.00 lower than last week's weighted average. July corn is up 1 cent per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is up 353.51 points and the NASDAQ is up 79.18 points.

From Friday to Friday, the livestock contracts scored the following changes: June live cattle down $0.20, August live cattle down $0.47; August feeder cattle up $3.53, September feeder cattle up $3.73; June lean hogs down $1.77, July lean hogs down $1.35; July corn down $0.05, September corn down $0.06.

LIVE CATTLE:

With the help of stronger fundamentals, the live cattle contracts were left to sink lower through Friday's close as the market's 40-day moving average simply posed as too much of a resistance barrier at this time. June live cattle closed $1.60 lower at $249.87, August live cattle closed $1.50 lower at $249.87 and October live cattle closed $1.50 lower at $241.17 and October live cattle closed $1.60 lower at $233.80. At the time of this writing, only a handful of cattle had been traded in the cash market. But live sales were noted in both Nebraska and Texas at $255, which is $1.00 lower than last week's weighted average. No trade has developed yet this week in Kansas or Iowa, and no dressed trade has developed.

Friday's slaughter is estimated at 95,000 head -- 5,000 head less than a week and a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 524,000 head -- 9,000 head less than a week ago and 36,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.28 ($391.93) and select down $0.53 ($372.72) with a movement of 77 loads (52.80 loads of choice, 8.87 loads of select, 4.43 loads of trim and 10.74 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers not overly active this week, and boxed beef prices seeing some softness, prices may be lower next week.

FEEDER CATTLE:

And once again this afternoon, in keeping with perfect alignment to the live cattle complex, the feeder cattle contracts closed lower as the market's technical resistance was simply too much for the contracts to withstand. August feeders closed $2.22 lower at $357.42, September feeders closed $1.97 lower at $354.55 and October feeders closed $1.87 lower at $350.92. The Oklahoma Weekly Cattle Auction summary shared that compared to last week, feeder steers weighing over 850 pounds traded $2.00 to $6.00 higher, but steers under 850 pounds traded $10.00 to $13.00 higher. Feeder heifers sold $1.00 to $7.00 higher. Steer calves traded $10.00 to $15.00 higher and heifer calves traded steady to $4.00 higher. Slaughter cows sold steady to $5.00 lower, and slaughter bulls sold $2.00 lower. Feeder cattle supply over 600 pounds was 67%. The CME feeder cattle index 6/11/2026: down $2.09, $368.01.

LEAN HOGS:

The lean hog complex was able to maintain its momentum through the day's end as traders are seeing somewhat of a bottom form in the market's current move. July lean hogs closed $0.82 higher at $97.45, August lean hogs closed $0.45 higher at $96.35 and October lean hogs closed $0.30 higher at $81.37. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.99 with a weighted average price of $95.27 on 2,168 head. Pork cutouts totaled 333.08 loads with 318.47 loads of pork cuts and 14.61 loads of trim. Pork cutout values: up $2.92, $97.39. Friday's slaughter is estimated at 475,000 head -- 8,000 head more than a week ago and 40,000 head more than a year ago. Saturday's slaughter is projected to be around 48,000 head. The CME lean hog index 6/10/2026: down $0.02, $92.90.

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

Friday Midday Livestock Market Update - Cattle Dip Lower, While Hogs Run Higher

GENERAL COMMENTS:

Mixed tones continue to follow the livestock complex as now the cattle contracts are trading lower but the lean hog contracts are scaling higher. Bids are on the table for the cash market, but no cattle have traded just yet. July corn is up 3 1/4 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is up 368.96 points and NASDAQ is up 62.96 points.

LIVE CATTLE:

Once again, the market's resistance at its 40-day moving average becomes too much for traders to bear, which is mainly why the complex is trading lower into Friday's noon hour. But it also isn't helpful that the market has yet to see any cash cattle trade develop. At this point, even if the fed cash cattle market is able to trade cattle higher, it won't likely have much of a positive effect on the complex ahead of the close. June live cattle are down $2.25 at $249.22, August live cattle are down $2.75 at $239.92 and October live cattle are down $2.75 at $232.65. A few bids are currently being offered in the cash cattle market (in both regions) but at this point feedlot managers are passing on them. Live asking prices are noted at $260 in Nebraska.

Boxed beef prices are mixed: choice down $0.10 ($393.11) and select up $0.73 ($373.98) with a movement of 58 loads (41.80 loads of choice, 5.41 loads of select, 4.38 loads of trim and 5.92 loads of ground beef).

FEEDER CATTLE:

Like the live cattle complex, the feeder cattle contracts are trading lower into Friday's noon hour as the market isn't seeing the technical or fundamental support it needs right now to push the contracts any higher. August feeder cattle are down $3.92 at $355.72, September feeders are down $3.62 at $352.90 and October feeders are down $3.52 at $349.27. Aside from the lack of technical support from the live cattle contracts, the feeder cattle contracts are currently under pressure from the market's resistance at its 40-day moving average.

LEAN HOGS:

The lean hog complex has thankfully found some technical support which is helping it trade higher into Friday's noon hour. Luckily the market has been able to chop merely sideways in recent trading days; which leads one to believe some sort of a technical bottom is forming for this current move. Plus, it's also helpful that pork cutouts are more than $3.00 higher on Friday's midday report. July lean hogs are up $0.67 at $97.30, August lean hogs are up $0.25 at $96.15 and October lean hogs are up $0.22 at $81.30. The projected CME Lean Hog Index for 6/11/2026 is down $0.15 at $92.75 and the actual index for 6/10/2026 is down $0.02 at $92.90. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.34 with a weighted average price of $94.26, ranging from $91.00 to $97.00 on 933 head and a five-day rolling average of $96.73. Pork cutouts total 161.29 loads with 152.99 loads of pork cuts and 8.29 loads of trim. Pork cutout values: up $3.31, $97.78.

Friday Morning Livestock Market Update - Hog Futures May Show Short-Covering Ahead of Weekend

GENERAL COMMENTS:

Cattle futures began Thursday without fanfare with a steady to slightly higher open. As the day progressed, so did the buying interest. The gains were not fueled by actual cash cattle trade, but by the anticipation of no worse than steady cash. Feedlots may hold out to obtain higher prices or carry cattle over to next week. The market has taken the news of the New World screwworm in stride and looked to the fundamentals of supply. No new cases have been reported in the past few days, providing confidence that the spread might be minimal. No cash cattle have traded, making today an interesting day. Boxed beef prices were lower on Thursday, with choice down $0.08 and select down $2.46.

Hog Futures finally posted minor gains in the August and later contracts after five consecutive days of losses. This does not mean a bottom has been found. However, traders may liquidate some of their short positions ahead of the weekend due to the market's oversold condition. Neither cash nor cutouts are providing much fundamental support to the market. The National Daily Direct Afternoon Hog report showed cash down $0.26. The packers likely have purchased much of what they need and will remain unaggressive Friday. Pork cutout values declined by $1.49. Friday is the final day to trade the June contract with July moving to the lead month.

	BULL SIDE		BEAR SIDE
1)	Steady to potentially higher cash cattle trade is expected Friday, which should support the market as the June contract carries a discount.	1)	Boxed beef prices have been choppy. This may limit the upside price potential of futures.
2)	So far, no further cases of the New World screwworm have been discovered. Traders are focusing on the fundamentals.	2)	Packers may not need to be aggressive this week as they have already purchased some cattle for deferred delivery. Feedlots may have to sell at a steady to lower price if they need to move cattle.
3)	Hog futures are significantly oversold and the bounce on Thursday could carry through Friday as traders may cover shorts ahead of the weekend.	3)	Weekly pork exports were 40% below the previous week and down 26% from the four-week average.
4)	Hog futures have held support at the November lows. The aggressive selling interest may have run its course.	4)	Market-ready hogs remain plentiful. Packers do not need to be very aggressive in the cash market to obtain the hogs they need.