Friday Closing LIvestock Market Update - Mixed Tones Follow Contracts

GENERAL COMMENTS:

All in all, it was a slow and mundane day for the livestock contracts without much new having developed throughout the day. Bids were offered in the cash market, but no trades were noted. July corn is up 3 3/4 cents per bushel and July soybean meal is up $0.80. The Dow Jones Industrial Average is up 12.19 points and the NASDAQ is up 440.88 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle down $4.10, August live cattle down $3.72; May feeder cattle down $4.02, August feeder cattle down $7.95; June lean hogs down $2.65, July lean hogs down $0.17; May corn down $0.12, July corn down $0.09.

LIVE CATTLE:

All in all, it was an anti-climactic day for the live cattle complex as the futures complex trended lower through the day's close, and nothing more developed in the cash market. And more than anything, this week's trade was disheartening as the futures market and cash market traded in opposite directions. One would like to believe that the two markets are interrelated, but weeks like this past one leave participants feeling annoyed and disgusted as the market's algorithm trading seemed to influence the futures complex more than the rally in the cash market. June live cattle closed $1.15 lower at $248.90, August live cattle closed $1.80 lower at $244.10 and October live cattle closed $1.67 lower at $238.30. A few cash bids were renewed throughout the day, but at the time of this writing, no more cattle had sold. On Thursday, a light to moderate trade developed in most areas, with Northern dressed sales being marked at mostly $402, $3 higher than last week's weighted averages and Southern live deals were marked at mostly $256 to $257, generally $2 to $3 higher than last week's weighted averages.

Friday's slaughter is estimated at 92,000 head, 2,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 13,000 head. The week's total slaughter is estimated at 527,000 head, 7,000 head less than a week ago and 33,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.45 ($388.39) and select up $0.59 ($385.01) with a movement of 120 loads (86.87 loads of choice, 14.91 loads of select, 12.04 loads of trim and 6.62 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Packers likely secured enough supply so that next week's trade will be steady.

FEEDER CATTLE:

The feeder cattle contracts also ended the day lower as the market continues to closely follow the direction of the live cattle contracts. May feeders closed $1.05 higher at $367.37, August feeders closed $1.95 lower at $364.22 and September feeders closed $2.42 lower at $362.22. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $4.00 higher and feeder heifers sold steady to $4.00 lower. Steer calves sold $7.00 to $8.00 higher and heifer calves traded $1.00 to $5.00 lower. Slaughter cows sold $1.00 to $3.00 higher and slaughter bulls sold $4.00 higher. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 5/7/2026: up $3.74.83.

LEAN HOGS:

Even though it came late in the week, the deferred lean hog contracts were able to walk away from the day mildly higher, although some of the nearby contracts still ended lower. June lean hogs closed $0.75 lower at $98.62, July lean hogs closed $0.25 higher at $103.20 and August lean hogs closed $0.32 higher at $104.42. Traders hope that the slight uptick in consumer demand that the market has recently seen will continue into next week's trade as well. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.07 with a weighted average price of $93.77 on 636 head. Pork cutouts totaled 353.19 loads with 305.85 loads of pork cuts and 47.34 loads of trim. Pork cutout values: up $1.96, $97.56. Friday's slaughter is projected to be around 479,000 head, 19,000 head more than a week ago and 6,000 head more than a year ago. Saturday's slaughter is projected to be around 43,000 head. The CME lean hog index 5/6/2026: down $0.17, $91.02.

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

Friday Midday Livestock Market Summary - Complex Trends Lower

GENERAL COMMENTS:

It's frustrating to see the cattle contracts again trading lower when the market's fundamentals have been strong this week. Unfortunately, that's sometimes how "the cookie crumbles" when the market's technical influence has more power than its fundamentals do. A single bid is currently on the table in Nebraska at $405, but no new trade has been noted. July corn is up 4 3/4 cents per bushel and July soybean meal is up $1.80. The Dow Jones Industrial Average is up 10.47 points and NASDAQ is up 371.80 points.

LIVE CATTLE:

It's been a day of back-and-forth trading. Initially, the live cattle complex was trading higher as traders seemed to acknowledge the strong fundamental support of this week's cash market -- but lo and behold -- that train of thought obviously didn't last long, as now, heading into the noon hour, the contracts are back to trading lower. More than anything, the last two days have been a prime example of algorithm trading, which can lead the market in the exact opposite direction compared to what the market's fundamental influences would encourage. June live cattle are down $0.05 at $250.00, August live cattle are down $0.72 at $245.17 and October live cattle are down $1.17 at $238.80. A single bid is currently on the table in Nebraska at $405, but no cattle have traded yet today following Thursday's business. So far this week, Northern dressed cattle have traded at mostly $402, which is $3.00 higher than last week's weighted average. Southern live cattle have been marked at mostly $256 to $257, which is $2.00 to $3.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.08 ($389.02) and select up $0.75 ($385.17) with a movement of 82 loads (60.84 loads of choice, 8.85 loads of select, 7.01 loads of trim and 5.68 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower into Friday's noon hour as the market continues to closely track and follow the direction of the live cattle complex. May feeders are down $0.57 at $265.75, August feeders are down $2.52 at $363.65 and September feeders are down $2.72 at $361.92. It's disappointing to see both the live cattle and feeder cattle contracts trading lower when the market's fundamentals are strong, but unfortunately, the market's technical influence seems to hold more power this week.

LEAN HOGS:

The lean hog complex is trading mixed into Friday's noon hour with a few of the deferred months trading higher, but by and large the complex is trading mostly lower. June lean hogs are down $0.62 at $98.75, July lean hogs are up $0.15 at $103.10 and August lean hogs are steady at $104.10. It is worth noting that demand is strong as pork cutout values are up over $2.00 this morning, but with that support coming late in the week, it's unlikely to make a significant impact.

The projected lean hog index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 236 head have traded this morning and that the market's five-day rolling average now sits at $95.11. Pork cutouts total 227.41 loads with 191.67 loads of pork cuts and 35.74 loads of trim. Pork cutout values: up $2.11, $97.71.

Friday Morning Livestock Market Update - Cattle Futures May Rebound

GENERAL COMMENTS:

Cattle futures showed exceptional volatility, with live cattle futures having a trading range of around $6.00, while feeder cattle showed a range of about $7.00. It was uncertain as to why this volatility developed. Futures opened slightly lower and then fell like a rock, spending the next few hours trying to regain the losses, only to fall back into the close. Trading today will show whether this was an aberration or a sense of reality. Some light cash trade took place on Thursday at $2.00 to $3.00 higher, likely setting the stage for today. However, boxed beef fell on Thursday with choice down $2.68 and select down $5.21. The question for today will be whether traders focus on cash trade or boxed beef. Boxed beef is the driver of the market as it represents demand.

Hog futures did not share the volatility of cattle, resulting in a mixed close. The May contract ceases trading on Thursday next week and closed $0.20 lower with the June contract down $0.32. The rest of the contracts were higher. There is headwind in the market as the National Daily Direct Afternoon Hog report showed cash falling $3.89 on limited trading activity. This may result in higher cash today as packers may be more aggressive since they need to finish purchases for the week. Pork cutout values showed an increase of only $0.05. Futures continue to struggle to find support.

	BULL SIDE		BEAR SIDE
1)	Cash cattle trading $3.00 higher on Thursday should provide renewed support to the market.	1)	The inability of cattle futures to recover from the early losses on Thursday may indicate the market might be running out of steam.
2)	The higher cash cattle trade should continue today, following Thursday's lead. June live cattle closed at a discount to cash.	2)	The weakness of cattle futures on Thursday could be the beginning of a large price retracement.
3)	Hog futures made another new low, but rebounded nicely, potentially indicating the market is overdone to the downside.	3)	Hog futures made new lows again on Thursday, keeping the downtrend intact. Support continues to remain elusive.
4)	Hog supplies remain current in the country as the slaughter pace continues to remain strong and above a year ago.	4)	Cash hog prices continue to slide with the large decline, moving the average price down to $90.70.

Thursday Closing Livestock Market Update - Cattle Contracts Close Lower While Cash Prices Trend Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts unwilling to do anything but trade lower, meanwhile the lean hog complex finally came into some support. July corn is down 1 cent per bushel and July soybean meal is up $1.60. A light trade was noted in the North at $402 which is $3.00 higher than last week's weighted average and some Southern live cattle traded at $256 to $257 which is $2.00 to $3.00 higher than the previous week's weighted average. The Dow Jones Industrial Average is down 313.62 points and the NASDAQ is down 32.74 points.

LIVE CATTLE:

It was simply one of those days. One of those days where you feel as though the market is broke because as one side of the complex heads higher, the other jumps ship and heads lower, as if the market's technical and fundamental facets aren't tied together at all. And that's exactly what happened throughout the cattle complex today as both the live cattle and feeder cattle contracts closed lower amid a find jump in the fed cash cattle complex. At the day's open the live cattle contracts plummeted, and traders were hell-bent on keeping the contracts lower from there on out, regardless of what developed in the cash market. June live cattle closed $3.42 lower at $250.05, August live cattle closed $3.00 lower at $245.90 and October live cattle closed $3.75 lower at $239.97. Meanwhile, a light trade was noted in the North at $402 which is $3.00 higher than last week's weighted average and some Southern live cattle traded at $256 to $257 which is $2.00 to $3.00 higher than the previous week's weighted average. 

Thursday's slaughter is estimated at 109,000 head, 1,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.68 ($386.94) and select down $5.21 ($384.42) with a movement of 107 loads (70.96 loads of choice, 4.82 loads of select, 24.48 loads of trim and 6.79 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that trade has now developed in both regions it's likely that the week's weighted averages are set.

FEEDER CATTLE:

And as the market has consistently done in recent weeks, the feeder cattle contracts followed the live cattle market lower through Thursday's end. May feeders closed $6.07 lower at $366.32, August feeders closed $6.87 lower at $366.17 and September feeders closed $6.65 lower at $364.65. At the Winter Livestock Auction in Dodge City, Kansas, compared to their last sale two weeks ago, steers over 750 pounds traded steady to $10.00 higher and steers weighing 550 to 750 pounds sold steady to $15.00 higher. Heifers weighing 500 to 650 pounds sold $10.00 lower to $10.00 higher, but heifers over 650 pounds weren't well tested. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 5/6/2026: down $2.90, $372.29.

LEAN HOGS:

The lean hog complex kept with its mixed trend as the nearby contracts ended the day slightly lower, but the vast majority of the deferred contracts ended the day on a higher note. June lean hogs closed $0.32 lower at $99.37, July lean hogs closed $0.70 higher at $102.95 and August lean hogs closed $0.80 higher at $104.10. Pork demand was a tick stronger throughout the day, which could have partially given traders some of the support they needed to trade the contracts higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.89 with a weighted average price of $90.70 on 513 head. Pork cutouts total 278.36 loads with 249.02 loads of pork cuts and 29.34 loads of trim. Pork cutout values: up $0.05, $95.60. Thursday's slaughter is estimated at 484,000 head, 5,000 head more than a week ago and 4,000 head more than a year ago. The CME lean hog index 5/5/2026: up $0.09, $91.19.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely bought all the cash hogs they're going to buy for the week.