Friday Midday Livestock Market Summary - Cattle Prices Inch Higher

GENERAL COMMENTS:

No longer up against immediate resistance pressure, the cattle contracts are trading slightly higher into Friday's noon hour, while the hog contracts continue to trade lower. No more cash cattle trade has developed and it looks like the bulk of this week's business is done. July corn is down 11 3/4 cents per bushel and July soybean meal is up $3.40. The Dow Jones Industrial Average is down 484.80 points and NASDAQ is down 366.22 points.

LIVE CATTLE:

It's been another back-and-forth trading day for the live cattle complex as the contracts are now slightly higher heading into Friday's noon hour as traders have backed the contracts away from resistance and aren't concerned about that pressure cropping up in the immediate future. June live cattle are up $1.37 at $253.45, August live cattle are up $1.67 at $247.82 and October live cattle are up $1.67 at $239.75. No new trade has developed in the cash cattle market and it's looking like the bulk of this week's trade is essentially done. So far this week, 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. Again today, do note that select prices are higher than choice cuts as supplies of lean beef remains extremely thin.

Boxed beef prices are higher: choice up $1.41 ($388.86) and select up $1.62 ($390.62) with a movement of 76 loads (61.53 loads of choice, 4.03 loads of select, zero loads of trim and 10.38 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trade in a slightly stronger manner, the feeder cattle contracts are also trading modestly higher into Friday's noon hour. May feeders are up $1.20 at $368.77, August feeders are up $3.15 at $361.15 and September feeders are up $3.62 at 358.85. So long as the live cattle contracts continue to scale higher, the feeder cattle complex will likely do the same through the day's close.

LEAN HOGS:

Even though pork cutout values are mildly higher, the lean hog contracts still can't seem to gain substantial momentum. June lean hogs are down $1.32 at $103.22, August lean hogs are down $1.75 at $103.72 and October lean hogs are down $1.30 at $90.60. It's unlikely anything is going to change the direction of the lean hog complex ahead of Friday's close.

The projected CME Lean Hog Index for 5/14/2026 is down $0.02 at $90.46 and the actual index for 5/13/2026 is down $0.26 at $90.48. Hog prices on the Daily Direct Morning Hog Report average $91.87, ranging from $89.00 to $95.00 on 1,313 head and a five-day rolling average of $94.50. Pork cutouts total 203.07 loads with 174.97 loads of pork cuts and 28.11 loads of trim. Pork cutout values: up $0.90, $97.45.

Friday Morning Livestock Market Update - CME to Raise Trading Limits

GENERAL COMMENTS:

The market was not disappointed in cash trade on Thursday, with Northern dressed sales ranging from $2.00 to $7.00 higher. There were a few sales that took place as much as $15.00 higher. Southern cattle sales were $3.00 to $5.00 higher. Surprisingly, this did not provide further support to cattle futures. Sure, boxed beef prices were mixed, with choice down $1.32 and select up $0.42, but that did not offset the bullishness of cash. Weekly export sales were below the previous week at only 7,500 metric tons (mt), but even that did not offset the bullishness of cash. There may be concern that once Memorial Day demand is finished, beef demand may slow. Another concern is the greater volatility that has developed. This may be enhanced by the CME Group expanding trading limits beginning June 1. Feeder cattle limits move from $9.25 to $10.75 with expanded limits from the current $13.75 to $16.00. Live cattle limits move from $7.25 to $8.50, with expanded limits from the current $10.75 to $12.75.

Packers were not aggressive buyers in the cash market on Thursday, with the National Daily Direct Afternoon Hog report down $2.19 on light activity. Many times, they are not aggressive on Friday, but there is a good chance they may be more aggressive today as they will finish up purchases for the week. Pork cutout values were up $0.52. The June contract is the lead month and carries a significant premium to cash, which may need to be removed unless cash is stronger over the next few weeks. Weekly export sales were down from the previous week, casting some bearishness on the market.

	BULL SIDE		BEAR SIDE
1)	Strong cash should support cattle futures. Prices are substantially below cash, and demand remains strong.	1)	Expanding the trading limits for cattle will result in higher margin requirements. Traders may reduce some of their exposure before then.
2)	Demand for feeder cattle remains strong, with feedlots paying a premium for cattle to fill their lots.	2)	Export sales are slowing due to high beef prices. It makes it more difficult to compete on the international market.
3)	Even though hog futures have been volatile recently, they are trending higher. The deferred contracts are showing the greatest support.	3)	Solid fundamental support remains elusive in the hog market. This will limit upside price potential.
4)	Pork demand may benefit this summer as high beef prices may result in more pork demand for grilling.	4)	Hog numbers remain sufficient in the country, with buyers not having to be very aggressive with their weekly purchases.

Thursday Closing Livestock Market Update - Contracts End the Day Lower Again

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as traders didn't see the support they needed to keep the contracts elevated through the day's end. Some light cash cattle trade developed in the North, but the day's movement was thin. July corn is down 13 1/4 cents per bushel and July soybean meal is down $6.00. The Dow Jones Industrial Average is up 370.26 points and the NASDAQ is up 232.88 points.

Thursday's export report shared that beef net sales of 7,500 mt for 2026 were down 25% from the previous week and 41% from the prior 4-week average. The three largest buyers were Mexico (2,000 mt), South Korea (1,300 mt) and Taiwan (1,000 mt). Port net sales of 21,000 mt for 2026 were down 32% from the previous week and 36% from the prior 4-week average. The three largest buyers were Japan (7,100 mt), Mexico (6,100 mt) and Colombia (1,800 mt).

LIVE CATTLE:

The back-and-forth nature of the live cattle contract's chaotic state continued through Thursday's trade. Thankfully, today's lower end wasn't because of any external noise or pressure, but rather the market ran into resistance pressure as the contracts neared that threshold. June live cattle closed $0.72 lower at $252.07, August live cattle closed $0.32 lower at $246.15 and October live cattle closed $0.52 lower at $238.07. But what was encouraging is that the fed cash cattle market saw cattle trade even higher today, as some cattle traded in the North for $415, which is $12.00 higher than last week's weighted average. Otherwise, earlier this week, light trade took place every day with some pretty wide ranges. Northern dressed deals have traded in a range of $400 to $410, mostly $405 to $410, $2 to $7 higher than last week's weighted averages. Southern live deals have had a range of $260 to $265, mostly $260 to $262, $3 to $5 higher than the prior week's weighted averages. 

Thursday's slaughter is estimated at 108,000 head, 1,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.32 ($387.45) and select up $0.42 ($389.00) with a movement of 99 loads (74.81 loads of choice, 5.86 loads of select, 10.77 loads of trim and 7.58 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point, the bulk of this week's trade is likely done with, although some trade could still develop on Friday.

FEEDER CATTLE:

The feeder cattle complex ended the day lower as well, as the feeder cattle complex continues to close track alongside the live cattle contracts. May feeders closed $0.25 higher at $367.57, August feeders closed $2.92 lower at $358.00 and September feeders closed $2.75 lower at $355.22. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 400 to 500 pounds sold $10.00 lower and steers weighing 550 to 600 pounds traded $8.00 higher. Feeder steers weighing 600 to 650 pounds sold lower, while steers weighing 650 to 850 pounds traded steady to $8.00 higher. Heifer calves weighing 300 to 450 pounds and those weighing 500 to 600 pounds sold $2.00 to $8.00 higher but those weighing 450 to 500 pounds traded softer. Slaughter cows traded steady to $4.00 lower, but slaughter bulls sold $7.00 higher. Feeder cattle supply over 600 pounds was 35%. The CME feeder cattle index 5/13/2026: up $0.09, $373.23.

LEAN HOGS:

The lean hog complex ended the day mixed, with the nearby contract slightly lower, but the deferred months held a slightly stronger position. June lean hogs closed $1.35 lower at $99.52, July lean hogs closed $1.32 lower at $104.55 and August lean hogs closed $1.05 lower at $105.47. And while pork cutout values ended the day slightly higher, that wasn't enough support to keep the contracts elevated throughout the day. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.19 with a weighted average price of $93.32 on 810 head. Pork cutouts totaled 248.25 loads with 213.70 loads of pork cuts and 34.55 loads of trim. Pork cutout values: up $0.52, $96.55. Thursday's slaughter is estimated at 464,000 head, 20,000 head less than a week ago and 15,000 head less than a year ago. The CME lean hog index 5/12/2026: down $0.26, $90.74.

FRIDAY'S HOG CALL: Lower. At this point, packers are mostly done buying in this week's cash market.

Thursday Midday Livestock Market Summary - Cattle Trade Higher While Hogs Scale Lower

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour as the cattle contracts again move higher, but the lean hog market's support has fizzled out. Some more light cash cattle trade has been noted in the North at $415, which is $12.00 higher than last week's weighted average. July corn is down 15 cents per bushel and July soybean meal is down $7.20. The Dow Jones Industrial Average is up 377.35 points and NASDAQ is up 237.68 points.

LIVE CATTLE:

The futures market is holding its wits together this morning and continuing to move higher as traders are allowing the contracts to successfully rally roughly $1.00 higher into Thursday's noon hour. More than anything the continued support from the relentless cash market has helped keep the contracts elevated. Yet again Thursday morning more cash trade has taken place and prices have been marked higher. Thus far this morning there's been a handful of cattle traded in Nebraska at $415 -- which is $12 higher than last week's weighted average. Otherwise earlier this week light trade took place every day with some pretty wide ranges. Northern dressed deals have traded in a range of $400 to $410, mostly $405 to $410, $2 to $7 higher than last week's weighted averages. Southern live deals have had a range of $260 to $265, mostly $260 to $262, $3 to $5 higher than the prior week's weighted averages. But thanks to the continued efforts of feedlot managers, the market is witnessing a true rally in the cash market where price discovery is the main theme of this bullish run.

Boxed beef prices are mixed: choice down $0.01 ($388.67) and select up $0.75 ($389.33) with a movement of 59 loads (43.42 loads of choice, 3.21 loads of select, 6.99 loads of trim and 5.17 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also enjoying a modest rally into Thursday's noon hour as the market is grateful to see the live cattle contracts trading higher which lends some additional technical support. May feeders are up $2.12 at $369.45, August feeders are up $1.77 at $362.70 and September feeders are up $2.40 at $360.37. Luckily Thursday's upward move has helped pull the spot August contract up to the market's 40-day moving average which remains a threshold that bull-spreaders should want the complex to conquer.

LEAN HOGS:

The lean hog complex is lower heading into Thursday's noon hour as traders would like to continue to see the contracts scale higher but aren't confident there's currently enough support in the market to successfully do so. Yes, midday pork cutout values are higher, but the cash market has been of little support this week. June lean hogs are down $1.30 at $99.57, July lean hogs are down $1.07 at $104.80 and August lean hogs are down $1.02 at $105.50.

The projected CME Lean Hog Index for 5/13/2026 is down $0.26 at $90.48, and the actual index for 5/12/2026 is up $0.26 at $90.74. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 265 head have traded this morning and that the market's five-day rolling average now sits at $95.04. Pork cutouts total 167.16 loads with 138.19 loads of pork cuts and 28.97 loads of trim. Pork cutout values: up $0.77, $96.80.