Wednesday Closing Livestock Market Summary - Contracts Higher, Cash Cattle Prices Too

GENERAL COMMENTS:

The livestock complex ended Wednesday higher as traders supported the contracts all the way through the close. But what was most thrilling to note was the jump in fed cash cattle prices as some Northern cattle traded for $410 -- which is $7.00 higher than last week's weighted average. July corn is up 3/4 cent per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is down 67.36 points and NASDAQ is up 314.14 points.

LIVE CATTLE:

After a painful start to the week, the live cattle contracts regained their momentum on Wednesday. After the future's closing bell, the excitement continued as cash sales began to be reported in the North sharply higher than last week's weighted average. June live cattle closed $5.10 higher at $252.80, August live cattle closed $5.40 higher at $246.47 and October live cattle closed $4.72 higher at $238.60. But taking the cake for the market's most exciting news of the day were the developments in the cash market as another round of trade has been noted in the North at $410, which is $7.00 higher than last week's weighted average. At the time of this writing, it's been noted that a major packer in eastern Nebraska has offered to call-in at $415! Some new bids are surfacing in Kansas at $265, but no new trade has been noted in the south just yet. On Monday and Tuesday, Southern live cattle were trading at $260, which is $3.00 higher than last week's weighted average. Northern dressed cattle were trading at $400, which is $2.00 to $3.00 higher than last week's weighted average. 

Wednesday's slaughter is estimated at 108,000 head -- steady with a week ago but 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.05 ($388.68) and select down $2.69 ($388.58) with a movement of 118 loads (84.76 loads of choice, 10.64 load of select, 11.43 loads of trim and 10.95 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. The week's trend is higher and the latest developments in the cash market prove packers still need more cattle and feedlot managers know they can still push prices higher.

FEEDER CATTLE:

The feeder cattle complex continued to follow the same direction as the live cattle complex. May feeders closed $1.42 higher at $367.32, August feeders closed $4.37 higher at $360.92 and September feeders closed $4.10 higher at $357.97. At Kingsville Livestock Auction in Kingsville, Missouri, compared to last week steer and heifers sold steady to $5.00 lower with spots $10.00 lower on some calves, most those under 450 pounds are the ones that traded sharply lower. Feeder cattle supply over 600 pounds was 39%. The CME Feeder Cattle Index 5/12/2026: not available at this time.

LEAN HOGS:

Lean hog futures closed higher Wednesday afternoon as traders were pleased to see demand hold strong throughout the entire day. June lean hogs closed $2.45 higher at $100.87, July lean hogs closed $2.92 higher at $105.87 and August lean hogs closed $2.55 higher at $106.52. In order for traders to continue to support the complex and keep prices trading higher they need to see stable consumer support, which has been tough for the market lately. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.32 with a weighted average price of $95.51 on 5,686 head. Pork cutouts totaled 311.69 loads with 274.68 loads of pork cuts and 37.00 loads of trim. Pork cutout values: up $0.51, $96.03. Wednesday's slaughter is estimated at 484,000 head -- 7,000 head more than a week ago and 2,000 head more than a year ago. The CME Lean Hog Index 5/11/2026: up $0.07, $90.48.

THURSDAY'S HOG CALL: Lower. At this point packers are likely done with the vast majority of their buying in this week's market.

Wednesday Midday Livestock Market Summary - Futures Trade Higher

GENERAL COMMENTS:

After a tough start to the week, the livestock complex is trading higher again. Bids have surfaced in the cash cattle market, but no new sales have been noted yet Wednesday. July corn is up 1 1/4 cents per bushel and July soybean meal is up $8.70. The Dow Jones Industrial Average is down 127.79 points and NASDAQ is up 285.79 points.

LIVE CATTLE:

After an emotionally charged last couple of days, where volatility and headline trading became the market's main focus, the market seems to be breathing again as it's trading higher into the noon hour. June live cattle are up $4.45 at $252.15, August live cattle are up $5.20 at $246.27 and October live cattle are up $4.20 at $238.07. Bids have been renewed in the cash market, but at this point no new trade has developed following the light business that happened earlier in the week, but more is expected later in the week. So far this week, Southern live cattle have traded at $260, which is $3.00 higher than last week's weighted average, and Northern dressed cattle have traded at mostly $400, which is $2.00 to $3.00 lower than last week's weighted average.

Boxed beef prices are lower: choice down $0.75 ($389.98) and select down $1.41 ($389.86) with a movement of 68 loads (42.47 loads of choice, 6.01 loads of select, 11.27 loads of trim and 8.23 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher, which is a sign of technical relief as the market is now moving further away from its 100-day moving average. May feeders are up $1.80 at $367.70, August feeders are up $4.40 at $360.95 and September feeders are up $4.32 at $358.20. The market is still below its 40-day moving average, but as long as the live cattle complex continues to trade higher, feeders will likely continue to trade in the same higher manner through the afternoon and though the close.

LEAN HOGS:

Believe it or not, even the lean hog complex is higher! Traders are pleased to see the uptick in demand as the morning pork cutout value is higher. June lean hogs are up $3.32 at $101.75, July lean hogs are up $3.25 at $106.20 and August lean hogs are up $2.90 at $106.87. What's most encouraging to note about the midday cutout value is it's being supported by the majority of the cuts and the only cut lower Wednesday morning is the picnic.

The projected CME Lean Hog Index for 5/12/2026 is up $0.26 at $90.74, and the actual index for 5/11/2026 is up $0.06 is $90.48. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.24 with a weighted average price of $95.17, ranging from $91.00 to $96.00 on 2,866 head and a five-day rolling average of $95.04. Pork cutouts total 193.38 loads with 165.60 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $1.40, $96.92.

Wednesday Morning Livestock Market Update - Cattle Futures May See Further Pressure

GENERAL COMMENTS:

Cattle futures opened higher on Tuesday, likely off the news that President Trump was to delay the signing of the executive order to eliminate tariffs on beef for 200 days due to the 16% surge in beef imports over the past year. Beef imports are projected to reach as much as 6 billion pounds this year. This would be a record volume. However, the uncertainty created in just two days was too much for fund traders to feel comfortable holding all of their long positions. So, even though cash is expected to remain steady or increase this week, uncertainty has gained the upper hand. Boxed beef prices were lower, with choice down $0.49 and select down $0.22. There may be follow-through selling today, adding to the recent volatility.

Hog futures are unable to find consistent support, with prices falling back on Tuesday. The June contract made new lows as it had carried about a $10.00 premium to the May contract before Tuesday's trade. May goes off the board on Thursday, with June taking over the lead month. The market received no support from pork cutouts, as values declined by $1.46. There was no price change released on the National Daily Direct Afternoon Hog report due to no price change being released Monday. Packers were more aggressive with a significant volume of hogs purchased and are likely to remain aggressive today with higher cash expected.

	BULL SIDE		BEAR SIDE
1)	Cash trade is expected to be no less than steady this week, with higher prices possible based on a few trades on Monday at $2.00 to $3.00 higher.	1)	Cattle futures have established a downtrend over the past two weeks, even though cash traded higher. Sometimes, futures know where the cash will go.
2)	Cattle futures have corrected from being overbought, which may have traders willing to buy back into the market.	2)	The positive news from the delay in signing the executive order to allow more beef imports failed to support the market. That may increase market negativity.
3)	Hog futures have been under pressure for an extended period of time, with prices low enough for traders to step back into the market for the long term.	3)	June hog futures made new lows on Tuesday and still hold about an $8.00 premium to the May contract.
4)	Hog slaughter continues to exceed the previous year, indicating that demand has and is improving.	4)	Fund traders continue to reduce their long positions, according to the recent Commitment of Traders report.

Tuesday Closing Livestock Market Update - Weaker Tones Stick with the Contracts

GENERAL COMMENTS:

The livestock complex again ended the day lower -- exhausted from far too many headlines surrounding beef imports and tariffs. Bids were offered throughout the day in the cash market, but no new sales were noted. June lean hogs are down $1.80 at $98.425, July corn is up 4 3/4 cents per bushel and July soybean meal is up $3.60. The Dow Jones Industrial Average is up 56.09 points and the NASDAQ is down 185.93 points.

LIVE CATTLE:

It has been an exhausting two days for the live cattle complex, and copious amounts of fear surrounding what headline could come next has taken the market's focus off its bullish fundamental position and instead ensued fear and panic back into the complex. And because of such volatile, emotional trading, the live cattle contracts are back to trading lower. June live cattle closed $1.70 lower at $247.70, August live cattle closed $2.47 lower at $241.07 and October live cattle closed $2.80 lower at $233.87. Bids were offered throughout the day in the cash market but no new trade developed following Monday's movement. On Monday there was some light trade noted in the North at $400 which is $2.00 to $3.00 lower than last week's weighted average and a few Southern live cattle were traded at $260 which is $3.00 higher than the previous week's weighted average. 

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

Tuesday's WASDE report shared mixed news for the cattle and beef markets of 2026. Beef production for 2026 was 243 million pounds as slower marketings of fed cattle have affected throughput and cull cow slaughter is lighter than years past as well. Quarterly steer prices were increased substantially from last month as the cash market continues to rally and trade far higher than was originally assumed, Steers in the second quarter are now expected to average $253 (up $12.00 from last month); steers in the third quarter are expected to average $252 (up $10.00 from last month); and steers in the fourth quarter are expected to average $255 (up $10.00 from last month). Beef imports increased by 319 million pounds and beef exports fell by four million pounds from last month's projections.

Boxed beef prices closed lower: choice down $0.49 ($390.73) and select down $0.22 ($391.27) with a movement of 96 loads (69.88 loads of choice, 14.08 loads of select, 4.55 loads of trim and 7.46 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Steady. Even though the board has been erratic, feedlot managers know that their showlists are thin and now is the time to drive the market higher before supply builds back up.

FEEDER CATTLE:

The feeder cattle complex continues to mirror the live cattle market's direction and behavior, which is why the complex closed lower again this afternoon. But with the day's lower end, the spot August contract is hovering just above its 100-day moving average which is a technical threshold that needs monitored moving forward as a close below that price point could signal even more technical pressure. May feeders closed $2.50 lower at $365.90, August feeders closed $5.75 lower at $356.55 and September feeders closed $6.27 lower at $353.87. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers traded $5.00 to $10.00 lower and feeder heifers traded steady to $5.00 lower. Steer and heifer calves weren't well tested but on a very limited test, prices traded $10.00 to $20.00 lower -- with several strings of unweaned calves being offered. Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 5/11/2026: not available at this time.

LEAN HOGS:

The lean hog complex fell lower once again this afternoon as the market continues to be lacking fundamental support. June lean hogs closed $1.80 lower at $98.42, July lean hogs closed $1.70 lower at $102.95 and August lean hogs closed $1.72 lower at $103.97. Hog prices averaged $95.19 on the Daily Direct Afternoon Hog Report, with 7,451 head having traded. Pork cutouts totaled 388.74 loads with 353.94 loads of pork cuts and 34.80 loads of trim. Pork cutout values: down $1.46, $95.52. Tuesday's slaughter is estimated at 491,000 head -- 3,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 5/8/2026: down $0.38, $90.41.

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2026. Pork production for 2026 was increased by 10 million pounds as production in the second half of the year is expected to be greater than what the industry has currently seen. The quarterly price projection for hogs was mixed as hogs in the second quarter of 2026 are now expected to average $71 (down $1.00 from last month); hogs in the third quarter are now expected to average $74 (down $1.00 from last month); and hogs in the fourth quarter are now anticipated to average $64 (down $1.00 from last month). Pork imports for 2026 fell by 12 million pounds but pork exports grew by 32 million pounds.

WEDENSDAY'S HOG CALL: Steady to somewhat higher. Packers were a tick more active in today's market, but still likely need more hogs.