Friday Closing Livestock Market Update - Lower Tones Dominate Complex

GENERAL COMMENTS:

Livestock contracts fell lower ahead of Friday's close, as traders weren't willing to extend their positions into the weekend. No new cash cattle trade developed throughout the day. July corn is up 5 1/2 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is down 152.87 points and the NASDAQ is up 222.13 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $7.78, August live cattle up $6.18; May feeder cattle up $10.50, August feeder cattle up $10.40; June lean hogs down $0.63, July lean hogs down $1.53; May corn up $0.13, July Corn up $0.17.

LIVE CATTLE:

The live cattle complex ended the day lower as traders let the contracts drift into the weekend following a robust week of new highs -- new highs scored on the futures contracts, and new highs reached in the fed cash cattle market. June live cattle closed $1.00 lower at $253.00, August live cattle closed $0.85 lower at $247.82 and October live cattle closed $1.02 lower at $242.45. No new cash cattle trade developed throughout the day. So far this week, trade has had a fairly wide range, with Northern dressed trade done at $392 to $405, mostly $400, $14 higher than the previous week's weighted averages. Southern live deals have had a range of $250 to mostly $255 to $256, $9 to $10 higher than the prior week's weighted averages. 

Friday's slaughter is estimated at 90,000 head, 3,000 head less than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 10,000 head. The week's total slaughter is estimated to be around 534,000 head, 5,000 head more than a week ago and 28,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.41 ($389.11) and select down $1.12 ($387.05) with a movement of 57 loads (36.29 loads of choice, 3.56 loads of select, 6.64 loads of trim and 10.50 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Without knowing exactly how many cattle traded this week, it's a tough call to try to anticipate how next week's trade could pan out following this week's record-breaking prices.

FEEDER CATTLE:

The feeder cattle contracts fell lower ahead of Friday's end as the complex simply followed in the live cattle market's direction. May feeders closed $1.25 lower at $371.40, August feeders closed $1.35 lower at $372.17 and September feeders closed $1.27 lower at $370.70. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers over 800 pounds traded $5.00 to $10.00 higher, but steers under 800 pounds sold steady to $5.00 lower. Feeder heifers traded $4.00 to $10.00 higher. Steer calves sold mostly steady but heifer calves traded $2.00 to $6.00 higher. The sale report specifically shared that, "when cash slaughter trade hit 255.00 and 400.00 in the meat, demand for feeders went through the roof. Grass accounts have definitely been filled as lighter-weight feeders cheapened up. More un-weaned calves continue to come to town and demand is moderate to good for those." Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 4/30/2026: up $1.56, $374.03.

LEAN HOGS:

The lean hog contracts also ended the day lower as traders simply weren't willing to fight the day and try to push the contracts higher following a week of mixed fundamental messages. June lean hogs closed $1.00 lower at $101.27, July lean hogs closed $1.67 lower at $103.37 and August lean hogs closed $1.60 lower at $103.85. And until traders see a vast improvement from the market's overall demand, a sideways trend is the best-case scenario. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.10 with a weighted average price of $92.54 on 1,314 head. Pork cutouts totaled 314.04 loads with 280.32 loads of pork cuts and 33.72 loads of trim. Pork cutout values: up $0.83, $97.59. Friday's slaughter is estimated at 461,000 head, 24,000 head less than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 45,000 head. The CME lean hog index 4/29/2026: up $0.10, $91.41.

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

Friday Midday Livestock Market Summary - Cattle Continue to Trend Higher

GENERAL COMMENTS:

The livestock complex is again trading mixed into midday Friday as the cattle contracts have found plenty of support. However, the lean hog complex remains in the other boat as traders simply aren't comfortable with the market at this time. No new cash cattle trade has developed, and it's looking like the bulk of this week's trade is done with. July corn is up 5 cents per bushel and July soybean meal is down $0.60. The Dow Jones Industrial Average is up 5.46 points and the NASDAQ is up 280.43 points.

LIVE CATTLE:

Although it looks like the vast majority of this week's trade in the fed cash cattle market is complete, traders are allowing the contracts to trade slightly higher and maintain a sideways chop in the upper echelon of its new trading range. June live cattle are up $0.85 at $254.85, August live cattle are up $1.45 at $250.10 and October live cattle are up $1.57 at $245.05. So far this week, trade has had a fairly wide range, with Northern dressed trade done at $392 to $405, mostly $400, $14 higher than the previous week's weighted averages. Southern live deals have had a range of $250 to mostly $255 to $256, $9 to $10 higher than the prior week's weighted averages.

Boxed beef prices are lower: choice down $0.24 ($389.28) and select down $1.65 ($386.52) with a movement of 33 loads (23.42 loads of choice, 2.57 loads of select, zero loads of trim and 6.50 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading higher as traders are thankful to see the live cattle contracts trading higher, which is enough support this morning to justify turning the feeder cattle contracts higher. May feeders are up $2.22 at $374.87, August feeders are up $2.45 at $375.90 and September feeders are up $2.50 at $374.25. So long as adequate support continues to funnel into the feeder cattle complex from the live cattle market, the market should be able to maintain its upward trend through the afternoon's close.

LEAN HOGS:

Meanwhile, the lean hog complex is trading lower as traders can't seem to find the support and stability they need. Yes, midday pork cutout values are higher, but traders could have used that support earlier in the week if it were going to amount to something sizeable and genuinely supportive. June lean hogs are down $1.00 at $101.27, July lean hogs are down $1.65 at $103.40 and August lean hogs are down $1.52 at $103.92.

The projected lean hog index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.92 with a weighted average price of $92.51, ranging from $90.00 to $94.00 on 850 head and a five-day rolling average of $92.26. Pork cutouts total 194.91 loads with 171.11 loads of pork cuts and 23.80 loads of trim. Pork cutout values: up $3.49, $100.25.

Friday Morning Livestock Market Update - New Farm Bill Contains Various Livestock Provisions

GENERAL COMMENTS:

The April live futures contract went off the board at $258.47. The June contract is now the lead month and is over $4.00 lower. The strength of the cash cattle trade this week may result in this discount being quickly eliminated. However, traders may wait until they see the interest in cash trade next week. This week has been exceptionally strong with Southern cash sales averaging $9.00 higher and Northern dressed cattle as much as $14.00 higher. Boxed beef closed higher with choice up $1.47 and select up $1.92. The House of Representatives passed a new farm bill, which will move on to the Senate. In the bill, there are proposals that would reshape the meat industry, such as beef labeling transparency, international trade, expansion of small meat processors, state inspection authority, and consumer information about alternative proteins.

Hog futures eliminated the gains of Wednesday. When follow-through buying failed to develop, liquidation was triggered. Cash was $0.61 lower on the National Daily Direct Afternoon Hog report. Pork cutout values declined by $0.43. The action on Thursday may result in contracts retesting the lows. The House passed a new farm bill. Included in the bill is the Save Our Bacon Act, introduced by U.S. Representative Ashley Hinson, R-Iowa, last year. This act aims to protect access to interstate commerce and to alleviate overregulation by prohibiting state and local governments from dictating livestock production requirements in other states.

	BULL SIDE		BEAR SIDE
1)	Strong cash cattle trade this week should maintain support in cattle futures.	1)	High beef prices may impact beef demand this summer as consumers continue to grapple with high fuel prices.
2)	June live cattle futures are now the lead month and are at a discount to the current cash market. This discount may be reduced.	2)	Weekly beef export sales were good but not exceptional. High prices may further curtail export business.
3)	Hog futures fell back near support. Traders may step back into the market in anticipation of support holding.	3)	The August hog contract has a chart gap below the market that likely will be filled. Further weakness will need to take place to accomplish it.
4)	Packers may need more hogs to finish out the week and may be aggressive in the cash market.	4)	The failure of follow-through buying in hog futures on Thursday does not bode well for stronger prices anytime soon.

 

Thursday Closing Livestock Market Update - Mixed Trends Follow Complex

GENERAL COMMENTS:

The livestock complex closed mixed as traders continue to need fundamental support. No new cash cattle trade developed throughout the day, and it looks like the bulk of this week's business is done. July corn is down 3 cents per bushel and July soybean meal is down $4.90. The Dow Jones Industrial Average is up 790.33 points and the NASDAQ is up 219.07 points.

Thursday's export report shared that beef net sales of 13,800 mt for 2026 were down 10% from the previous week and 3% from the prior 4-week average. The three largest buyers were South Korea (6,200 mt), Japan (3,100 mt) and Hong Kong (1,300 mt). Pork net sales of 46,300 mt for 2026 were up noticeably from the previous week and up 34% from the prior 4-week average. The three largest buyers were Mexico (26,100 mt), China (8,800 mt) and Japan (3,600 mt).

LIVE CATTLE:

The live cattle complex ended the day mixed as traders didn't feel comfortable advancing the contracts much further without continued support from the cash market. And so, when no new sales developed today in the cash complex, traders felt pressure to pull the nearby contracts back slightly, but the deferred months were able to advance their contracts mildly still. June live cattle closed $1.25 lower at $254.00, August live cattle closed $1.05 lower at $248.67 and October live cattle closed $0.45 lower at $243.47. So far this week, Northern dressed deals have had a fairly wide range of $392 to $401, mostly $400, $14 higher than the prior week's weighted averages. Southern live sales have been lighter and have been marked at mostly $255 to $256, $9 to $10 higher than the previous week's weighted averages. 

Thursday's slaughter is estimated at 110,000 head, 4,000 head more than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.47 ($389.52) and select up $1.92 ($388.17) with a movement of 118 loads (82.86 loads of choice, 4.37 loads of select, 10.48 loads of trim and 20.54 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Any more cattle that trade this week will likely hold steady with the week's trend.

FEEDER CATTLE:

The feeder cattle complex traded stronger than the live cattle contracts did, as all the feeder cattle contracts were able to close higher Thursday afternoon. More than anything, the help of strong buyer demand in the countryside seemed to keep the contracts motivated. May feeder cattle closed $1.15 higher at $372.65, August feeders closed $1.00 higher at $373.52 and September feeders closed $1.05 higher at $371.97. At the Torrington Livestock Auction in Torrington, Wyoming, compared to their last sale two weeks ago, steers and heifers traded $8.00 to $12.00 stronger, with a few instances up to $15.00 higher on thin-fleshed grass-type cattle. A very active market on all classes of cattle today, with several new buyers in the seats, and also an active internet. Several long strings were offered today, with drought still throughout the region, forcing many ranchers to sell due to a lack of grass. Feeder cattle supply over 600 pounds was 86%. The CME feeder cattle index 4/29/2026: up $2.67, $372.47.

LEAN HOGS:

Meanwhile, the lean hog contracts closed in a disappointing manner as pork demand continues to be soft. June lean hogs closed $1.47 lower at $102.27, July lean hogs closed $1.22 lower at $105.05 and August lean hogs closed $0.97 lower at $105.45. And until something bullish develops fundamentally, the market's choppy-to-lower trend is expected to continue. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.61 with a weighted average price of $92.64 on 870 head. Pork cutouts totaled 296.01 loads with 259.64 loads of pork cuts and 36.38 loads of trim. Pork cutout values: down $0.43, $96.76. Thursday's slaughter is estimated at 479,000 head, 2,000 head more than a week ago and 2,000 head less than a year ago. The CME lean hog index 4/28/2026: up $0.12, $91.31.

FRIDAY'S HOG CALL: Lower. Packers have likely bought all the hogs they're going to need in the cash market earlier this week.