Tuesday Closing Livestock Market Update - Traders Help Keep Contracts Higher

GENERAL COMMENTS:

Although it was mostly a quiet day, the livestock complex did close higher Tuesday afternoon. Still no cash cattle trade has developed and both bids and asking prices remain elusive at this point. July corn is down 5 3/4 cents per bushel and July soybean meal is down $0.50. The Dow Jones Industrial Average is up 356.35 points and the NASDAQ is up 258.33 points.

LIVE CATTLE:

Although the live cattle complex mildly rebounded throughout Tuesday's trade, all in all, it was a quiet day for the market, with little else having developed throughout the day's trade. June live cattle closed $1.47 higher at $253.22, August live cattle closed $2.17 higher at $248.35 and October live cattle closed $2.77 higher at $243.22. No cash cattle trade developed throughout the day, and it's most likely that trade will be delayed until Thursday or Friday this week. No bids or asking prices have surfaced at this point. 

Tuesday's slaughter is estimated at 104,000 head, 5,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.78 ($392.34) and select up $1.64 ($392.24) with a movement of 109 loads (71.93 loads of choice, 10.16 loads of select, 4.08 loads of trim and 22.41 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. With packers able to buy a plethora of cattle last week, the best-case scenario for the cash market is likely that prices trade steady this week following last week's monstrous rally.

FEEDER CATTLE:

The feeder cattle complex ended the day stronger as well, as the market was encouraged to see the live cattle contracts trending higher, and was no longer up against resistance pressure, so traders felt safer when mildly supporting the contracts. May feeders closed $5.22 higher at $371.82, August feeders closed $5.70 higher at $372.30 and September feeders closed $5.57 higher at $370.37. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded steady to $4.00 higher, and feeder heifers, though not as active, traded steady to $2.00 lower. Steer calves under 500 pounds sold $5.00 to $10.00 higher and steers over 500 pounds sold $5.00 to $10.00 lower. Heifer calves under 500 pounds sold $10.00 to $20.00 higher, and heifers over 500 pounds traded steady. Feeder cattle supply over 600 pounds was 78%. The CME feeder cattle index 5/4/2026: down $0.21, $375.33.

LEAN HOGS:

And although pork cutout values still closed lower and we were never able to note what the cash market did today because of packer submission issues, the lean hog contracts were thrown a bone throughout Tuesday's trade as some spill-over support from the cattle market's optimistic tune lightly rallied the hog contracts as well. More than anything, the complex was mildly supported by traders today as they viewed Monday's significant reduction as enough of a loss for the meantime. June lean hogs closed $1.67 higher at $101.42, July lean hogs closed $1.70 higher at $103.52 and August lean hogs closed $1.80 higher at $104.20. Hog prices are not available again because of packer submission issues. Pork cutouts totaled 317.29 loads with 280.14 loads of pork cuts and 37.15 loads of trim. Pork cutout values: down $1.39, $95.97. Tuesday's slaughter is estimated at 488,000 head, steady with a week ago and 2,00 head more than a year ago. The CME lean hog index 5/1/2026: down $0.27, $91.03.

WEDNESDAY'S HOG CALL: Steady. With pork demand not showing much improvement, likely, packers won't be overly aggressive in this week's market.

Tuesday Midday Livestock Market Update - Traders Push Contracts Higher Following Monday's Weaker Close

GENERAL COMMENTS:

Ample trader support is helping drive the livestock contracts higher into Tuesday's noon hour. Still no cash cattle trade has developed at this point and it's likely trade will be delayed until the latter half of the week. June lean hogs are up $0.58 at $100.325, July corn is down 7 1/4 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is up 257.37 points and NASDAQ is up 235.06 points.

LIVE CATTLE:

Following Monday's weaker close, the live cattle contracts are higher as traders seem slightly more willing to support the complex now that the weekend has passed and upon seeing continued boxed beef demand. June live cattle are up $1.32 at $253.07, August live cattle are up $1.85 at $248.02 and October live cattle are up $2.52 at $242.97. Still no trade has developed in the fed cash cattle market and it's most likely the week's trade will be delayed until sometime after Wednesday. No bids or asking prices have surfaced at this point.

Boxed beef prices are higher: choice up $1.86 ($393.42) and select up $3.91 ($394.51) with a movement of 58 loads (38.45 loads of choice, 3.98 loads of select, zero loads of trim and 16.03 loads of ground beef).

FEEDER CATTLE:

Once again, keeping in alignment with the live cattle complex, the feeder cattle contracts are trading higher into Tuesday's noon hour. Thankfully the market has regained most of the position lost on Monday. So, as long as the live cattle contracts keep trading higher, the market will likely maintain this momentum through the close. May feeders are up $5.40 at $372.00, August feeders are up $6.15 at $372.75 and September feeders are up $6.35 at $371.20.

LEAN HOGS:

Could it be the slight uptick in pork demand? Or is it the positive momentum of the cattle complex that's spilled over and now helping the lean hog contracts trade higher too? Your guess is as good as mine, but higher trade is higher trade and after having lost substantial position in the last three trading days, the lean hog complex is grateful for any support it gets. June lean hogs are up $0.50 at $100.25, July lean hogs are up $0.67 at $102.52 and August lean hogs are up $0.80 at $103.20. The projected CME Lean Hog Index is delayed from the source. Hog prices are not available on the Daily Hog Report because of packer submission issues. Pork cutouts totaled 184.45 loads with 164.45 loads of pork cuts and 20.01 loads of trim. Pork cutout values: up $0.89, $98.25.

 

Tuesday Morning Livestock Market Update - Government Investigation May Impact Futures

GENERAL COMMENTS:

Cattle futures decline for a third consecutive day as traders expressed caution in the market after making new contract highs in live cattle last week. Significantly higher cash trade last week did not provide further support to the market, as it had been factored in. Even though the expectation is for cash to be steady this week, traders are liquidating some positions. The action could indicate a top has been established in the market. However, that has been said numerous times over the past two years, and yet new contract highs are again made. Boxed beef prices were strong, with choice up $2.45 and select up $3.55. USDA and the Department of Justice are investigating the beef industry concentration, with the large packers under scrutiny. A major settlement announcement is expected later this week. The U.S. Attorney General indicated that he will be announcing a historic settlement that will directly affect the prices of proteins like chicken, pork and turkey. It is uncertain what that means, but it might have been one reason for the weakness.

Hog futures may have been lower for the same reason as just stated above. Futures moved below and closed below technical support. Traders have been unable to find solid, consistent fundamental support in the market and the uncertainty over the government investigation did not help matters any. It is unusual for packers to be aggressive on Monday, but they were with the National Daily Direct Afternoon Hog report up $1.90 on light volume. This may carry through today as they need to procure more hogs. Pork cutouts were lower with values down $0.23.

	BULL SIDE		BEAR SIDE
1)	Cattle supplies remain tight, and with the drought in cattle country and the fires that have taken place in Nebraska, the herd will not be rebuilt anytime soon.	1)	Consumer reluctance to pay for high-priced beef may have begun to trickle down into the market.
2)	It is unlikely the government will accomplish much to lower beef prices or other meat prices, as higher beef prices are likely not due to packers.	2)	Significantly high cash last week was met with lower futures prices. This may indicate that a top has been established in the market.
3)	Hog supplies are sufficient but not overabundant. Hogs are not backing up in the country.	3)	Hog futures fell below and closed below support. That does not bode well for the market, as those holding long positions are exiting the market.
4)	Hog slaughter remains strong as overall pork demand has improved and packers need to meet that demand.	4)	Increased hog slaughter keeps the market supplied and limits the upside price potential.

Monday Closing Livestock Market Update - Complex Closed Lower

GENERAL COMMENTS:

The livestock complex ended the day lower as traders simply didn't see the support they needed to trade the contracts higher. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. June lean hogs are down $1.53 at $99.75, July corn is up 5 1/2 cents per bushel and July soybean meal is up $1.60. The Dow Jones Industrial Average is down 557.37 points and the NASDAQ is down 46.64 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders kept with the downward trend that began last Thursday after reaching new contract highs just earlier in the week. On the heels of a huge rally that took place early last week, traders seem to be a little apprehensive about being overly supportive of the complex. This is due to the futures market needing continued fundamental support if it's to trade any higher. And given that last week's volume in the cash market was lofty and prices were sharply higher, that support may be slow to surface. June live cattle closed $1.25 lower at $251.75, August live cattle closed $1.65 lower at $246.17 and October live cattle closed $2.00 lower at $240.45. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. Monday's slaughter is estimated at 98,000 head, 8,000 head less than a week ago and 10,000 head less than a year ago.

Last week, Northern dressed cattle traded anywhere from $392 to $405, but mostly at $400, which is $14.00 higher than the previous week's weighted average, and Southern live cattle traded anywhere from $250 to $256, but mostly at $255 to $256, which is $9.00 to $10.00 higher than the previous week's weighted average. The new weighted averages for both regions mark new all-time highs in the fed cash cattle market, as packers were extremely aggressive in last week's market. Last week's negotiated fed cash cattle trade totaled 91,765 head, of which 80% (73,104 head) were committed to the market's nearby delivery, but the remaining 20% (18,661 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.45 ($391.56) and select up $3.55 ($390.60) with a movement of 104 loads (72.77 loads of choice, 7.45 loads of select, 8.57 loads of trim and 15.39 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers now have more supply available to them, it's likely that prices trade steady at best this week.

FEEDER CATTLE:

The feeder cattle complex also closed lower as the market fell lower upon seeing the live cattle contracts track lower, upon seeing demand be mixed in the countryside, and in keeping with the downward trend stated late last week. May feeders closed $4.80 lower at $366.60, August feeders closed $5.57 lower at $366.60 and September feeders closed $5.90 lower at $364.80. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers were trading steady to $4.00 higher, while feeder heifers were trading steady to $2.00 lower. Demand was called moderate to good amid a day in which the futures market closed lower. Steer calves under 500 pounds sold $5.00 to $10.00 higher and steer calves over 500 pounds traded $5.00 to $10.00 lower. Heifer calves under 500 pounds traded $10.00 to $20.00 higher, and heifers over 500 pounds sold steady. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 5/1/2026: up $1.51, $375.54.

LEAN HOGS:

The lean hog complex ended the day lower as well, as traders simply don't possess the support needed to keep the market from trading in any other direction aside from lower. June lean hogs closed $1.52 lower at $99.75, July lean hogs closed $1.55 lower at $101.82 and August lean hogs closed $1.45 lower at $102.40. Until some substantial fundamental support develops, this choppy sideways/lower trend could remain the market's theme. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.90 with a weighted average price of $94.44 on 657 head. Pork cutouts totaled 296.93 loads with 271.28 loads of pork cuts and 25.65 loads of trim. Pork cutout values: down $0.23, $97.36. Monday's slaughter is estimated at 490,000 head, 6,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index 4/30/2026: down $0.11, $91.30.

TUESDAY'S HOG CALL: Steady. With pork demand not showing much enthusiasm, packers may not be overly aggressive in this week's market.