Tuesday Closing Dairy Market Update - Cattle Rallied Thanks to Consumer Demand

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts able to rally mildly through the day's end, while the lean hog contracts continue to struggle. Still no cash cattle trade has developed. July corn is down 1 3/4 cents per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is down 322.24 points and the NASDAQ is down 220.02 points.

LIVE CATTLE:

The live cattle complex ended the day slightly higher, with strong beef demand helping keep traders' morale strong, and it also helped that the contracts were no longer up against immediate resistance pressure following Monday's lower close. June live cattle closed $1.17 higher at $254.55, August live cattle closed $0.10 higher at $247.25 and October live cattle closed $0.35 higher at $239.30. The cash cattle market was quiet throughout the day again today, and it's most likely that trade will be delayed until Thursday or Friday. Both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.61 ($395.75) and select up $3.35 ($393.58) with a movement of 81 loads (59.00 loads of choice, 10.44 loads of select, zero loads of trim and 11.68 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Given that next week is a holiday-shortened week, and that packers have bought aggressively in the cash market the last two weeks, there's a chance that the cash market may just trade steady.

FEEDER CATTLE:

Because the live cattle contracts rallied through the day's end, the feeder cattle contracts rallied through the day's close as well. August feeders closed $4.80 higher at $363.65, September feeders closed $4.80 higher at $361.00 and October feeders closed $4.55 higher at $357.65. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded mostly steady with moderate to good demand. Weaned steer and heifer calves traded $10.00 to $20.00 lower in a light test and on a lower quality offering, and unweaned calves sold sharply lower. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 5/18/2026: not available at this time.

LEAN HOGS:

The lean hog contracts ended the day lower as the contracts simply didn't find enough support in the market today to justify advancing to any degree. June lean hogs closed $0.60 lower at $97.92, July lean hogs closed $0.60 lower at $102.15 and August lean hogs closed $1.12 lower at $102.10. Unfortunately, it's not looking like the market is going to muster up much support this week, as pork demand has been lagging. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.01 with a weighted average price of $94.87 on 3,595 head. Pork cutouts totaled 409.03 loads with 343.73 loads of pork cuts and 65.30 loads of trim. Pork cutout values: down $1.48, $96.88. Tuesday's slaughter is estimated at 485,000 head -- 1,000 head less than a week ago and 2,000 head more than a year ago. The CME lean hog index 5/15/2026: up $0.04, $90.50.

WEDNESDAY'S HOG CALL: Lower. At this point, it's looking like packers are only going to vaguely participate in this week's market.

Tuesday Midday Livestock Market Summary - Cattle Inch Higher While the Hog Contracts Slide Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed into Tuesday's noon hour as the cattle contracts modestly rally into the afternoon, while the lean hog contracts continue to struggle. Still no cash cattle trade has developed. July corn is down 2 1/4 cents per bushel and July soybean meal is down $2.50. The Dow Jones Industrial Average is down 171.96 points and NASDAQ is down 244.97 points.

LIVE CATTLE:

The live cattle complex is trading mostly higher into Tuesday's noon hour, as the contracts are hopeful that fundamental support will firmly develop later in the week, but are pleased with the slight uptick in boxed beef prices to start the week off. June live cattle are up $0.90 at $254.27, August live cattle are down $0.17 at $246.02 and October live cattle are up $0.02 at $238.97. You'll notice a touch of hesitancy in the spot August contract, which likely stems from the contract being near resistance level. More than anything, the market is hopeful that fundamental support will develop from the cash market. However, it is also aware that as packers buy for a holiday-shortened weekend and with a Cattle on Feed report set to be released on Friday, the cash market may not be as fruitful as it has been in recent weeks.

Boxed beef prices are higher: choice up $3.61 ($395.75) and select up $3.65 ($393.88) with a movement of 43 loads (27.61 loads of choice, 6.43 loads of select, zero loads of trim and 9.17 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also enjoying a modest rally into Tuesday's noon hour as traders are willing to let the contracts trade higher so long as the live cattle contracts continue to do so. August feeders are up $3.02 at $361.87, September feeders are up $2.65 at $358.85 and October feeders are up $2.55 at $355.65. And so long as the live cattle contracts continue to rally through the afternoon, the feeder cattle contracts will likely do so as well.

LEAN HOGS:

The lean hog contracts are trading lower into Tuesday's noon hour as the market continues to struggle to find the support it needs to establish some technical momentum. June lean hogs are down $0.32 at $98.20, July lean hogs are down $0.30 at $102.45 and August lean hogs are down $0.77 at $102.45. The biggest strain on the pork cutout values this morning was the $3.37 decline in the loin. The projected lean hog index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $94.35, ranging from $87.00 to $95.00 on 370 head and a five-day rolling average of $94.15. Pork cutouts total 261.58 loads with 226.71 loads of pork cuts and 34.86 loads of trim. Pork cutout values: down $0.48, $97.88.

Tuesday Morning Livestock Market Update - Futures May Bounce

GENERAL COMMENTS:

Cattle opened higher on the news that beef plant export licenses will be renewed to China, with some other plants being added, plus their commitment to purchase $17 billion of agricultural products for each of the next three years. However, that failed to maintain support for the market. It makes one wonder if the market is not establishing a top. Bullish news failed to push the market higher. Boxed beef prices showed no indication of weakness, with choice up $2.89 and select up $0.98. Increased retail demand for the Memorial Day weekend has been met, which may impact boxed beef demand and prices for the rest of the week. Then it will be up to product movement to determine ongoing price support. Packers may not be as aggressive this week, as next week is a holiday-shortened week with reduced slaughter.

Hog futures looked positive to begin the day, opening higher and trading higher for a time before selling became more aggressive. The fundamentals remain similar to last week, with solid support remaining elusive. The trade did not see many hogs sold on the National Daily Direct Morning report, so packers turning more aggressive in the afternoon may reverse the futures today. The National Daily Direct Afternoon Hog report showed cash up $3.36, which is unusual to begin the week. Pork cutouts were also higher with values up $0.80. Packers may remain aggressive today as they may purchase hogs early due to the upcoming holiday.

	BULL SIDE		BEAR SIDE
1)	Cattle futures hold a significant discount to cash. Futures will increase if cash cattle prices hold.	1)	Cattle futures were unable to hold support even though bullish news developed over the weekend.
2)	Boxed beef prices remain strong, indicating good consumer demand. The grilling season may maintain that demand.	2)	Live cattle futures have been unable to move above resistance and contract highs, though cash prices have been strong. A top might have been established.
3)	Even though hog futures closed lower, they still held support. It seems traders are unwilling to press the market lower.	3)	Hog futures are having difficulty distancing themselves from the lows. Any price strength has been short-lived.
4)	Strong cash and higher cutouts on Monday should provide support to the market today.	4)	Traders are not finding consistent support in the hog market. This results in limited upside potential as price increases are selling opportunities.

Monday Closing Livestock Market Update - Lower Tones Followed the Contracts

GENERAL COMMENTS:

The livestock contracts ended the day lower as traders simply weren't willing to advance the contracts without first seeing greater fundamental support. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. July corn is up 21 1/4 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 159.95 points and the NASDAQ is down 134.41 points.

LIVE CATTLE:

The live cattle complex merely chopped sideways throughout the day, with the live cattle contracts ending the day slightly lower as traders weren't willing to challenge the market's resistance threshold. June live cattle closed $0.52 lower at $253.37, August live cattle closed $0.77 lower at $247.15 and October live cattle closed $0.92 lower at $238.95. No cash cattle trade developed throughout the day and it's unlikely that much trade will develop until later this week, potentially even waiting until after Friday's Cattle on Feed report is unveiled. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. Monday's slaughter is estimated at 106,000 head -- 4,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.89 ($392.14) and select up $0.98 ($390.23) with a movement of 84 loads (46.79 loads of choice, 11.03 loads of select, 9.93 loads of trim and 15.84 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. With next week being a shortened holiday week, it's likely that packers won't be as aggressive in this week's market.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders simply weren't willing to advance the contracts while the live cattle contracts were trading lower. August feeders closed $2.60 lower at $358.85, September feeders closed $2.97 lower at $356.20 and October feeders closed $3.07 lower at $353.10. Sale barns have noted that buyers are being more selective as their orders are filling up and as grass isn't as plentiful in the High Plains as normal. At Joplin Regional Stockyards in Carthage, Missouri compared to last week and at their midsession point, feeder steers were trading from $10.00 higher to $5.00 lower and feeder heifers under 600 pounds were selling $5.00 to $10.00 lower with heavier weights trading steady to $20.00 higher. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 5/15/2026: down $2.46, $367.63.

LEAN HOGS:

The lean hog complex also ended the day lower as traders simply weren't willing to advance the contracts until they saw robust fundamental support. June lean hogs closed $0.22 lower at $98.52, July lean hogs closed $0.60 lower at $102.75 and August lean hogs closed $0.92 lower at $103.22. And while today's pork cutout value may have closed higher -- traders desire to see stable support, not just a single day's higher close. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.36 with a weighted average price of $94.88 on 1,557 head. Pork cutouts totaled 257.36 loads with 224.93 loads of pork cuts and 32.43 loads of trim. Pork cutout values: up $0.80, $98.36. Monday's slaughter is estimated at 460,000 head -- 2,000 head less than a week ago and 21,000 head less than a year ago. The CME lean hog index 5/14/2026: down $0.02, $90.46.

TUESDAY'S HOG CALL: Steady to somewhat higher. Given that packers weren't very aggressive in today's market, it's likely that they could be slightly more aggressive on Tuesday.