Friday Closing Livestock Market Update - Cattle Close Lower Although the Market's Fundamentals are Red Hot

GENERAL COMMENTS:

It was a mixed day for the livestock complex as traders simply weren't willing to advance the cattle contracts ahead of the weekend, but the lean hog complex was finally able to close above its nearby resistance because of the market's added support. July corn is down 3 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 54.34 points and the NASDAQ is down 62.10 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle down $0.33, August live cattle down $1.10; August feeder cattle down $1.55, September feeder cattle down $1.65; June lean hogs up $3.03, July lean hogs up $3.38; July corn down $0.15, September corn down $0.15.

Friday's export report shared that beef net sales of 14,700 mt for 2025 were up 20% from the previous week and 24% from the prior 4-week average. The three largest buyers were Japan (4,200 mt), South Korea (3,100 mt) and Mexico (2,200 mt). Pork net sales of 30,500 mt for 2025 were down 19% from the previous week but up 1% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), South Korea (6,500 mt) and Japan (3,400 mt).

LIVE CATTLE:

The live cattle contracts closed lower Friday afternoon, but that's not to say that the market closed with a bearish sediment as more than anything traders recognized the market's strong fundamental position but weren't sure what to do with the bullish fundamental push ahead of the weekend. June live cattle closed $0.05 lower at $215.47, August live cattle closed $0.72 lower at $209.35 and October live cattle closed $0.75 lower at $207.40. All in all, the week's cash cattle trade was done ahead of today, but there was a thin movement in Western Nebraska at $235. A few dressed bids have been renewed in the area as well, but the vast majority of the week's trade is likely done. Throughout the week, Southern live cattle traded at mostly $223, which is $2.00 to $3.00 higher than last week's weighted average. Northern dressed cattle traded at mostly $370, which is $6.00 to $8.00 higher than last week's weighted average. Asking prices for cattle left on showlists remain firm at $224 plus in the South and $375 plus in the North.

Friday's slaughter is estimated at 117,000 head, 10,000 head more than a week ago and 4,000 head less than a year ago. Saturday's slaughter is projected to be around 5,000 head. The week's total slaughter is estimated at 477,000 head, 93,000 head less than a week ago and 61,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.25 ($366.34) and select up $3.01 ($356.65) with a movement of 85 loads (53.98 loads of choice, 8.64 loads of select, 8.33 loads of trim and 13.77 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. If this market has taught us anything, it's that there's a chance that prices can always trade higher. Next week's trade will likely be determined by whether or not demand remains strong and if packers were able to get a plethora of cattle bought this week.

FEEDER CATTLE:

The feeder cattle complex was awe-struck by this week's fed cash cattle trade, but traders didn't possess enough gusto to break the market outside of its sideways trading range ahead of the week's end. August feeder cattle closed $1.10 lower at $298.82, September feeders closed $1.15 lower at $297.70 and October feeders closed $1.07 lower at $295.70. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers and steer calves traded $3.00 to $8.00 higher, except through weighing 500 to 700 pounds, which traded $3.00 to $6.00 lower. Feeder heifers and heifer calves sold $3.00 to $8.00 stronger. Slaughter cows sold $1.00 to $4.00 higher and slaughter bulls traded $1.00 stronger. Feeder cattle supply over 600 pounds was 78%. The CME feeder cattle index 5/29/2025: up $1.55, $299.30.

LEAN HOGS:

The lean hog complex started the day off on a strong note and was able to maintain its momentum well through the day's end. It helped that traders were pleased to see a strong export report, and then were well supported by continued pork demand all of which helped drive the lean hog contracts beyond resistance thresholds. June lean hogs closed $1.30 higher at $101.32, July lean hogs closed $1.95 higher at $104.92 and August lean hogs closed $1.62 higher at $105.02. The belly's $6.94 jump was again the leading reason why the afternoon carcass price closed higher, but it was most impressive to note that all the other major cuts closed higher too, except the ham. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.55 with a weighted average price of $95.40 on 2,859 head. Pork cutouts total 343.61 loads with 316.66 loads of pork cuts and 26.95 loads of trim. Pork cutout values: up $2.60, $107.22. Friday's slaughter is estimated at 475,000 head, 51,000 head less than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 254,000 head. The CME lean hog index 5/28/2025: up $0.61, $94.13.

MONDAY'S HOG CALL: Stead/somewhat higher. Given the uptick in demand, prices could be higher early next week.

Friday Midday Livestock Market Update - Traders Leery of Supporting Cattle Contracts Ahead of the Weekend

GENERAL COMMENTS:

The livestock complex is trading mixed as trades are unsettled on how they should support the contracts ahead of the weekend. Besides a movement in Western Nebraska at $235, no new cash cattle trade has developed. July lean hogs are up $2.25 at $105.225, July corn is down 2 cents per bushel and July soybean meal is up $1.20. The Dow Jones Industrial Average is down 264.59 points and the NASDAQ is down 302.21 points.

Friday's export report shared that beef net sales of 14,700 mt for 2025 were up 20% from the previous week and 24% from the prior 4-week average. The three largest buyers were Japan (4,200 mt), South Korea (3,100 mt) and Mexico (2,200 mt). Pork net sales of 30,500 mt for 2025 were down 19% from the previous week but up 1% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), South Korea (6,500 mt) and Japan (3,400 mt).

LIVE CATTLE:

The live cattle complex is trading mixed: seeming to be in utter disbelief that fed cash cattle prices are continuing to charge higher and higher, and unsure of what to do about the market's unwavering fundamentals from a technical standpoint. Most of the live cattle contracts are trading higher into Friday's noon hour, but the market's nearby contracts remain hesitant. June live cattle are up $0.50 at $216.02, August live cattle are down $0.07 at $210.00 and October live cattle are down $0.07 at $208.07. There are a few new bids currently surfacing in Nebraska, but as of this morning the only movement reported is a string of cattle traded in Western Nebraska at $235. So far this week Southern live cattle have traded at mostly $223, which is $2.00 to $3.00 higher than last week's weighted average. Northern dressed cattle have traded at mostly $370, which is $6.00 to $8.00 higher than last week's weighted average. Asking prices for cattle left on showlists remain firm at $224 plus in the South and $375 plus in the North.

Boxed beef prices are mixed: choice down $0.10 ($365.99) and select up $3.24 ($356.88) with a movement of 57 loads (43.99 loads of choice, 4.55 loads of select, zero loads of trim and 8.51 loads of ground beef).

FEEDER CATTLE:

The positive bump that Thursday's market saw is gone for the feeder cattle complex as traders simply seem unwilling to advance the contracts any more ahead of the weekend. August feeders are down $0.52 at $299.40, September feeders are down $0.47 at $298.37 and October feeders are down $0.30 at $296.47. Feeder cattle prices have traded steady to somewhat lower this week as buyers have fulfilled the majority of their grass needs for the season and aren't quite as actively buying.

LEAN HOGS:

The lean hog complex is trading bullishly into Friday's noon hour as although exports were lighter than a week ago, they still were strong and it's positive that pork cutout values are higher too. June lean hogs are up $1.07 at $101.10, July lean hogs are up $2.15 at $105.12 and August lean hogs are up $1.67 at $105.07. The biggest reason why pork cutout values are higher is because of the $18.68 rally in the belly, while the other cuts are trading closer to $1.00 to $3.00 higher.

The projected lean hog index is unavailable at this time. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.24 with a weighted average price of $96.03, ranging from $88.00 to $102.50 on 1,731 head and a five-day rolling average of $97.79. Pork cutouts total 231.34 loads, with 209.44 loads of pork cuts and 21.90 loads of trim. Pork cutout values: up $4.78, $109.40.

Friday Morning Livestock Market Update - Higher Cash Should Support Futures

GENERAL COMMENTS:

Cattle futures have nearly recovered the losses from the fake news story of discovering the New World screwworm in the U.S. The fundamentals remain supportive with traders holding and adding to their long positions. The gains Thursday should be extended Friday as cash cattle traded higher. Southern live cattle traded $1.00 to $3.00 higher while Northern dressed cattle traded $6.00 to $8.00 higher. This should stimulate further buying interest in futures, as steady cash had been expected. Feedlots continue to hold for higher prices and have no concern over holding cattle to higher weights, as it has paid off. Boxed beef prices were higher, with choice up $0.67 and select up $1.90. Feeder cattle futures led the charge Thursday with gains of more than $4.00 in the nearby contracts. Cattle futures should see further gains in Friday's trade.

Traders were uncertain about the market's direction, leaving hog futures mixed at the close Thursday. Futures should see strength Friday as cash and cutouts were higher. The National Daily Direct Afternoon Hog Report showed cash up $0.66 from the previous day with a weighted average of $98.95. Pork cutouts jumped $2.22. The slaughter pace remains strong despite poor packer margins. Demand needs to be met, and the higher slaughter pace is moving hogs but limiting upside price movement as more pork is available to the market. There has been the anticipation of tighter supplies, but that has not yet been seen.

	BULL SIDE		BEAR SIDE
1)	Cash cattle traded significantly higher than expected this week and should support futures.	1)	Traders are becoming increasingly nervous about the high prices. Strong beef prices will not continue forever. Any negative news could trigger substantial liquidation.
2)	Consumer demand remains strong and is reflected in continuing strength in boxed beef, with prices at record highs.	2)	Cattle weights continue to increase as feedlots hold cattle for higher prices. More beef is available to the market with fewer cattle.
3)	Hog futures have regained some of the losses but have not been able to push higher. The strength of cash this week and the higher cutouts may provide the support needed.	3)	Packers have access to an ample hog supply and have not had to be aggressive with their purchases.
4)	Demand for pork is expected to improve domestically and internationally as the summer progresses. Weekly export sales are expected to show increased international interest.	4)	The August, October, and December contracts have chart gaps remaining below the market that may be filled.

Thursday Closing Livestock Market Update - Fed Cash Cattle Prices Trade $1.00 to $8.00 Higher

GENERAL COMMENTS:

It was an incredible turn of events for the cattle complex today as not only did the futures contracts close higher but fed cash cattle prices shot higher too. Southern live cattle sold $1.00 to $3.00 higher and dressed cattle traded $6.00 to $8.00 higher. July corn is down 4 cents per bushel and July soybean meal is up $2.70. The Dow Jones Industrial Average is up 117.03 points and the NASDAQ is up 74.93 points.

LIVE CATTLE:

It's been a prosperous day for the live cattle complex as traders couldn't look past the fundamental momentum that was developing throughout the day. Between the continued support of stronger boxed beef prices and the higher note in this week's fed cash cattle trade, traders were finally willing to look past the rumors spread earlier this week and instead look to the positive market fundamentals unfolding before their eyes. June live cattle closed $1.60 higher at $215.52, August live cattle closed $1.90 higher at $210.07 and October live cattle closed $2.07 higher at $208.15. This afternoon, Southern live cattle deals were marked at $222 to $223, which is $1.00 to $3.00 higher than last week's weighted average. Northern dressed cattle were marked at $368 to $370, which is $6.00 to $8.00 higher than last week's weighted average. 

Thursday's slaughter is estimated at 120,000 head, 4,000 head more than a week ago and 3,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.67 ($366.09) and select up $1.90 ($353.64) with a movement of 118 loads (74.58 loads of choice, 13.70 loads of select, 17.20 loads of trim and 12.56 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that prices have been established in both regions, it's likely that trade will remain steady now with the week's trend.

FEEDER CATTLE:

The feeder cattle complex grabbed another gear and shot higher as the market was elated to finally gain some support. August feeders closed $4.30 higher at $299.92, September feeders closed $4.37 higher at $298.85 and October feeders closed $4.25 higher at $296.77. It was difficult to track down a sale report from a sale barn this afternoon as the volumes are light this week. However, over the various reports that I did look at, it was interesting to note that slaughter cow prices were trading anywhere from $3.00 to $6.00 higher across the county. The CME feeder cattle index 5/28/2025: up $1.91, $297.75.

LEAN HOGS:

It was another mixed day for the lean hog complex as the nearby contracts felt the technical pressure of the futures market, but from a fundamental standpoint, it was phenomenal to see pork cutout values up $2.22. June lean hogs closed $0.25 lower at $100.02, July lean hogs closed $0.32 lower at $102.97 and August lean hogs closed $0.12 lower at $103.40. The biggest daily advancements were seen in the ham, which closed $6.20 higher, and the belly, which jumped $3.79 higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.66 with a weighted average price of $98.95 on 6,309 head. Pork cutouts totaled 257.57 loads, with 217.24 loads of pork cuts and 40.33 loads of trim. Pork cutout values: up $2.22, $104.62. Thursday's slaughter is estimated at 480,000 head, 1,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 5/27/2025: up $0.47, $93.52.

Friday's HOG CALL: Lower. Packers have likely fulfilled the vast majority of their cash needs for the week.

Thursday Midday Livestock Market Update - Cattle Turn Higher Amid Stronger Boxed Beef Prices and Hints of Higher Cash Trade

GENERAL COMMENTS:

The cattle contracts have turned their direction around as both the live cattle and feeder cattle contracts are trading higher. There's been some light trade noted in the Sout at $221 to $222, which is $1.00 higher than last week's weighted average. July corn is down 6 cents per bushel and July soybean meal is up $3.20. The Dow Jones Industrial Average is down 85.38 points and the NASDAQ is up 74.55 points.

LIVE CATTLE:

The live cattle complex has seemed to shake the bearish stigma that it possessed earlier this week as it's trading well over $1.00 higher into today's noon hour. June live cattle are up $1.37 at $215.30, August live cattle are up $1.77 at $209.95 and October live cattle are up $1.75 at $207.82. Helping traders take a more active approach in the market is the fact that boxed beef prices are continuing to trade higher and some early sales in the fed cash cattle market that have been slightly higher. Some light trade has been noted in the South at $221 to $222 which is $1.00 higher than last week's weighted average. Asking prices are noted in the South at $222 but are still not established in the North. Bids of $231 are noted in Nebraska, but no cattle have traded at this price yet.

Boxed beef prices are higher: choice up $1.25 ($366.67) and select up $1.19 ($352.93) with a movement of 66 loads (36.86 loads of choice, 7.61 loads of select, 12.21 loads of trim and 9.38 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is having a tremendous day as the nearby contracts are trading mostly over $3.00 higher into the noon hour. Helping matters is the fact that most of the nation is expected to get moisture next week which will help with summer pasture and potentially keep drought at bay for some areas. August feeders are up $3.92 at $299.55, September feeders are up $3.85 at $298.32 and October feeders are up $3.67 at $296.20.

LEAN HOGS:

The lean hog complex is trading mixed into Thursday's noon hour as traders are worried about the market's technical resistance pressure. June lean hogs are down $0.07 at $100.20, July lean hogs are down $0.35 at $102.97 and August lean hogs are down $0.22 at $103.30. On the bright side pork cutout values are higher again as consumers have been consistent buyers this week in the pork retail counter.

The projected lean hog index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.86 with a weighted average price of $99.27, ranging from $90.00 to $103.25 on 4,272 head and a five-day rolling average of $97.73. Pork cutouts total 139.05 loads with 110.34 loads of pork cuts and 28.71 loads of trim. Pork cutout values: up $1.95, $104.35.

Thursday Morning Livestock Market Update - Cattle Futures May See Further Weakness

GENERAL COMMENTS:

Traders realized cattle are in a precarious position at these lofty levels. The volatility of futures on Tuesday, which took place on false news, was a wake-up call to what could take place if real negative news actually hit the market. The fund traders may have realized they needed to trim some of their long positions. Expanded trading limits in cattle will begin next week, which could heighten volatility. Cash has not yet traded this week, with the anticipation that cash might be no better than steady. Boxed beef was higher Wednesday, with choice up $3.57 and select up $0.91. Feeder cattle led the weakness as funds may reduce their record-long positions.

Hogs found further support Wednesday as traders turned more optimistic over demand. The slaughter pace is strong as packers make up for the holiday weekend. The change in price on the National Daily Direct Afternoon report was not released because there was no price posted Tuesday to compare it to. The average price was $98.29, which is $3.83 higher than the price posted Friday. Pork cutouts did not provide support with values down $1.08. Weekly hog weights showed little change. Cash may be higher Thursday as packers need to obtain the hogs they need to finish out the week and make up for the holiday.

	BULL SIDE		BEAR SIDE
1)	The recent weakness in cattle futures was the result of fake news. The weakness may be viewed as a buying opportunity as traders regain their confidence.	1)	Cattle traders may reduce more of their long positions ahead of the increased trading limits and higher margin requirements.
2)	The strength of boxed beef prices indicates demand remains strong, and packers will need cattle to meet that demand.	2)	If cash cattle trade lower this week, further liquidation could be triggered.
3)	Hog futures may regain last week's losses. The optimism of traders over improved demand seems to have returned.	3)	Weekly hog weights increased 0.1 pounds, averaging 288.0 pounds, the same level as a year ago.
4)	Pork cutouts are expected to find support and trend higher as the summer progresses.	4)	Technically, hog futures are neutral and could go either way. Futures may drift sideways into the weekend.

Wednesday Closing Livestock Market Update - Traders Remain Skeptical of the Cattle Complex

GENERAL COMMENTS:

The livestock complex was a mixed bag again today as the cattle contracts continued to venture lower, but the lean hog market closed higher. A few bids surfaced in the fed cash cattle market, but no major trade developed. July corn is down 8 1/2 cents per bushel and July soybean meal is down $2.60. The Dow Jones Industrial Average is down 244.95 points and the NASDAQ is down 98.22 points.

LIVE CATTLE:

It was another grim day for the live cattle complex as the contracts closed fully lower. The nearby contracts endured the biggest losses, but the entire complex maintained the same doggish sediment that Tuesday's market possessed. June live cattle closed $1.20 lower at $213.92, August live cattle closed $1.12 lower at $208.17 and October live cattle closed $1.00 lower at $206.07. The USDA may have shut down the rumors that a positive test of New World screwworm was detected in the U.S., but the aftereffects of the market's panic on Tuesday still are alive and real today. A few bids were offered throughout the day in the cash cattle market, but no trade developed. Asking prices are noted at $222 in Texas but are still not established in the North. 

Wednesday's slaughter is estimated at 119,000 head, 1,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.57 ($365.42) and select up $0.91 ($351.74) with a movement of 138 loads (97.03 loads of choice, 18.99 loads of select, 10.47 loads of trim and 11.21 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat lower. Given the doggish attitude of the futures complex, traders will likely use the board's weakness as leverage in getting cattle bought steady/somewhat lower this week.

FEEDER CATTLE:

The feeder cattle complex also closed lower as the market was hard up for any support today. With the live cattle contracts closing lower and traders not seeming willing to focus their attention on any of the market's fundamentals, the market had little other option but to close lower. August feeders closed $2.52 lower at $295.62, September feeders closed $2.77 lower at $294.47 and October feeders closed $2.82 lower at $292.52. At Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, the best test on steers was on those weighing 850 to 899 pounds, which traded mostly steady, and then on those weighing 950 to 999 pounds as they traded $2.00 to $3.00 higher. Heifers were not comparable to last week's offering. Demand was strong for cattle ready to head into finishing yards, especially those in load lots. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 5/27/2025: down $0.25, $295.84.

LEAN HOGS:

The lean hog complex was the brave market of the livestock industry today as it closed higher amid lower pork cutout values. It was especially interesting to note that the June contract was willing to face off with its resistance at $100. June lean hogs closed $1.17 higher at $100.27, July lean hogs closed $1.15 higher at $103.30 and August lean hogs closed $1.35 higher $103.52. The only individual pork cut that was able to close higher today was the rib (which closed $6.01 higher), but that wasn't enough to offset the pressure of all the other major cuts closing lower. Hog prices on the Daily Direct Afternoon Hog Report averaged $98.29 on 7,326 head. Pork cutouts totaled 223.48 loads, with 195.68 loads of pork cuts and 27.80 loads of trim. Pork cutout values: down $1.08, $102.65. Wednesday's slaughter is estimated at 490,000 head, 5,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 5/23/2025: up $0.11, $93.05.

THURSDAY'S HOG CALL: Lower. With pork cutout values being lower, packers may not be as aggressive in Thursday's cash market.

Wednesday Midday Livestock Market Summary - Cautiousness Remains the Theme for the Cattle Contracts

GENERAL COMMENTS:

It's been a mostly mundane trading day for the livestock complex as the cattle contracts remain skeptical, but the lean hog contracts are keeping with their upward trend thanks to technical support. No trade has developed in the fed cash cattle market yet this week. July corn is down 8 cents per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is down 98.49 points and NASDAQ is down 11.53 points.

LIVE CATTLE:

Although the rumor mill has been settled, the market still possesses some cautiousness following Tuesday's sharp sell-off. June live cattle are down $0.67 at $214.45, August live cattle are down $0.65 at $208.65 and October live cattle are down $0.47 at $206.52. Unless something robustly positive happens in this week's fed cash cattle market, it's likely that the complex will maintain this hesitant tone given that it's a shortened holiday week. Asking prices are noted in Texas at $222, but are still not established in the North. No bids have surfaced at this point.

Boxed beef prices are higher: choice up $2.92 ($364.77) and select up $0.12 ($350.95) with a movement of 69 loads (49.03 loads of choice, 12.43 loads of select, zero loads of trim and 7.33 loads of ground beef).

FEEDER CATTLE:

It's another sluggish day for the feeder cattle complex as the contracts are trading well over $1.00 lower into Wednesday's noon hour. August feeders are down $1.60 at $296.52, September feeders are down $1.87 at $294.40 and October feeders are down $3.12 at $292.22. Unfortunately, whenever the market is rocked back on its heels (for whatever reason) it seems to take longer to shake the bearishness than what would seem logically necessary.

LEAN HOGS:

The lean hog complex is trading mostly higher into Wednesday's noon hour, fueled mainly by the interest of traders. June lean hogs are up $0.22 at $99.32, July lean hogs are up $0.20 at $102.35 and August lean hogs are up $0.60 at $102.80. Midday pork cutout values aren't much help right now as they're trending lower, but Tuesday's data did show vast gains, which could be why prices are correcting Wednesday.

The projected lean hog index for 5/27/2025 is up $0.47 at $93.52, and the actual index for 5/23/2025 is up $0.11 at $93.05. Hog prices on the Daily Direct Morning Hog Report average $96.41, ranging from $87.00 to $100.00 on 2,355 head and a five-day rolling average of $95.17. Pork cutouts total 223.48 loads with 195.68 loads of pork cuts and 27.80 loads of trim. Pork cutout values: down $1.08, $102.65.

Wednesday Morning Livestock Market Update - Traders May Further Support Cattle Futures

GENRAL COMMENTS:

Cattle futures began Tuesday reflecting the numbers on the Cattle on Feed report with a slightly higher open. That changed dramatically when a story was released that the New World screwworm was detected in the U.S. Futures plunged on the news, which turned out to be false. Futures recovered much of what was lost but still closed lower. This is the risk that the market faces with prices at near record levels and fund traders being record long in feeder cattle futures and extremely long in live cattle futures. Liquidation can be brutal if something triggers it. Expanded trading limits will be implemented June 2, which can magnify these moves. Boxed beef prices were mixed with choice up $0.30 and select down $0.49.

Hogs did come under some pressure in sympathy with the decline in cattle, but recovered to close higher. The recent weakness of futures may have run its course, with traders apt to buy into the market for the long term. Cash trading activity was light, resulting in no price change reported on the National Direct Afternoon report. Pork cutouts were higher, posting a gain of $2.27, and may indicate pork movement over the holiday was good. Packers are expected to be aggressive Wednesday, purchasing hogs to fulfill slaughter and to make up for reduced slaughter due to the holiday.

	BULL SIDE		BEAR SIDE
1)	Cash is expected to be steady to higher this week as demand has not faltered at these higher prices. The feedlots may hold out for higher prices, as that has worked well.	1)	The volatility in cattle futures Tuesday was a wake-up call to traders that any shift in fundamentals or an unexpected event can have a huge negative impact on the market. Traders may trim some of their long positions.
2)	The news on Tuesday of the discovery of the New World screwworm in the U.S. was a rumor. Traders may turn focus back to the supportive Cattle on Feed report.	2)	Beef demand may slow somewhat as temperatures increase and high beef prices impact consumers.
3)	Hog futures closed higher, possibly indicating the recent weakness may have run its course.	3)	The August, October, and December hog contracts have chart gaps below the market that may be filled.
4)	Demand for pork should improve as the summer progresses. High beef prices may shift some demand to pork.	4)	Pork cutouts have yet to establish solid support. Demand needs to improve, or the price will have limited upside potential.

Tuesday Closing Livestock Market Update - Cattle Dip Lower Amid False Rumors; Hogs Close Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex, as the cattle complex was cut short of the day it was expected to have by false rumors, but the lean hog complex closed higher. New showlists appear to be mixed -- higher in the South, but lower in Nebraska/Colorado. July corn is steady and July soybean meal is steady. The Dow Jones Industrial Average is up 740.58 points and the NASDAQ is up 461.95 points.

LIVE CATTLE:

It was a topsy-turvy day for the cattle complex as rumors spread early in the morning that there was a confirmed case of New World screwworm in the U.S., but that has been confirmed to be a false statement by USDA. Nevertheless, the rumor sucked all the momentum right out of the live cattle complex as its contracts closed mostly $1.00 lower. June live cattle closed $0.67 lower at $215.12, August live cattle closed $1.15 lower at $209.30 and October live cattle closed $1.02 lower at $207.07. No developments in the fed cash cattle market surfaced throughout the day. New showlists appear to be mixed, higher in the South, but lower in Nebraska/Colorado. Tuesday's slaughter is estimated at 114,000 head, 6,000 head less than a week ago and 10,000 head less than a year ago.

Last week, Northern dressed cattle traded on Wednesday for a wide range of $354 to $370, but mostly at $360, which is $2.00 higher than the previous week's weighted average. Southern live cattle traded on Friday at mostly $219 to $220, which is steady to $1.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 55,464 head. Of which 71% (39,592 head) were committed to the nearby delivery, while the remaining 29% (15,872 head) were committed to the deferred delivery option.

Boxed beef prices closed mixed: choice up $0.30 ($361.85) and select down $0.49 ($350.83) with a movement of 112 loads (62.48 loads of choice, 13.40 loads of select, 20.20 loads of trim and 15.77 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. With packers anticipated to process starkly fewer cattle this week, it's likely that fed cash cattle prices will be steady at best.

FEEDER CATTLE:

The feeder cattle complex was gravely affected by the downward spiral the live cattle contracts endured. It was all a psychological game, as the rumor that was spread about NWS being found in the U.S. was confirmed to be false by the USDA. Even so, the positive news Friday's Cattle on Feed report shared was virtually no help as the market was fixated on rumors and rumors alone today. August feeders closed $2.22 lower at $298.15, September feeders closed $2.10 lower at $297.25 and October feeders closed $2.00 lower at $295.35. At OKC West Livestock Auction in El Reno, Oklahoma, at their midsession point and when compared to last week, steer and heifer calves were trading $8.00 to $13.00 higher, but the biggest advancement was seen on heifers. Feeder cattle supply over 600 pounds was 23%. The CME feeder cattle index 5/26/2025: down $0.16, $296.09.

LEAN HOGS:

The lean hog complex was well supported throughout the day as not only were traders able to find some technical support in the marketplace, but they were also pleased to see the slight uptick in pork cutout values. June lean hogs closed $0.80 higher at $99.10, July lean hogs closed $0.60 higher at $102.15 and August lean hogs closed $0.90 higher at $102.17. This afternoon's carcass price was able to jump significantly higher mainly thanks to the $7.48 gain in the belly, but also the $3.79 jump in the ham. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 2,485 head traded throughout the day and that the market's five-day rolling average now sits at $95.22. Pork cutouts totaled 327.56 loads with 281.06 loads of pork cuts and 46.50 loads of trim. Pork cutout values: up $2.27, $103.73. Tuesday's slaughter is estimated at 488,000 head – 4,000 head less than a week ago and 12,000 head more than a year ago. The CME lean hog index 5/22/2025: up $0.19, $92.94.

WEDNESDAY'S HOG CALL: Higher. With pork cutout values seeing a bump of support, packers may opt to purchase more inventory in the cash market.

Tuesday Midday Livestock Market Summary - Cattle Run Lower While Hogs Find Support

GENERAL COMMENTS:

It's been a sharp turn of events for the cattle complex as both the live cattle and feeder cattle markets opened higher, but now, heading into the day's noon hour, both markets are trading sharply lower. Meanwhile, the lean hog complex has found some support as it's trading mildly higher. July corn is down 1 1/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 622.87 points and NASDAQ is up 413.53 points.

LIVE CATTLE:

Most believed that Friday's encouraging Cattle on Feed report would help propel the market into at least steady, if not higher, trade early this week, but traders have a different feel of the market as the live cattle contracts are trading well over $1.00 lower into today's noon hour. June live cattle are down $1.25 at $214.55, August live cattle are down $1.82 at $208.62 and October live cattle are down $1.70 at $206.40. Some of the market's concern could be stemming from the fact that this week's slaughter is expected to be dramatically lower than recent weeks as packers continue to try to find ways to build up supply around them and avoid driving the cash cattle market any higher.

Last week, Northern dressed cattle traded on Wednesday for a wide range of $354 to $370, but mostly at $360, which is $2.00 higher than the previous week's weighted average. Southern live cattle traded on Friday at mostly $219 to $220, which is steady to $1.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice down $1.36 ($360.19) and select up $0.15 ($351.47) with a movement of 49 loads (27.60 loads of choice, 5.70 loads of select, 7.86 loads of trim and 7.70 loads of ground beef).

FEEDER CATTLE:

It's been a grim morning for the feeder cattle complex as most of the contracts are trading $2.00 to $3.00 lower into Tuesday's noon hour. At first, the market opened higher but then did a key reversal as traders quickly jerked all their support for the complex out. August feeders are down $3.20 at $297.17, September feeders are down $3.10 at $296.25 and October feeders are down $2.97 at 294.37.

LEAN HOGS:

It's been an encouraging day for the lean hog complex as the market has finally found some technical support and is pleased to see the noticeable jump in pork cutout values. June lean hogs are up $0.52 at $98.82, July lean hogs are up $0.25 at $101.80 and August lean hogs are up $0.15 at $101.42. The market is a couple of dollars away from its resistance threshold, so the complex will likely be able to sustain this rally through the day's end.

The projected lean hog index for 5/23/2025 is up $0.11 at $93.05, and the actual index for 5/22/2025 is up $0.19 at $92.94. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 650 head have traded this morning and that the market's five-day rolling average now sits at $95.58. Pork cutouts total 153.31 loads with 133.92 loads of pork cuts and 19.39 loads of trim. Pork cutout values: up $2.91, $104.37.

Tuesday Morning Livestock Market Update - Traders to Begin the Week With Caution

GENERAL COMMENTS:

The cash cattle trade did not develop in earnest until after the futures markets closed, with prices $2.00 to $3.00 higher. Feedlots held out to get what they wanted. Even though the packers have surrounded themselves with more cattle, they continue to purchase, maintaining a cushion of supply. Even though packer margins are not good, they cannot afford not to meet demand. Boxed beef prices continue to increase, with choice up $0.58 and select up $2.37. The Cattle on Feed report is not expected to shake up the market Monday as the numbers were not far outside of the trade estimates. One feed as of May 1 was 98.5% of a year ago and right on the estimate. Placements were 97.4% and slightly above the average estimate, with marketing at 97.5% and above the estimate of 96.7%. The Commitment of Traders report showed fund traders reduced their net-long position in live cattle by 1,852 contracts to a net-long of 126,037. They increased their net-long position in feeder cattle by 2,005 futures contracts to a new record long of 32,800.

Hogs struggled throughout the day on Friday. There was little interest in supporting the market into the holiday weekend. Futures had another day of a lower high and a lower low. The July contract closed the chart gap on the decline. Hog futures were lower for the week, with June and July over $2.00 lower. Cash was lower on the National Daily Direct Afternoon Hog report with a decline of $0.43. This was not surprising as limited slaughter was expected on Saturday, with plants closed on Monday. The packers may aggressively begin the holiday-shortened week to purchase what they need. Pork cutouts posted a gain of $1.19. The Commitment of Traders report showed the fund traders as buyers of 9,828 futures contracts, bringing their net-long position to 87,807 contracts.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was supportive to the market in that the actual numbers were in line with the estimates and friendly compared to a year ago.	1)	The placement number on the Cattle of Feed report was above expectations, which could cause some profit taking as traders trade the actual to the estimate.
2)	Cash cattle traded higher last week, keeping the uptrend alive. Feedlots continue to hold for higher cash, and this week might be the same.	2)	The June and August live cattle contracts have chart gaps below the market that may be filled sooner rather than later.
3)	The July hog contract closed the chart gap that remained below the market. This could increase the buying interest of technical traders.	3)	The August, October and December contracts had chart gaps below the market that may be filled.
4)	The packers might be more aggressive this week as they need to purchase hogs to make up for one less day of slaughter with a large Saturday kill.	4)	The packers may wait to see the level of pork movement over the weekend before becoming aggressive in the cash market.

 

Friday Closing Livestock Market Summary - Cash Cattle Market Still Hasn't Traded

GENERAL COMMENTS:

It was a long day for the livestock complex as not much developed positively for the lean hog complex, and the cattle complex is still waiting to see what happens in this week's fed cash cattle market. There are bids of $218 to $220 currently being offered in the South but still no cattle have traded. July corn is down 3 1/2 cents per bushel and July soybean meal is down $2.30. The Dow Jones Industrial Average is down 256.02 points and the NASDAQ is down 188.52 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $3.58, August live cattle up $3.70; August feeder cattle up $2.77, September feeder cattle up $3.08, June lean hogs down $2.03, July lean hogs down $2.63; July corn up $0.16, September corn up $0.16.

LIVE CATTLE:

If you were sitting on pins and needles waiting to see what the week's cash cattle trade was going to amount to this week, you did so rightfully. At the time of this writing, still, no sizeable volume of cattle has traded in the South, and there have been no more dressed cattle sales besides what developed on Wednesday. On Wednesday afternoon in Nebraska, dressed sales ranged anywhere from $354 to $370, but mostly at $360, which is $2.00 higher than last week's weighted average. Currently, bids of $218 to $220 are being offered in Kansas and Texas, but feedlot managers want more. Trade will likely develop at some point today, as packers don't want to be any more short-bought, but it's tough telling who's going to yield to time's pressure: packers or feedlot managers? My bet is that feedlot managers are going to get the upper hand again this week. June live cattle closed $0.17 higher at $215.80, August live cattle closed $0.05 lower at $210.45 and October live cattle closed $0.12 lower at $208.10.

Friday's slaughter is estimated at 97,000 head, 8,000 head less than a week ago and 21,000 head less than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated at 570,000 head, 4,000 head more than a week ago and 32,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.58 ($361.55) and select up $2.37 ($351.32) with a movement of 71 loads (49.56 loads of choice, 6.10 loads of select, 8.86 loads of trim and 6.70 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. It's tough telling what next week's trade is going to bring before this week's trade develops.

FEEDER CATTLE:

The feeder cattle complex powered through Friday's close as traders believed that the afternoon's Cattle on Feed report was going to be favorable to the cattle market and yes, yes it was. The biggest takeaway from Friday's report was by in large, the placement data. Placements in April of 2025 only totaled 1,613,000 million head -- that's the lightest monthly placement data the industry has seen since April 2020 when placements were vastly disturbed by the COVID outbreak. When looking back further in the data, beyond the market's disruption in 2020, the last time a single month saw placements below 1,600,000 head on any given month was back in January 2015. DTN's full Cattle on Feed commentary:

August feeders closed $0.60 higher at $300.37, September feeders closed $0.72 higher at $299.35 and October feeders closed $0.90 higher at $297.35. The Oklahoma Weekly Cattle Auction Summary share that compared to last week feeder steers traded $3.00 to $5.00 lower, and steers weighing 600 to 700 pounds traded $8.00 to $12.00 lower. Feeder heifers traded $3.00 to $7.00 lower. Steer calves sold $10.00 to $15.00 lower and heifer calves sold $7.00 to $12.00 lower. Slaughter cows traded $2.00 to $5.00 higher. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 5/22/2025: down $0.23, $295.46.

LEAN HOGS:

It was another lousy day for the lean hog complex as the market continued in its downward trend, unable to get traders to jump into the market and actively support the complex. June lean hogs closed $0.40 lower at $98.30, July lean hogs closed $0.50 lower at $101.55 and August lean hogs closed $0.72 lower at $101.27. Pork cutout values may have closed over $1.00 higher, mainly thanks to the butt's $4.71 increase and the loin's $2.43 increase, but traders remained cautious nonetheless. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.43 with a weighted average price $94.86 on 2,026 head. Pork cutouts totaled 326.91 loads with 296.51 loads of pork cuts and 30.40 loads of trim. Pork cutout values: up $1.19, $101.46. Friday's slaughter is estimated at 424,000 head, 42,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 10,000 head. The CME lean hog index 5/21/2025: up $0.41, $92.75.

TUESDAY'S HOG CALL: Steady. Following the long three-day weekend, packers may need more hogs early next week.

Friday Midday Livestock Market Summary - Still Waiting for Cash Cattle to Trade

GENERAL COMMENTS:

It's been a slow starting day for the livestock complex as there's no new cash cattle trade noted. This afternoon market participants will be looking for developments in the fed cash cattle market and for the afternoon's monthly Cattle on Feed report. July corn is down 3 1/2 cents per bushel and July soybean meal is down $3.20. The Dow Jones Industrial Average is down 284.27 points and the NASDAQ is down 199.15 points.

LIVE CATTLE:

The live cattle complex is trading indecisively, higher one minute, lower the next as traders are currently juggling the mixed signals from the marketplace. Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded. There was some trade in the North on Wednesday afternoon at $354 to $370, but mostly at $360 which is $2.00 higher than last week's record-breaking weighted average. But since then, there's been virtually no trade to speak of. That being said, more trade will need to develop at some point today if traders are going to keep themselves from being short bought in the weeks ahead. There's currently one single bid of $218 on the table in Kansas. Feedlot managers could be holding firm, waiting for the afternoon's Cattle on Feed report to be released as it's expected to be bullish and that would help them in their argument as to why prices should be higher again this week. June live cattle are up $0.20 at $215.82, August live cattle are up $0.17 at $210.67 and October live cattle are up $0.17 at $208.40.

Boxed beef prices are higher: choice up $0.82 ($361.79) and select up $2.10 ($351.05) with a movement of 44 loads (35.27 loads of choice, 3.82 loads of select, zero loads of trim and 4.70 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher as traders are anxiously awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully anticipated that the report will be bullish as feed totals and placements are both expected to be lighter than a year ago. August feeders are up $1.05 at $300.82, September feeders are up $1.22 at $299.85 and October feeders are up $1.35 at $297.80.

LEAN HOGS:

The lean hog complex is trading fully lower as not only is the market battling its own resistance pressure, but it's also concerned about continued tariff dilemmas. June lean hogs are down $0.42 at $98.27, July lean hogs are down $0.90 at $101.15 and August lean hogs are down $).95 at $101.07. And while is always helpful for the market to see pork cutout values higher, traders seem dull to the fundamental support.

The projected lean hog index for 5/22/2025 is up $0.19 at $92.94, and the actual index for 5/21/2025 is up $0.41 at $92.75. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.28 with a weighted average price of $95.73, ranging from $91.00 to $99.00 on 1,756 head and a five-day rolling average of $95.39. Pork cutouts total 188.79 loads with 172.99 loads of pork cuts and 15.80 loads of trim. Pork cutout values: up $0.73, $101.00.

Friday Morning Livestock Market Update - Limited Cash Cattle Trade So Far This Week Points to Higher Prices

GENERAL COMMENTS:

The cattle complex found strong buying interest Thursday as limited cash trade points to higher prices and boxed beef continued to increase. More cash sales were expected Thursday, but that did not happen. Limited trade points to higher cash this week. Cash activity will take place and finish ahead of the 3-day weekend. Packers may need to raise bids to obtain the cattle they need, as the feedlots remain unwilling to part with cattle at lower prices. Boxed beef prices continue to climb, with choice up $1.38 and select up $0.67. The Cattle on Feed report will be released this afternoon. The estimates are for on-feed numbers as of May 1 at 98.5% of a year ago, with the range of estimates from 98.3% to 99.0%. Placements are estimated at 96.9% and a range of 95.4% to $104.0%. Marketings in April at 96.7% and a range of 96.0% to 97.1%.

Hog futures showed light spread-trading again Thursday as traders are uncertain about price direction. The cash price held well Thursday, with the National Daily Direct Afternoon Hog report showing a loss of $0.01. Buying should be finished for the week. Pork cutouts were $0.23 higher, but will not provide much support to the complex. Futures prices will need to find support soon or a larger retracement may happen. Weekly export sales showed China as the second-largest buyer now that tariffs have been relaxed. Estimated slaughter Friday is 450,000 head, with Saturday slaughter at 11,000 head.

	BULL SIDE		BEAR SIDE
1)	Strong demand continues to support the market. Boxed beef prices continue to establish new highs. Cash cattle are expected to trade higher.	1)	A surprise increase in placements on the Cattle on Feed report could trigger fund liquidation. Analysts had a wide range of estimates.
2)	The Cattle on Feed report is expected to be friendly, with on-feed and placement numbers below a year ago.	2)	If packers have sufficient cattle purchased ahead, they may not be aggressive this week, resulting in steady cash. That could trigger selling.
3)	China is purchasing pork again, which should increase exports. Higher exports and the potential for increased domestic demand this summer may provide the support the market needs.	3)	Hog futures are having difficulty finding solid support. Both cash and cutouts remain lackluster.
4)	Traders seem reluctant to be aggressive sellers of hog futures, which may indicate that a level of support may be developing.	4)	Packers will not be aggressive buyers Friday as plants will be dark on Memorial Day. The shorter week will require fewer hogs.

Thursday Closing Livestock Market Update - Traders Push Cattle Contracts Higher on Strong Fed Cash Cattle Prices

GENERAL COMMENTS:

Traders were willing to advance the cattle contracts upon seeing stronger sales in this week's fed cash cattle market, but the lean hog contracts closed mixed. Friday will be a big-hitting day with the monthly Cattle on Feed report being released, and there should be more cash cattle sales noted too. July corn is up 2 cents per bushel and July soybean meal is up $4.40. The Dow Jones Industrial Average is down 1.35 points and the NASDAQ is up 53.09 points.

Thursday's export report shared that Beef net sales of 12,300 mt for 2025 were down 16% from the previous week but up 8% from the prior 4-week average. The three largest buyers were Japan (3,600 mt), South Korea (2,800 mt) and Taiwan (1,800 mt). Pork net sales of 37,400 mt for 2025 2343 up 52% from the previous week and 68% from the prior 4-week average. The three largest buyers were Mexico (14,400 mt), China (7,800 mt) and Japan (3,300 mt).

**The annual CME special executive report came out today and once again, the CME cattle contracts are going to be allowed to have wider daily trading limits effective on Monday, June 2. Currently, the live cattle contract has a daily price limit of $6.50, but on June 2, the new daily limit for the live cattle contracts will be $7.25, with a newly expanded limit of $10.75. Currently, the feeder cattle contract has a daily price limit of $8.25, but effective on June 2, the new daily price limit will be $9.25, and the new expanded daily price limit will be $13.75.**

LIVE CATTLE:

The live cattle complex gained some unexpected momentum as traders were pleased to see the light movement in the North Wednesday afternoon as dressed fed cash cattle prices traded higher. The added support of not only higher boxed beef prices but the slight uptick in prices in the fed cash cattle market was enough to encourage traders to push the contracts higher despite their seeming commitment earlier in the week to merely hold the complex steady. On Wednesday afternoon dressed cattle prices in Nebraska ranged anywhere from $358 to $370, but mostly at $360 which is $2.00 higher than last week's weighted average. Bids have beef offered throughout the entire afternoon, but feedlot managers have thus far held off from trading any more cattle. More trade will need to develop ahead of the week's close as packers cannot afford to be short bought moving forward. June live cattle closed $1.47 higher at $215.62, August live cattle closed $1.85 higher at $210.50 and October live cattle closed $2.15 higher at $208.22. 

Thursday's slaughter is estimated at 116,000 head, 4,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.38 ($360.97) and select up $0.67 ($348.95) with a movement of 81 loads (45.92 loads of choice, 16.32 loads of select, 4.34 loads of trim and 14.26 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. Given that feedlot managers have seen that packers are indeed willing to pay more money for cattle this week they'll likely be able to advance prices.

FEEDER CATTLE:

Upon seeing the live cattle contracts trade higher thanks to the added market support of stronger fed cash cattle prices, the feeder cattle complex again followed in the live cattle market's wake and closed higher as well. August feeders closed $3.35 higher at $299.77, September feeders closed $3.57 higher at $298.62 and October feeders closed $3.65 higher at $296.45. Friday's Cattle on Feed Report is likely to be bullish as the report is not only going to likely show a year-over-year decrease in the total number of cattle on feed, but also a decrease in feedlot placements. If both these line items come in as anticipated, the report should be bullish to the complex. At Huss Livestock Auction in Kearney, Nebraska compared to their last sale two weeks ago, steers weighing 650 to 800 pounds traded steady to $10.00 higher, but steers over 800 pounds sold steady to $5.00 lower. Heifers weighing 750 to 900 pounds sold steady to $2.00 lower. Feeder cattle supply over 600 pounds was 85%. The CME feeder cattle index 5/21/2025: down $1.95, $295.69.

LEAN HOGS:

Although the morning shared a fruitful export report, the lean hog complex wasn't able to close higher in its nearby contracts as the market's resistance simply seemed to be too much to handle. June lean hogs closed $0.82 lower at $98.70, July lean hogs closed $0.47 lower at $102.05 and August lean hogs closed $0.35 lower at $102.00. Pork cutout values were up slightly this afternoon, but traders seem somewhat numb to any supportive fundamental development as they're merely fixed on the fact that the market's resistance at $100 is simply too big of a mountain for them to conquer today. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.01 with a weighted average price of $95.29 on 3,151 head. Pork cutouts totaled 204.90 loads with 173.43 loads of pork cuts and 31.46 loads of trim. Pork cutout values: up $0.23, $100.27. Thursday's slaughter is estimated at 479,000 head, 2,000 head less than a week and a year ago. The CME lean hog index 5/20/2025: up $0.49, $92.34.

FRIDAY'S HOG CALL: Lower. Packers have likely fulfilled the vast majority of their needs for the week.

Thursday Midday Livestock Market Summary - Stronger Fed Cash Cattle Prices Entice Traders to Push Cattle Contracts Higher

GENERAL COMMENTS:

With the added support of strong fed cash cattle prices, both the live cattle and feeder cattle contracts are trading higher. No new trade has developed at this point, but packer interest should improve this afternoon. July corn is up 3 1/4 cents per bushel and July soybean meal is up $4.40. The Dow Jones Industrial Average is up 73.63 points and the NASDAQ is up 131.35 points.

Thursday's export report shared that Beef net sales of 12,300 mt for 2025 were down 16% from the previous week but up 8% from the prior 4-week average. The three largest buyers were Japan (3,600 mt), South Korea (2,800 mt) and Taiwan (1,800 mt). Pork net sales of 37,400 mt for 2025 2343 up 52% from the previous week and 68% from the prior 4-week average. The three largest buyers were Mexico (14,400 mt), China (7,800 mt) and Japan (3,300 mt).

LIVE CATTLE:

The live cattle complex is trading with more vigor today as traders are pleased to see the note of the strong sales in the North yesterday afternoon. It was assumed that fed cash cattle prices would trade steady at best this week as packers were able to build up some supply last week and because next week's schedule will be limited because of the long holiday weekend. Wednesday afternoon a light movement of dressed sales ranged anywhere from $358 to $370, but mostly at $360 which is $2.00 higher than last week's weighted average. The bullish surprise has helped reignite some bullishness throughout the futures complex as traders were merely trading the complex steady before seeing the trade develop. Still no sizeable sales have developed in the Southern plains. June live cattle are up $1.67 at $215.85, August live cattle are up $2.07 at $210.72 and October live cattle are up $2.27 at $208.37.

Boxed beef prices are higher: choice up $0.71 ($360.30) and select up $0.44 ($348.72) with a movement of 52 loads (32.81 loads of choice, 7.20 loads of select, 2.70 loads of trim and 9.61 loads of ground beef).

FEEDER CATTLE:

With the added support of strong sales in the fed cash cattle market, and upon seeing the live cattle contracts trading higher, the feeder cattle complex is following suit as its contracts are trading higher as well. August feeders are up $2.97 at $299.40, September feeders are up $3.07 at $298.12 and October feeders are up $3.20 at $296.00. So long as the support remains ample from the live cattle/fed cash cattle market, the feeder cattle complex should be able to maintain its higher trend.

LEAN HOGS:

Surprisingly, the lean hog complex isn't delighted with the fact that the morning's export report was favorable and that midday pork cutout values are higher as well. Instead, the nearby lean hog contracts are trading slightly lower while the deferred months are trading mildly higher. At this point, it's proving that the market's resistance at $100 is simply too much pressure for traders to shoulder. June lean hogs are down $0.35 at $99.17, July lean hogs are down $0.15 at $102.37 and August lean hogs are steady at $102.35.

The projected lean hog index for 5/21/2025 is up $0.41 at $92.75 and the actual index for 5/20/2025 is up $0.49 at $92.34. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.15 with a weighted average price of $92.45, ranging from $90.00 to $99.00 on 1,431 head and a five-day rolling average of $95.31. Pork cutouts total 132.17 loads with 108.79 loads of pork cuts and 23.38 loads of trim. Pork cutout values: up $0.57, $100.61.

Thursday Morning Livestock Market Update - Futures Remain Choppy

GENERAL COMMENTS:

The continued strength of boxed beef supported live cattle Wednesday. Support also stemmed from some light cash trades that were $2.00 higher. Even though packers had purchased supplies for later delivery, they seemed to be intent on keeping a cushion of supply and are willing to pay higher prices to maintain it. Boxed beef continues to trend higher, with choice up $0.84 and select up $3.32. There seems to be no ceiling on what consumers are willing to pay for beef. This may change after the Memorial Day weekend, as beef demand might slow for the summer. Light cash trade took place in the North on Wednesday at $2.00 higher. This was not enough to determine the trend, but it does provide support. The Cattle on Feed report will be released on Friday. The estimates are for on-feed numbers as of May 1 at 98.5% of a year ago, placements at 96.9%, and cattle marketed in April at 96.7%.

Hog futures could not maintain the higher prices seen earlier Wednesday. The positive news in the market is that cash was higher on the National Daily Direct Afternoon report. Packers needed to purchase more hogs and paid $1.90 more to obtain them. They may have purchased most of what they need for the week, which may leave prices lower for the rest of the week. The weakness of cutouts seems to remain an anchor on the market recently, indicating demand is not as strong as hoped. Maybe the new "Taste What Pork Can Do" campaign will improve pork consumption.

	BULL SIDE		BEAR SIDE
1)	Light cash cattle trade at $2.00 higher may have set the tone for the week. Packers may want to maintain a cushion to avoid being short-bought.	1)	Traders will position themselves ahead of the Cattle on Feed report, which could result in some selling due to profit-taking.
2)	Boxed beef prices continue to post record highs as consumer demand remains strong.	2)	The weakness of feeder cattle may negatively influence live cattle, even though cash looks better than earlier anticipated.
3)	Pork demand may improve during the summer as consumers might grill more pork products.	3)	Pork cutouts have been unable to find consistent strength, indicating consumer demand is not as strong as expected.
4)	Weekly hog weights dropped 1.7 pounds, averaging 287.9 pounds. This is the same as a year ago.	4)	Hog futures may move lower to close the chart gaps. The lack of strong fundamentals may allow that to happen.

Wednesday Closing Livestock Market Update - Handful of Northern Cattle Sold for $360, $2.00 Higher Than Last Week

GENERAL COMMENTS:

The livestock futures closed mixed with the live cattle complex able to maintain its higher position through the day's end, thanks to some added support of the fed cash cattle market. However, both the lean hog and feeder cattle contracts closed lower. Some light trade developed in the North at $360, which is $2.00 higher than last week's weighted average. July corn is up 6 1/2 cents per bushel and July soybean meal is up $1.50. The Dow Jones Industrial Average is down 843.46 points and NASDAQ is down 300.71 points.

LIVE CATTLE:

The live cattle complex was able to keep its higher trend through the day's end, although traders still seem reluctant to advance the contract much beyond steady territory. June live cattle closed $0.97 higher at $214.15, August live cattle closed $0.80 higher at $208.65 and October live cattle closed $0.77 higher at $206.07. But the biggest news of the day was the fact that some dressed cattle sold in Nebraska at $360, which is $2.00 higher than last week's weighted average. It's likely that packers realized that they simply cannot afford to be short bought moving forward, which means that they need to stay active and engaged in the market even though they have some supply built up around them. A regional packer paid as much as $365 for some dressed cattle in central Nebraska with a set delivery for the week of June 9. Wednesday's movement in the fed cash cattle market was extremely light, so more business will need to develop ahead of the week's end. 

Wednesday's slaughter is estimated at 120,000 head -- 1,000 head more than a week ago and 2,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.84 ($359.59) and select up $3.32 ($348.28) with a movement of 122 loads (73.89 loads of choice, 19.84 loads of select, 5.99 loads of trim and 22.40 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. It was originally assumed that prices would trade steady this week, but given that there has been some light trade noted in the North at higher prices, it's likely that other feedlot managers will demand the same later this week.

FEEDER CATTLE:

Although, the live cattle complex was able to maintain its stamina through the day's end, the feeder cattle complex only grew weaker and weaker as the day traded onward. May feeders closed $0.30 higher at $296.30, August feeders closed $1.07 lower at $296.42 and September feeders closed $1.15 lower at $295.05. More than anything, traders simply don't seem willing to jump back into the market and actively trade the feeder cattle complex until potentially after the long three-day weekend. It will be interesting to see how traders react to Friday's Cattle on Feed report as it's expected to be neutral/somewhat bullish, which could potentially be a bullish catalyst for the market early next week if pre-report estimates are accurate. At Roswell Livestock Auction in Roswell, New Mexico, compared to last week, steer calves weighing 450 to 550 pounds traded $9.00 to $10.00 lower, except for those weighing 450 to 500 traded $15.00 to $22.00 higher. Feeder steers weighing 600 to 650 pounds sold $12.00 to $18.00 higher. Heifer claves weighing 400 to 500 pounds traded $4.00 to $10.00 lower, while heifers weighing 500 to 550 pounds traded $15.00 to $21.00 higher. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 5/20/2025: up $0.33, $297.64.

LEAN HOGS:

The lean hog complex closed fully lower as the market's resistance at $100.00 simply proved to be too much for traders to grapple with. June lean hogs closed $0.50 lower at $99.52, July lean hogs closed $1.02 lower at $102.52 and August lean hogs closed $0.65 lower at $102.35. Given that traders aren't finding the support they need fundamentally or technically, it's unlikely that the market advances at all ahead of the week's end given that traders are eagerly waiting for the long holiday weekend. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.90 with a weighted average price of $95.30 on 5,746 head. Pork cutout totaled 221.66 loads with 190.30 loads of pork cuts and 31.36 loads of trim. Pork cutout values: down $0.48, $100.04. Wednesday's slaughter is estimated at 485,000 head -- 1,000 head less than a week ago and 1,000 head more than year ago. The CME lean hog index 5/19/2025: up $0.39, $91.85.

THURSDAY'S HOG CALL: Lower. Given that packers have bought a sizeable volume already this week, it's likely that they're mostly done buying at this point.

Wednesday Midday Livesock Market Summary - Traders Remain Mixed Regarding the Complex

GENERAL COMMENTS:

It's another mixed day for the livestock complex as the lean hog and live cattle contracts are higher, but the feeder cattle contracts are venturing lower. Still no cash cattle trade has developed yet, but packer interest could improve at any minute. July corn is up 6 1/4 cents per bushel and July soybean meal is up $1.30. The Dow Jones Industrial Average is down 352.45 points and the NASDAQ is up 63.36 points.

LIVE CATTLE:

The live cattle complex is trading mildly higher as traders show light interest toward the market, but don't have enough technical buy-in to do much. June live cattle are up $0.60 at $213.77, August live cattle are up $0.42 at $208.27 and October live cattle are up $0.47 at $205.80. It is supportive that boxed beef prices are higher, but as mentioned above, it's unlikely that traders are going to do much with that positive fundamental development ahead of the long three-day weekend. Still no cash cattle trade has developed, and bids and asking prices remain elusive. It is assumed that prices will trade steady at best this week as packers have been able to buy some supply in recent weeks.

Boxed beef prices are higher: choice up $0.71 ($359.46) and select up $4.06 ($349.02) with a movement of 67 loads (36.92 loads of choice, 9.27 loads of select, 3.37 loads of trim and 17.63 loads of ground beef).

FEEDER CATTLE:

Although the live cattle complex is lending support, the feeder cattle contracts are mostly trading lower into Wednesday's noon hour as traders don't feel comfortable advancing the contracts at this point. Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering. August feeders are down $0.87 at $296.62, September feeders are down $0.90 at $295.30 and October feeders are down $0.97 at $293.07.

LEAN HOGS:

The lean hog complex has seemed to gain a second wind as the contracts are trading mostly higher into Wednesday's noon hour. Yes, pork cutout values are up slightly, but a mere $0.36 rally at midday isn't likely enough to be the sole reason why traders are pushing the contracts higher at noon today. It will be especially important to monitor how the complex closes this afternoon as the spot June contract is battling the market's resistance at $100. June lean hogs are steady at $100.02, July lean hogs are down $0.07 at $103.50 and August lean hogs are up $0.25 at $103.25.

The projected lean hog index for 5/20/2025 is up $0.49 at $92.34, and the actual index for 5/19/2025 is up $0.39 at $91.85. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.09 with a weighted average price of $96.60, ranging from $90.00 to $99.00 on 4,155 head and a five-day rolling average of $95.99. Pork cutouts total 129.21 loads, with 112.06 loads of pork cuts and 17.15 loads of trim. Pork cutout values: up $0.36, $100.88.

Wednesday Morning Livestock Market Update - Cash Expectations May Provide Limited Volatility

GENERAL COMMENTS:

Traders were content to let the cattle market drift Tuesday, uncertain over price direction for the rest of the week. Cash is a concern as packers seem to have purchased an amount of cattle ahead. This may leave them in a position to offer less money to feedlots. However, packers may pay steady money for cattle and continue to purchase for deferred delivery this week to put them in a better position next week after the Memorial Day weekend. The market continues to be supported by strong boxed beef prices. Boxed beef on Tuesday showed choice up $3.94 and select up $0.85. Feeder cattle futures followed live cattle with limited interest until further direction is seen.

Traders were not excited about the hog market Tuesday and it was reflected in trading activity. The June contract showed the most strength as some unwinding of spreads took place. Cash was higher on the National Daily Direct Afternoon Hog report with a gain of $0.89. Cash has not been able to fully recover from Friday's huge loss. Packers may be aggressive again Wednesday as they want to purchase hogs early due to the upcoming holiday. Pork cutouts were lower, posting a decline of $0.57. Traders need to see supportive fundamentals, or futures could decline to close the chart gaps below the market.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices continue to increase, indicating strong demand. Packers need to meet that demand with steady or higher slaughter.	1)	Beef demand may slow after Memorial Day and into the dog days of summer. This may limit further upside price potential.
2)	Beef demand may slow after Memorial Day and during the summer, but tight cattle supplies should continue to support the market.	2)	Packers have been purchasing cattle ahead and may be less aggressive in the next few weeks, resulting in lower cash.
3)	Pork demand should improve during the summer. This should provide support for the market as slaughter remains strong.	3)	Hog futures have chart gaps below the market that likely will be filled. This may take place without fundamental support.
4)	Pork export demand should increase with China likely becoming a buyer now that there has been a reprieve of tariffs.	4)	Packers may not be buying hogs aggressively ahead of the holiday weekend. Cash may be higher Wednesday, but that may be it for the rest of the week.

Tuesday Closing Livestock Market Update - Mixed Tones Summarize the Complex

GENERAL COMMENTS:

It was a fairly quiet day for the livestock complex, with the only real excitement being that of the uptick in boxed beef prices. Still no cash cattle trade has developed. July corn is up 7 cents per bushel and July soybean meal is up $1.50. The Dow Jones Industrial Average is down 114.83 points and the NASDAQ is down 72.75 points.

LIVE CATTLE:

The live cattle complex had some success throughout the day as the contracts traded slightly higher, but most importantly, boxed beef prices seemed to grab consumers' attention as prices closed higher. June live cattle closed $0.20 higher at $213.17, August live cattle closed $0.07 lower at $207.85 and October live cattle closed $0.22 higher at $205.30. And while today's slightly higher close doesn't signal that the market is indeed ready to break out and trade higher, and if anything, it's another sign that traders will likely chop the complex sideways throughout the week, a day of a slightly higher close beats that of a day of a lower close. Still no cash cattle trade has developed, and none will likely until Thursday or Friday. 

Tuesday's slaughter is estimated at 120,000 head, 1,000 head less than a week ago and 3,000 head more than a year ago.

Boxed beef prices closed higher: choice up $3.94 ($358.75) and select up $0.85 ($344.96) with a movement of 101 loads (58.35 loads of choice, 17.68 loads of select, 15.32 loads of trim and 9.50 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady/somewhat lower. It's assumed that when trade develops later this week that prices will be steady at best because packers have been able to buy up supply in recent weeks and are buying for the upcoming holiday-shortened week.

FEEDER CATTLE:

The feeder cattle complex was able to close higher thanks to the continued support of the live cattle contract's slightly higher trend. August feeders closed $0.02 higher at $297.50, September feeders closed $0.12 lower at $296.20 and October feeders closed steady at $294.05. Please note that on Friday, the monthly Cattle on Feed report is expected to be released. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, all classes of cattle traded $5.00 to $10.00 lower. The market report noted that, "Despite the plain quality and last week's downturn in the cattle futures, the market remained relatively strong, reflecting continued buyer demand and underlying market support." Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 5/19/2025: down $1.53, $297.33.

LEAN HOGS:

The lean hog complex tried to trade fully higher, but the market's nearby contracts simply don't have enough support to push past the nearby resistance at $101.00. June lean hogs closed $0.77 higher at $100.02, July lean hogs closed $0.02 lower at $103.55 and August lean hogs closed $0.10 lower at $103.00. Pork cutout values were just doggish throughout the day, which led to the carcass's slightly lower dip. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.89 with a weighted average price of $93.40 on 6,210 head. Pork cutouts total 304.32 loads with 272.81 loads of pork cuts and 31.50 loads of trim. Pork cutout values: down $0.57, $100.52. Tuesday's slaughter is estimated at 484,000 head, 3,000 head more than a week ago and 12,000 head more than a year ago. The CME lean hog index 5/16/2025: up $0.20, $91.46.

WEDNESDAY'S HOG CALL: Steady. Given that packers bought a considerable volume today, prices could remain steady on Wednesday.