Friday Closing Livestock Market Update - Weaker Tones Dominate the Complex

GENERAL COMMENTS:

All in all, it was a disappointing day for the livestock complex, as little support developed and all three livestock markets ended the day lower. Throughout the day, Southern live cattle were marked at mostly $256 to $257, but mostly at $257, which is $3.00 lower than last week's weighted average and Northern dressed cattle traded at mostly $405, which is $5.00 lower than last week's weighted average. July corn is down 9 cents per bushel and July soybean meal is down $4.30. The Dow Jones Industrial Average is up 363.49 points and the NASDAQ is up 55.15 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle down $1.05, August live cattle down $0.55; August feeder cattle down $1.43, September feeder cattle down $1.55; June lean hogs up $0.10, July lean hogs down $0.90; July corn down $0.17, and September corn down $0.14.

LIVE CATTLE:

Without sufficient fundamental support this week, traders felt their only logical option was to push the contracts lower through Friday's closing bell. June live cattle closed $1.50 lower at $248.25, August live cattle closed $1.95 lower at $239.05 and October live cattle closed $2.15 lower at $230.42. Throughout the day, Southern live cattle were marked at mostly $256 to $257, but mostly at $257, which is $3.00 lower than last week's weighted average and Northern dressed cattle traded at mostly $405, which is $5.00 lower than last week's weighted average. 

Friday's slaughter is estimated at 105,000 head -- 6,000 head more than a week ago and 13,000 head less than a year ago. Saturday's slaughter is projected to be around 14,000 head. The week's total slaughter is estimated at 448,000 head -- incomparable to a week ago but 39,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.85 ($391.47) and select down $2.40 ($383.18) with a movement of 83 loads (45.71 loads of choice, 8.89 loads of select, 14.99 loads of trim and 13.04 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. It's a tough market to try to predict right now, as one could logically argue that prices could trend lower next week, as boxed beef prices traded mixed this past week, and packers were able to get cattle bought cheaper. But one could also say that with showlists so thin, packers will need to remain aggressive in order to ensure that they have enough supply for the week ahead.

FEEDER CATTLE:

The feeder cattle contracts also fell lower throughout the day as the market continues to align its movement closely with the live cattle contracts' behavior. August feeders closed $4.60 lower at $348.42, September feeders closed $4.90 lower at $345.35 and October feeders closed $4.97 lower at $342.02. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $5.00 higher, while feeder heifers sold $1.00 to $6.00 lower. Steer calves over 500 pounds sold $6.00 to $8.00 higher, but steers under 500 pounds traded $10.00 to $15.00 lower. Heifer calves sold unevenly steady. Slaughter cows traded $1.00 to $2.00 lower, but lean cows sold $5.00 higher. Slaughter bulls traded $5.00 lower. The CME feeder cattle index 5/28/2026: up $3.77, $373.40.

LEAN HOGS:

The lean hog complex sank lower through Friday's close as traders merely wiped their hands of the complex ahead of the weekend's arrival. And yes, one may try to point to the mere $0.34 increase in the afternoon pork cutout price and say that consumer support improved, but it was too little and too late to have any grand effect on the marketplace. June lean hogs closed $1.12 lower at $95.85, July lean hogs closed $2.62 lower at $99.50 and August lean hogs closed $2.57 lower at $98.35. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.41 with a weighted average price of $93.23 on 1,425 head. Pork cutouts totaled 406.17 loads with 350.20 loads of pork cuts and 55.97 loads of trim. Pork cutout values: up $0.34, $99.45. Friday's slaughter is estimated at 477,000 head -- 73,000 head more than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 253,000 head. The CME lean hog index 5/27/2026: down $0.34, $90.92.

MONDAY'S HOG CALL: Lower. Packers rarely buy much in the market on Mondays.

Friday Midday Livestock Market Update - Weaker Tones Send Contracts Lower

GENERAL COMMENTS:

The livestock complex is trading lower into Friday's noon hour as the market simply doesn't have enough support to turn the futures higher. There's been a thin movement of cattle noted in Texas at $256, but otherwise the cash market hasn't seen much trade either. July corn is down 7 3/4 cents per bushel and July soybean meal is down $4.60. The Dow Jones Industrial Average is up 380.17 points and NASDAQ is up 98.59 points.

LIVE CATTLE:

The live cattle complex continues to scale lower as the market simply isn't seeing the level of fundamental support it needs. With the attitude around the cash market seeming as though prices are going to be lower this week -- and with midday boxed beef prices lower -- traders don't have enough fundamental support to justify advancing the contracts. June live cattle are down $1.17 at $248.57, August live cattle are down $1.42 at $239.57 and October live cattle are down $1.90 at $230.67. Some light cash cattle trade is being reported in Texas at $256, which is $4.00 lower than last week's weighted average. A few more bids are now being offered, but no more sales have been confirmed. Asking prices are noted in Nebraska at $410 but are not identified in the South. More trade will need to develop throughout Friday.

Boxed beef prices are lower: choice down $0.26 ($392.06) and select down $2.26 ($383.32) with a movement of 60 loads (33.07 loads of choice, 8.13 loads of select, 7.19 loads of trim and 11.49 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts drift lower, the feeder cattle contracts didn't even attempt to trade higher and are also lower heading into Friday's noon hour. August feeders are down $4.32 at $348.70, September feeders are down $4.57 at $345.67 and October feeders are down $4.77 at $342.22. A lower tone is likely to remain the market's theme through Friday as fundamental support simply isn't surfacing.

LEAN HOGS:

The lean hog contracts are also trading lower into Friday's noon hour as traders are merely wiping their hands of the market ahead of the weekend. June lean hogs are down $0.95 at $96.02, July lean hogs are down $2.05 at $100.07, and August lean hogs are down $2.05 at $98.87. Yes, midday pork cutout values are a tick higher -- but at this point it's too little support showing up too late in the week to make a difference.

The projected CME Lean Hog Index is delayed from the source. Hog prices are not available right now as the USDA is experiencing technical difficulties and the report has not been published. Pork cutouts total 314.52 loads with 261.97 loads of pork cuts and 52.55 loads of trim. Pork cutout values: up $0.91, $100.02.

Friday Morning Livestock Market Update - Traders Wait for Cash Direction

GENERAL COMMENTS:

Traders were not able to find any specific fundamental reason to support cattle futures. Cash has not traded sufficiently to provide solid direction for the week. Early strength on Thursday waned as traders could not find support. Fundamentally, cattle supplies are tight, but that is old news. If demand slows, it will not make any difference that supplies are tight. The slaughter pace is lower, but cattle weights are higher. This results in a steady beef supply despite the lower pace. Boxed beef prices have decreased since early in the week. On Thursday, choice boxed beef declined $2.40, with select down $3.71.

Hogs closed moderately higher, except for the June and July contracts. There was no solid fundamental reason for futures to move higher, as packers remained unaggressive in the cash market. The National Daily Direct Afternoon Hog report was down $1.00. It is uncertain whether packers will need more hogs to finish out the week. It was expected that they would increase slaughter to make up for the holiday-shortened week, but that does not seem to be the case. Pork cutout values were up $0.76, but that will have a limited positive impact on the market today. Weekly hog weights averaged 291.1 pounds.

	BULL SIDE		BEAR SIDE
1)	If the cash cattle trade is no worse than steady, futures are likely to increase as there is a significant discount to cash.	1)	Cattle futures have had difficulty holding gains as traders are concerned about the ongoing beef demand.
2)	There remains a strong demand for feeder cattle, with feedlots paying a premium for animals to put on feed.	2)	Packers may remain unaggressive in the cash market today, which may result in lower cash cattle trade.
3)	Hog futures remain oversold and should see further short covering to correct the market.	3)	Other than hog futures correcting from being oversold, there is little else for traders to turn bullish.
4)	Weekly hog weights declined by 0.2 pounds to an average of 291.1 pounds. Further decline is expected to move through the summer.	4)	Weekly hog weights are 3.1 pounds higher than a year ago. There are sufficient hogs and plenty of pork available for demand.

Thursday Closing Livestock Market Update - Traders Send Cattle Contracts Lower Upon Not Seeing Enough Fundamental Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts closing weaker, but the lean hog contracts were met with mild trader support. No cash cattle trade developed throughout the day. July corn is up 3 1/4 cents per bushel and July soybean meal is up $3.50. The Dow Jones Industrial Average is up 24.69 points and the NASDAQ is up 242.74 points.

LIVE CATTLE:

The live cattle complex drifted lower throughout the day as traders didn't see enough fundamental support in the market to justify pushing the contracts any higher. June live cattle closed $1.67 lower at $249.75, August live cattle closed $1.50 lower at $241.00 and October live cattle closed $1.40 lower at $232.57. Bids of $253 were offered throughout the day in Kansas and Nebraska, but no cattle traded. And at this point, asking prices remain elusive. 

Thursday's slaughter is estimated at 110,000 head -- 1,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.40 ($392.32) and select down $3.71 ($385.58) with a movement of 125 loads (89.25 loads of choice, 12.90 loads of select, 8.44 loads of trim and 14.29 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. There's a chance that packers could be short bought and that prices may trade higher later this week, but with boxed beef prices closing lower, packers will likely try to use that as leverage and work the cash market lower.

FEEDER CATTLE:

Without the help or support of the live cattle contracts, the feeder cattle contracts closed lower without another option in hand. August feeders closed $1.60 lower at $353.02, September feeders closed $1.55 lower at $350.25 and October feeders closed $1.47 lower at $347.00. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 875 to 975 pounds sold unevenly steady, however load lots sold up to $5.00 higher. Steers weighing 775 to 875 pounds traded up to $10.00 higher. Feeder heifers weighing 700 to 950 pounds traded $9.00 to $12.00 higher. Feeder cattle supply over 600 pounds was 96%. The CME feeder cattle index 5/27/2026: up $2.37, $369.63.

LEAN HOGS:

The lean hog complex was able to end the day mostly higher on the June 2026 contract closing the day lower. Traders were pleased to see pork cutout values higher at midday, but unfortunately, the afternoon's carcass price did close a tick lower. June lean hogs closed $0.62 lower at $96.97, July lean hogs closed steady at $102.12 and August lean hogs closed $0.07 higher at $100.92. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $1.00 with a weighted average price of $93.64 on 2,232 head. Thursday's slaughter is estimated at 476,000 head -- 8,000 head less than a week ago and steady with a year ago. Pork cutouts totaled 335.54 loads with 288.22 loads of pork cuts and 47.31 loads of trim. Pork cutout values: up $0.76, $99.11. The CME lean hog index 5/26/2026: down $0.12, $90.58.

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

Thursday Midday Livestock Market Update - Lackadaisical Tones Take Over Complex

GENERAL COMMENTS:

Thus far it's been a quiet and mundane day for the livestock complex without much developing. There's a single cash bid on the table in Kansas at $253; otherwise no cash business has developed. July corn is up 3 3/4 cents per bushel and July soybean meal is up $3.90. The Dow Jones Industrial Average is up 36.52 points and NASDAQ is up 206.26 points.

LIVE CATTLE:

With boxed beef prices lower and still no cash cattle trade developing, the live cattle futures are trading slightly lower into Thursday's noon hour. June live cattle are down $0.92 at $250.50, August live cattle are down $0.27 at $242.22 and October live cattle are down $0.27 at $233.70. A single bid is on the table in Kansas at $253, but otherwise the cash market sits idle with no business yet. With it being a holiday-shortened week, export data will be released on Friday.

Boxed beef prices are lower: choice down $2.23 ($392.49) and select down $1.96 ($387.33) with a movement of 57 loads (44.54 loads of choice, 5.37 loads of select, zero loads of trim and 6.79 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading mostly lower, other than the November 2026 and January 2027 contracts. But without the support of the live cattle contracts, the feeder cattle complex isn't willing to boldly step out and trade higher by itself. August feeders are down $0.22 at $354.40, September feeders are down $0.10 at $351.70 and October feeders are down $0.12 at $348.35.

LEAN HOGS:

The lean hog contracts are lower as traders aren't willing to advance the contracts following Wednesday's modest move higher. It's unfortunate because Thursday there's signs of stronger consumer support with the midday pork cutout values up over $2.00. But traders are leery of being too ambitious. June lean hogs are down $0.55 at $97.05, July lean hogs are down $0.07 at $102.07 and August lean hogs are down $0.10 at $100.75.

The projected CME Lean Hog Index for 5/27/2026 is up $0.34 at $90.92 and the actual index for 5/26/2026 is down $0.12 at $90.58. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.03 with a weighted average price of $94.47, ranging from $91.50 to $95.00 on 1,207 head and a five-day rolling average of $94.30. Pork cutouts total 231.27 loads with 192.25 loads of pork cuts and 39.02 loads of trim. Pork cutout values: up $2.37, $100.72.

Thursday Morning Livestock Market Update - Futures Expected to Show Further Gains

GENERAL COMMENTS:

There was no specific news that caused the strength in cattle futures on Wednesday. Some light cash trade took place at even money with last week, which may have provided some support due to the discount the market carries to cash. A steady or higher cash trade would provide traders with the confidence to eliminate some of the futures discount. Boxed beef prices were mixed, with choice up $1.82 and select down 1.01. Feeder cattle futures outpaced live cattle as traders turned optimistic. Even with the strong gains, the August and September contracts failed to close the chart gaps that remained above the market. Those are likely to be closed today as follow-through buying is expected.

Hog futures finally showed some hope that the market may have finally found support. Supportive fundamentals were lacking, but technical trade seems to have provided support. Futures have been oversold and needed to be corrected. The National Dairy Direct Afternoon Hog report showed no price change from the previous day, with the weighted average price at $94.64. There was a good volume of hogs traded in the negotiated market, but packers will likely need to be aggressive today to procure the hogs they need.

	BULL SIDE		BEAR SIDE
1)	Steady or higher cash trade this week should result in more of the discount currently in cattle futures being eliminated.	1)	Packers may not be aggressive this week due to one less day of slaughter. Cash cattle could see steady prices at best.
2)	The drought in the Southeast has resulted in an increase in cattle liquidation, with some complete herds being dispersed. This will further reduce the cattle numbers.	2)	The retail market may be restocked, resulting in mixed or lower boxed beef prices.
3)	Hog futures are oversold, and short covering may continue today. A correction in the market usually lasts 2 to 3 days.	3)	The bounce in hog futures on Wednesday did not have solid fundamental support and may be short-lived.
4)	Traders were not willing to press the market lower. There is anticipation that demand should increase.	4)	Once the oversold status of hog futures is corrected, the market may have difficulty maintaining price strength.

Wednesday Closing Livestock Market Update - Trader Support Helps Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day mostly higher as the cattle contracts rallied throughout the day, but the lean hog complex was also able to strengthen its position ahead of the day's close. Still no cash cattle trade has developed. July corn is down 5 cents per bushel and July soybean meal is up $2.00. The Dow Jones Industrial Average is up 199.67 points and the NASDAQ is up 11.12 points.

LIVE CATTLE:

All in all, it ended up being a positive day for the live cattle complex as the contracts rallied moderately through Wednesday's end. More than anything, traders were pleased to see the uptick in boxed beef prices (higher at midday, mixed at closing) and hope that will correlate to stronger fed cash cattle prices later this week when trade develops. June live cattle closed $3.20 higher at $251.42, August live cattle closed $3.35 higher at $242.50 and October live cattle closed $3.02 higher at $233.97. There's yet to be any substantial trade in the fed cash cattle market, and the week's trade will likely be delayed until the week's end as feedlot managers want more money, but packers are hoping to work the market in the opposite direction. 

Wednesday's slaughter is estimated at 110,000 head -- 5,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.82 ($394.72) and select down $1.01 ($389.29) with a movement of 144 loads (108.82 loads of choice, 11.63 loads of select, 9.27 loads of trim and 14.35 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. With boxed beef prices higher, feedlot managers may be able to push the market higher later this week if they're patient.

FEEDER CATTLE:

With the support of the live cattle contracts' higher trend, the feeder cattle contracts wasted no time rallying throughout Wednesday's trading session. August feeders closed $5.17 higher at $354.62, September feeders closed $4.77 higher at $351.80 and October feeders closed $4.57 higher at $348.47. At the Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, the best test on steers was on those weighing 950 to 999 pounds, which traded $6.00 to $8.00 higher with instances up to $10.00 higher, those weighing 1,000 to 1,049 pounds traded $3.00 to $4.00 lower, and those weighing 1,050 to 1,099 pounds traded steady to $1.00 higher. The best gest on heifers was on those weighing 650 to 699 pounds, which traded mostly $3.00 higher. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle 5/26/2026: down $4.23, $367.26.

LEAN HOGS:

Although the contracts traded lower earlier in the day, the lean hog complex was able to end the day on a stronger note thanks to trader support. Fundamental support was mixed today as it was nice to see a greater volume traded in the cash market, but again this afternoon, pork cutout values ended the day lower. June lean hogs closed $1.47 higher at $97.60, July lean hogs closed $2.00 higher at $102.12 and August lean hogs closed $1.80 higher at $100.85. Hog prices averaged $94.64 on the Daily Direct Afternoon Hog Report, with 5,008 head trading and the market's five-day rolling average now sitting at $94.21. Pork cutouts totaled 350.43 loads with 302.98 loads of pork cuts and 47.44 loads of trim. Pork cutout values: down $0.50, $98.35. Wednesday's slaughter is estimated at 475,000 head -- 7,000 head less than a week ago and 2,000 head less than a year ago. The CME lean hog index 5/22/2026: down $0.18, $90.70.

THURSDAY'S HOG CALL: Steady to somewhat lower. With a modest movement in Wednesday's market, packers may not have to buy many more hogs later this week.

Wednesday Midday Livestock Market Update - Cattle Futures Higher; Hogs Mixed

GENERAL COMMENTS:

The livestock complex is mixed heading into Wednesday's noon hour as traders are willing to advance the cattle contracts, but would still like to see some more support in the hog complex. No cash cattle trade has developed yet. July corn is down 4 cents per bushel and July soybean meal is up $3.30. The Dow Jones Industrial Average is up 218.02 points and NASDAQ is down 35.16 points.

LIVE CATTLE:

After trading in hesitant manner on Tuesday, live cattle futures have jumped back into the marketplace in a more aggressive manner thus far through Wednesday's trade. June live cattle are up $3.20 at $251.42, August live cattle are up $3.80 at $242.95 and October live cattle are up $3.37 at $234.32. Thankfully Wednesday's bullish run has the contracts moving closer to the market's 40-day moving average, which the complex fell below late last week. Still no cash cattle trade has developed, and both bids and asking prices remain elusive at this point. Trade will likely be delayed until Thursday or Friday.

Boxed beef prices are higher: choice up $4.02 ($396.92) and select up $5.27 ($395.57) with a movement of 67 loads (50.44 loads of choice, 5.45 loads of select, zero loads of trim and 10.61 loads of ground beef).

FEEDER CATTLE:

Luckily, the feeder cattle complex is also higher as traders are relieved to have last week's Cattle on Feed report behind them and are grateful for the additional technical support amid seeing the live cattle contracts trading higher also. August feeder cattle are up $6.30 at $355.75, September feeders are up $5.70 at $352.72 and October feeders are up $5.40 at $349.30. So long as the live cattle contracts continue to trade higher, the feeder cattle contracts will likely be able to do so through the day's end as well.

LEAN HOGS:

While the cattle contracts scale higher, the lean hog complex desires to do so as well, but is trading in a mixed manner into Wednesday's noon hour as traders yearn to see better consumer support. June lean hogs are up $1.10 at $97.22, July lean hogs are up $1.82 at $101.95 and August lean hogs are up $1.45 at $100.50. Meanwhile, the further deferred months are trading slightly lower -- potentially because of the fear of having too much supply in the later part of year and into 2027. The projected CME Lean Hog Index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $94.50, ranging from $88.00 to $95.00 on 2,931 head. Pork cutouts total 242.51 loads with 207.63 loads of pork cuts and 34.87 loads of trim. Pork cutout values: unchanged, $98.85.

Wednesday Morning Livestock Market Update - Further Choppiness Expected

GENERAL COMMENTS:

Cattle futures defied the bearishness of the Cattle on Feed report, pushing higher early in the day, but hit resistance, triggering further selling. The recent decline had already factored in most of the negativity, but traders saw little reason for the market to rebound. However, beef movement seems to have been strong over the holiday, with boxed beef prices substantially higher. Choice boxed beef was up $2.63, with select up $5.30. This may provide support today, as cash is expected to be steady this week. Feeder cattle futures mirrored live cattle with early strength running out of steam.

Hog futures tried to hold, but further liquidation was triggered, pushing futures into triple-digit losses in the August and later contracts. Weekend demand was good, resulting in pork cutout values increasing $2.59 to $98.85. The National Daily Direct Afternoon Hog report showed no change as packers did not release any prices. Packers are expected to be aggressive as they need to purchase hogs to maintain slaughter and make up for plants being closed on Monday.

	BULL SIDE		BEAR SIDE
1)	Cattle futures did not fall apart due to the bearishness of the Cattle on Feed report. It had already been factored in.	1)	Cattle futures were unable to hold the gains on Monday as traders are cautious over the continued strength of cash.
2)	Significantly higher boxed beef prices indicate that weekend demand was strong and consumers continue to pay high prices for beef.	2)	Beef demand may slow now that Memorial Day is past, and summer weather and high prices may impact demand.
3)	Hog futures are oversold, and short covering could be triggered as the market may be overdone to the downside.	3)	Hog futures made new lows again on Monday as liquidation continues to grip the market.
4)	Packers are expected to step up more aggressively, as last week's purchases were lighter. They will want to make up for no slaughter activity on Monday.	4)	Traders continue to trade the trend, and the path of least resistance in hog futures is down.

Tuesday Closing Livestock Market Update - Mixed Tones Follow Livestock Contracts

GENERAL COMMENTS:

Following the long weekend, livestock contracts ended a mixed Tuesday afternoon, with traders continuing to look for direction as they head into the new week. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. July corn is down 5 3/4 cents per bushel and July soybean meal is down $3.30. The Dow Jones Industrial Average is down 91.08 points and the NASDAQ is up 312.06 points.

LIVE CATTLE:

The live cattle complex ended the day mostly higher, although a few of the nearby contracts remained cautious and lower through Monday's close. June live cattle closed $1.07 lower at $248.22, August live cattle closed $0.45 lower at $239.15 and October live cattle closed $0.22 higher at $230.95. Today's trade was evidence that sometimes the market can react to reports/or happenings before they even happen, as Friday's Cattle on Feed report was reacted to before the report was released, and thankfully, the market didn't trade much lower on Tuesday. No cash cattle trade developed throughout the day. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. 

Tuesday's slaughter is estimated at 111,000 head -- 1,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.63 ($392.90) and select up $5.30 ($390.30) with a movement of 67 loads (47.52 loads of choice, 7.77 loads of select, 3.54 loads of select, 8.19 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Even though Memorial Day has passed, packers could remain aggressive buyers in the market as demand could remain strong for the next week or two, as it historically has.

FEEDER CATTLE:

Following last week's massive erosion, the feeder cattle contract was able to close mostly higher Tuesday afternoon, now that the Cattle on Feed report has come and gone, and the scare surrounding the report has faded into the background. August feeders closed $0.40 lower at $349.45, September feeders closed $0.12 higher at $347.02 and October feeders closed $0.27 higher at $343.90. Most feeder cattle sales were cancelled for the early part of this week, given the Memorial Day Holiday and the fact that supplies are so short. The CME feeder cattle index 5/25/2026: up $1.36, $371.49.

LEAN HOGS:

The same song and dance that the lean hog complex has grown accustomed to continued through Tuesday's close as once again, the market closed lower. June lean hogs closed $0.37 higher at $96.12, July lean hogs closed $0.27 lower at $100.12 and August live cattle closed $1.02 lower at $99.05. And until fundamental support strengthens, a mundane, sideways to somewhat lower trend will likely continue. Hog prices on the Daily Direct Afternoon Hog Report remained unavailable due to confidentiality. However, we can see that only 2,155 head traded throughout the day and that the market's five-day rolling average now sits at $93.57. Pork cutouts totaled 350.77 loads with 328.93 loads of pork cuts and 21.84 loads of trim. Pork cutout values: up $2.59, $98.85.

Tuesday's slaughter is estimated at 468,000 head -- 17,000 head less than a week ago and 12,000 head less than a year ago. The CME lean hog index 5/21/2026: down $0.19, $90.88.

WEDNESDAY'S HOG CALL: Higher. Packers showed the market little attention last week, and so at some point, they're going to need to secure more supply.

Tuesday Midday Livestock Market Summary - Futures Mixed

GENERAL COMMENTS:

The livestock complex is mixed heading into Tuesday's noon hour as traders begin to harness their minds following the long weekend. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. July corn is down 5 3/4 cents per bushel and July soybean meal is down $2.80. The Dow Jones Industrial Average is down 105.90 points and NASDAQ is up 258.92 points.

LIVE CATTLE:

The live cattle complex is trading mixed into Tuesday's noon hour following the long Memorial Day holiday weekend. Truthfully, Tuesday's mixed behavior is somewhat refreshing to see as I was prepared for another day of steep downfall following last Friday's bearish Cattle on Feed report. But thankfully traders seem to believe the market has endured enough technical pressure regarding the report, and it's main focus again seems to be on what fundamental support is or is not going to develop this week. That will likely be the main driving factor of this week's trade. June live cattle are down $0.80 at $248.50, August live cattle are down $0.45 at $239.15 and October live cattle are up $0.05 at $230.77. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas.

Last week Southern live cattle traded at mostly $260, which is steady to somewhat weaker than the previous week's weighted average. Northern dressed cattle were marked at mostly $410 to $412, which is $1.00 higher to $1.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.98 ($392.25) and select up $4.22 ($389.22) with a movement of 28 loads (18.90 loads of choice, 4.75 loads of select, zero loads of trim and 3.92 loads of ground beef).

FEEDER CATTLE:

Even though Friday's Cattle on Feed report was a bearish pill to swallow, the market is moving full steam ahead into Tuesday's noon hour as traders believe enough downward pressure has already been felt by the complex leading up to the report and now peace can be had moving forward. August feeders are up $1.12 at $350.97, September feeders are up $1.12 at $348.97 and October feeders are up $0.52 at $344.15. Traders were quick to push the contracts higher at the day's open and it's likely they're confident in this decision and will continue to support the contracts through the day's close.

LEAN HOGS:

Meanwhile, the lean hog complex continues to look for consistent and stable fundamental support. Yes, midday pork cutout values are higher, but traders desire to see more than one day's worth of support before they'll likely advance the contracts. June lean hogs are up $0.30 at $96.05, July lean hogs are down $0.10 at $100.30 and August lean hogs are down $0.75 at $99.30. The projected CME Lean Hog Index for 5/22/2026 is down $0.18 at $90.70 and the actual index for 5/21/2026 is up $0.19 at $90.88. Hog prices are unavailable on the Daily Direct Morning Hog Report, but we can see only 165 head have traded and the market's five-day rolling average now sits at $93.46. Pork cutouts total 163.75 loads with 150.42 loads of pork cuts and 13.33 loads of trim. Pork cutout values: up $3.39, 99.65.

Tuesday Morning Livestock Market Update - Early Follow-Through Selling Expected

GENERAL COMMENTS:

Feeder cattle fell significantly on Friday as traders were fearful of the placement number on the Cattle on Feed report. The trade expectation was for placements to be 3% higher than a year ago, but the actual was 6% higher. The question is whether this has been factored in, given the substantial declines on Thursday and Friday, or whether further long liquidation will occur. Added to this were higher on-feed numbers. On feed as of May 1 were 2% higher than a year ago. Reduced slaughter has resulted in feedlots holding onto cattle longer and feeding them to higher weights. Higher weights mean more beef per animal, which does not reduce the tonnage of beef available through reduced slaughter. Marketings in April were 10% below a year ago and should not have much influence on the market. Follow-through selling is likely, but some of the bearishness is already factored in. Boxed beef on Friday showed choice down $1.21 and select down $0.65. The Commitment of Traders report showed fund traders reducing their net-long live cattle position to 127,747 futures contracts, down 1,207. Funds increased their long position in feeder cattle by 910 contracts to a total of 18,819. This is as of last Tuesday.

Hog futures were finally able to bounce in the nearby June and July contracts, but that provided little consolation after the recent substantial decline. The market is oversold technically, but that may be meaningless if the fundamentals do not improve. The National Direct Afternoon Hog report showed cash down $0.35 on Friday. Packers may step up aggressively today as they intend to make up for the holiday. Pork cutout values were up $0.62 on Friday. The Commitment of Traders report showed further liquidation by the funds. They were net sellers of 6,401 futures contracts, reducing their net-long position to 22,810.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report may already be factored in with the substantial decline in feeder cattle over the past two days.	1)	Placements in April were bearish, being 6% higher than a year ago. These will eventually be ready for slaughter.
2)	Beef movement over the Memorial Day weekend is expected to have been good. Retail will need to restock beef supplies.	2)	Fund traders are long in the market and may continue to liquidate more of their positions. The top may be in.
3)	Hog futures are oversold and ready for a bounce. Traders may buy the break in anticipation of increased pork demand this summer.	3)	Hog traders have little reason to buy into the market based on fundamentals. Both cash and cutouts continue to struggle.
4)	Packers are likely to be aggressive early this week and increase slaughter to make up for the holiday. Higher cash should provide support.	4)	Hog runs have yet to shorten up as had been anticipated. Increased pig per litter may not result in a tighter supply.

Friday Closing Livestock Market Update - Weaker Tones Followed Complex Into the Long Weekend

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as the cattle contracts feared what the afternoon's Cattle on Feed report may showcase, and the hog contracts simply can't find the support they need to add stability to the market. No new cash cattle trade developed throughout the day. July corn is up 1 cent per bushel and July soybean meal is up $3.50. The Dow Jones Industrial Average is up 332.00 points and the NASDAQ is up 42.79 points.

From Friday to Friday, the livestock futures scored the following changes: June live cattle down $4.60, August live cattle down $8.33; August feeder cattle down $11.60, September feeder cattle down $12.28; June lean hogs down $3.00, July lean hogs down $2.95; July corn up $0.08 and September corn up $0.07.

**The markets are closed on Monday, May 25, for Memorial Day. Regular DTN market commentary will resume on Tuesday, May 26.**

LIVE CATTLE:

The live cattle complex ended the day mostly lower, although a couple of the nearby live cattle contracts were able to end the day slightly higher. June live cattle closed $0.15 higher at $249.30, August live cattle closed $0.25 higher at $239.60 and October live cattle closed $0.22 lower at $230.72. From a technical standpoint, it wasn't good to see the spot August contract end the day below its 40-day moving average. However, with plenty of fear laced throughout the complex ahead of Friday's Cattle on Feed report, it's easy to see why the market was on edge throughout the day. 

Friday's slaughter is estimated at 99,000 head -- 1,000 head less than a week and a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated at 528,000 head -- 7,000 head less than a week ago and 48,000 head less than a year ago.

Throughout the week, Southern live cattle traded at $260, which is steady with last week's weighted average and Northern dressed cattle traded at $410 to $412, which is $1.00 lower to $1.00 higher than last week's weighted average.

Boxed beef prices closed lower: choice down $1.21 ($390.27) and select down $0.65 ($385.00) with a movement of 75 loads (56.30 loads of choice, 5.40 loads of select, 6.22 loads of trim and 6.87 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Depending on exactly how many cattle traded this week, packers may not have to be overly aggressive in next week's market, given that in the last two weeks, they've been extremely aggressive to ensure they have enough supply during peak demand season.

FEEDER CATTLE:

It was a painstaking day for the feeder cattle complex as the market anxiously awaited the unveiling of today's Cattle on Feed report. The industry knew that placements were likely going to be higher than a year ago because of the lingering drought issues, but waiting for that report to be unveiled cost the market exponentially. August feeders closed $6.67 lower at $349.85, September feeders closed $6.47 lower at $346.90 and October feeders closed $6.00 lower at $343.62. DTN's Cattle on Feed comments:

The Oklahoma Weekly Cattle Auction summary shared that, compared to last week, feeder steers traded unevenly steady, but feeder heifers sold steady to $5.00 lower. Steer calves over 500 pounds sold unevenly steady, but under 500 pounds traded $12.00 to $17.00 lower. Heifer calves over 500 pounds sold unevenly steady, but under 500 pounds traded $7.00 to $14.00 lower. Slaughter cows sold steady to $3.00 higher and slaughter bulls sold $6.00 higher. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 5/21/2026: not available at this time.

LEAN HOGS:

It was a lackadaisical day for the lean hog complex as the market mostly kept with its lower trend for the week. Yes, closing pork cutout values may have been able to close a tick higher, but for traders, the support came too late in the week to make a meaningful impact. July lean hogs closed $0.37 higher at $100.40, August lean hogs closed $0.15 lower at $100.07 and October lean hogs closed $0.27 lower at $87.12. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.35 with a weighted average price of $93.23 on 1,452 head. Pork cutouts totaled 326.17 loads with 295.37 loads of pork cuts and 30.80 loads of trim. Pork cutout values: up $0.62, $96.26. Friday's slaughter is estimated at 409,000 head -- 29,000 head less than a week ago and 14,000 head less than a year ago. Saturday's slaughter is projected to be around 7,000 head. The CME lean hog index 5/20/2026: up $0.07, $91.07.

TUESDAY'S HOG CALL: Steady. Given that packers weren't aggressive in the market this week, they may have to show better interest in next week's market.

Friday Midday Livestock Market Update - Cattle Continue to Plumet Lower

GENERAL COMMENTS:

The livestock contracts are trading fully lower into Friday's noon hour as cattle traders weigh fears, waiting for the monthly Cattle on Feed report to be released. The lean hog complex simply can't find enough support. No new cash cattle trade has developed. July corn is up 2 cents per bushel and July soybean meal is up $3.00. The Dow Jones Industrial Average is up 380.98 points and NASDAQ is up 139.62 points.

LIVE CATTLE:

With the anticipation of a bearish Cattle on Feed report looming heavily over the complex -- it comes as no real surprise that the live cattle contracts are trading lower into Friday's noon hour. June live cattle are down $0.65 at $248.50, August live cattle are down $1.42 at $237.85 and October live cattle are down $2.30 at $228.65. No new bids are currently on the table in the cash market and it looks like the bulk of this week's trade is essentially done with, although a little more clean-up trade could happen after the Cattle on Feed report is released.

So far this week, Southern live deals have been done at mostly $260, steady/weak with last week's weighted average. Northern dressed deals have had a fairly wide range of $408 to $415, mostly $410 to $412, $1 lower to $1 higher than the previous week's weighted average, basis Nebraska.

Boxed beef prices are mixed: choice down $1.59 ($389.89) and select up $0.64 ($386.29) with a movement of 53 loads (42.05 loads of choice, 1.95 loads of select, 3.61 loads of trim and 5.71 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex can't stand it! Walking on egg shells and feeling like the oxygen is slowly being pulled from the air that traders breathe, the feeder cattle contracts are enduring yet another bloodbath Friday as everyone waits to see what Friday's Cattle on Feed report is going to unveil. August feeders are down $10.60 at $345.00, September feeders are down $10.42 at $243.95 and October feeders are down $10.12 at $339.50.

LEAN HOGS:

And although the lean hog complex isn't feeling the same exact pressure the cattle contracts are, it too is lower as traders simply can't find enough support in the market to justify pushing the contracts higher. June lean hogs are up $0.12 at $95.25, July lean hogs are down $0.52 at $99.50 and August lean hogs are down $0.90 at $99.32. Yes, midday pork cutout values are a tick higher, but at this point in the week that doesn't mean much to traders ahead of a long weekend.

The projected CME Lean Hog Index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $92.79, ranging from $91.50 to $95.00 on 512 head and a five-day rolling average of $93.57. Pork cutouts totaled 246.48 loads with 96.64 loads of pork cuts and 23.24 loads of trim. Pork cutout values: up $1.00, $96.64.

Friday Morning Livestock Market Update - Follow-Through Weakness Expected

GENERAL COMMENTS:

Traders not only positioned themselves ahead of the report but also aggressively liquidated positions. Some cash trade developed at steady prices in the South and $4.00 lower in the North on a live cattle basis. This likely set the stage for cash activity for the week. It is not that supplies have increased and consumer demand has declined, but packers are not aggressive due to the Memorial Day weekend. Traders were concerned over anything unexpected that could develop over the weekend, but also the Cattle on Feed report to be released today. The expectation for placements to be 3% above a year ago would be negative. The range of estimates is wide as usual, from 95.7% to 108.5%. On feed is estimated at 101.4% with a range of 100.2% to 102.4%. Cattle marketed in April is estimated at 90.5% with a range of 89.7% to 91.7%. Boxed beef was lower, with choice down $2.14 and select down $5.18. Feeder cattle closed limit down, resulting in an expanded trading limit today of $13.75.

Hog futures possibly fell in sympathy with cattle and because futures fell below support in all contracts, triggering further selling. Contracts closed at the lowest level since late November in the June contract and mid-December in other contracts. Other fundamental news did not surface to trigger the selling. Packers were not aggressive with purchases, and the National Daily Direct Afternoon Hog report was only down $0.18. Pork cutout values increased by $0.17. Not much cash activity is expected today. Markets will be closed on Monday in observance of Memorial Day.

	BULL SIDE		BEAR SIDE
1)	Cattle supplies remain tight, and demand remains strong. This is not expected to change anytime soon.	1)	Feeder cattle closing limit down may result in follow-through selling as traders who could not liquidate on Thursday will try to get out today.
2)	Once the Cattle on Feed report is released, traders may take advantage of lower prices and buy back into the market.	2)	Steady-to-lower cash cattle is negative and may increase selling pressure on live cattle.
3)	Hogs did not have a change in fundamentals that would have negatively impacted the market. Futures are oversold and ready for a bounce.	3)	Hog futures falling through technical support on Thursday could result in further liquidation into the weekend.
4)	The strong slaughter pace is keeping hog supplies current. This may support the price as the year progresses and hog supplies tighten.	4)	Cash is not expected to be supportive today as packers may have finished buying hogs for the week.

Thursday Closing Livestock Market Update - Contracts Continue to Fall Lower

GENERAL COMMENTS:

The livestock complex closed lower Thursday afternoon, as traders couldn't find enough support to keep the contracts stable. More than anything, the fear of Friday's Cattle on Feed report is weighing heavily on the market. July corn is down 3 1/2 cents per bushel and July soybean meal is down $2.50. The Dow Jones Industrial Average is up 276.31 points and the NASDAQ is up 22.74 points.

LIVE CATTLE:

It was a completely disappointing day for the live cattle complex as fear spread throughout the marketplace and pulled the contracts sharply lower. More than anything, traders remain on edge about Friday's Cattle on Feed report as placements are expected to be higher than a year ago, thanks to slower turnover speeds in feedlots, and because of the widespread drought affecting most of the High Plains. June live cattle closed $4.12 lower at $249.15, August live cattle closed $5.95 lower at $239.35 and October live cattle closed $5.82 lower at $230.95. Some cash cattle trade developed in the South at $260, which is steady with last week's weighted average, but in the North, cattle traded live at $260 as well, which is $4.00 lower than last week's weighted average. 

Thursday's slaughter is estimated at 109,000 head -- 1,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.14 ($391.48) and select down $5.48 ($385.65) with a movement of 109 loads (77.06 loads of choice, 9.84 loads of select, 8.56 loads of trim and 13.35 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. With trade having developed in both regions now, it's likely that any more trade that develops will be steady with the week's weighted average.

FEEDER CATTLE:

In bracing themselves for tomorrow's Cattle on Feed report, the feeder cattle contracts closed limit lower. August feeders closed $9.25 lower at $356.52, September feeders closed $9.25 lower at $353.37 and October feeders closed $9.25 lower at $349.62. More than anything, the unknowingness of Friday's big report weighed heavily on the market and caused it to close lower. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, feeder steers weighing 600 to 700 pounds sold lower while steers weighing 800 to 850 pounds traded higher. Heifer calves weighing 300 to 400 pounds sold $5.00 to $8.00 higher and heifers weighing 400 to 600 pounds traded $8.00 to $15.00 lower. Feeder cattle supply over 600 pounds was 36%. The CME feeder cattle index 5/20/2026: down $1.72, $370.72.

LEAN HOGS:

Pork cutouts may have closed slightly higher, but traders can't seem to find enough support in the marketplace to help add stability to the lean hog complex. June lean hogs closed $2.15 lower at $95.12, July lean hogs closed $1.95 lower at $100.02 and August lean hogs closed $1.60 lower at $100.22. And at this point, the market's lower trend is likely to continue into Friday. Hog prices on the Daily Direct Afternoon Hog Report averaged $93.58, on 1,105 head, down $0.18 from Thursday. Pork cutouts totaled 274.01 loads with 245.10 loads of pork cuts and 28.91 loads of trim. Pork cutout values: up $0.17, $95.64. Thursday's slaughter is estimated at 478,000 head -- 14,000 head more than a week ago and steady with a year ago. The CME lean hog index 5/19/2026: up $0.45, $91.00.

FRIDAY'S HOG CALL: Lower. Packers have shown that they aren't going to participate much in this week's cash market.

Thursday Midday Livestock Market Summary - Contracts Continue to Bleed Lower

GENERAL COMMENTS:

It's another disappointing day for the livestock contracts as they are trading steadily lower into Thursday's noon hour. There's been a light movement in the cash market Thursday morning at $260, which is steady with last week's weighted average. July corn is up 1/4 cent per bushel and July soybean meal is steady. The Dow Jones Industrial Average is down 108.31 points and NASDAQ is down 125.45 points.

LIVE CATTLE:

Wednesday afternoon the live cattle complex pulled back slightly, mildly uncomfortable by the market's resistance. However, at Thursday's open, the market pulled back abruptly, as if someone had accidently put their hand on a red-hot burner, pulling back with sheer instinct and without hesitation. June live cattle are down $2.82 at $250.45, August live cattle are down $4.50 at $240.80 and October live cattle are down $4.25 at $232.45. Some light cash cattle trade has been noted Thursday morning in the South at $260, which is fully steady with last week's weighted average. There was a light movement on Wednesday in the North at $415, which is $4.00 higher than last week's weighted average, but no new Northern trade has developed Thursday.

Boxed beef prices are lower: choice down $0.77 ($392.85) and select down $3.61 ($387.52) with a movement of 60 loads (40.62 loads of choice, 4.08 loads of select, 8.47 loads of trim and 6.50 loads of ground beef).

FEEDER CATTLE:

Keeping in perfect alignment with the live cattle contracts, the feeder cattle market is enduring a painful regression, where the vast majority of the contracts are trading limit lower into Thursday's noon hour. August feeder cattle are down $9.25 at $356.52, September feeders are down $9.25 at $353.37 and October feeders are down $9.25 at $349.62. More than anything, the disconnect currently seen between the market's fundamentals and the futures complex is nauseating. And, with the Cattle on Feed report expected to be bearish as well, plenty of bearishness has seeped into the market.

LEAN HOGS:

The lean hog complex is also trading lower as the market simply can't summon the support it needs. June lean hogs are down $1.60 at $95.67, July lean hogs are down $1.85 at $100.12 and August lean hogs are down $1.62 at $100.20. Unfortunately, this lower trend is likely to continue through the afternoon and potentially into Friday as well.

The projected CME Lean Hog Index for 5/20/2026 is up $0.07 at $91.07 and the actual index for 5/19/2026 is up $0.44 at $91.00. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 215 head have traded Thursday morning and the market's five-day rolling average now sits at $93.10. Pork cutouts total 178.03 loads with 161.00 loads of pork cuts and 17.03 loads of trim. Pork cutout values: down $0.36, $95.11.

Thursday Morning Dairy Market Update - Hog Futures Remain Fundamentally Weak

GENERAL COMMENTS:

Some light cash cattle trade took place on Wednesday in the South at $264, but this may not be sufficient to indicate the price for the rest of the week. However, packers seem less aggressive due to the holiday weekend and may not pay higher prices for cattle. Boxed beef prices fell, with select down $2.13 and choice down $2.45. Traders are looking ahead to the Cattle on Feed report on Friday and may position themselves ahead of it. The estimates for the report are on feed at 101.4% of a year ago, placements at 103.0% and marketings at 90.5%. Feeder cattle futures closed higher on Wednesday. It is unusual to see a divergence between live and feeder cattle futures, with the strength more technical in nature. May feeder cattle go off the board today, with August taking over as the lead month.

The June and August hog contracts did not hold support. The rest of the contracts pushed lower but closed above support. The nature of the trading action does not bode well for the market, with further weakness possible into the holiday weekend. The National Daily Direct Afternoon Hog report was down $1.11 on moderate activity. Pork cutout values declined $1.41. Hog slaughter remains strong, but packers have plenty of hogs to choose from. The weekly average hog weights increased to 291.3 pounds.

	BULL SIDE		BEAR SIDE
1)	Beef demand should hold moving into the summer months, and the grilling season gets underway.	1)	Live cattle futures have been unable to move above resistance. This may continue to be a selling point.
2)	Live cattle futures hold a discount to cash and may narrow that gap with futures moving higher.	2)	Cash cattle may trade lower this week as packers may be less aggressive due to the holiday.
3)	Most hog contracts held support after first moving below it. Traders did not want to push the market further.	3)	Weekly hog weights increased by 0.5 pounds last week to average 291.3 pounds. This is 3.4 pounds above what it was a year ago.
4)	Hog slaughter remains strong, indicating good demand. If supplies tighten in the country, prices should rise.	4)	The June and August hog contracts have not held support. The other contracts may follow suit.

Wednesday Closing Livestock Market Update - Weaker Trends Keep with the Contracts

GENERAL COMMENTS:

The livestock complex had a lousy day where essentially not enough fundamental support developed, so the contracts simply ended the day weaker. Some light cash cattle trade was noted in the North, but not enough cattle traded to say that any sort of trend has been established for the week. July corn is down 9 1/2 cents per bushel and July soybean meal is down $1.40. The Dow Jones Industrial Average is up 645.47 points and the NASDAQ is up 399.65 points.

LIVE CATTLE:

The livestock complex had a lousy day where essentially not enough fundamental support developed, so the contracts simply ended the day weaker. Some light cash cattle trade was noted in the North, but not enough cattle traded to say that any sort of trend has been established for the week. July corn is down 9 1/2 cents per bushel and July soybean meal is down $1.40. The Dow Jones Industrial Average is up 645.47 points and the NASDAQ is up 399.65 points.

FEEDER CATTLE:

As strange as it may seem, the feeder cattle complex was able to round out the day higher, even though the live cattle complex closed lower. The real test will come on Thursday when the market is challenged to either continue with its bullish front or be pressured to tuck its tail and retreat. Personally, with feeder cattle demand mixed at best right now in the countryside and with the live cattle contracts trading lower, I'm led to believe that the market's resistance pressure will be victorious in that fight. August feeders closed $2.12 higher at $365.77, September feeders closed $1.62 higher at $362.62 and October feeders closed $1.22 higher at $362.62. At the Producers Livestock Auction in Salina, Utah, compared to last week, feeder steers sold unevenly steady. Slaughter cows traded steady to $3.00 higher, while slaughter bulls weren't well tested. The CME feeder cattle index 5/19/2026: up $2.98, $372.44.

LEAN HOGS:

The lean hog complex ended the day lower as once again the market is simply disgusted with the lack of support it's currently seeing. Without enough support from either the cash market or consumer demand, the market has no other suitable option but to trade lower for the time being. June lean hogs closed $0.65 lower at $97.27, July lean hogs closed $0.17 lower at $101.97 and August lean hogs closed $0.27 lower at $101.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.11 with a weighted average price of $93.76 on 2,539 head. Pork cutouts totaled 271.49 loads with 230.84 loads of pork cuts and 40.66 loads of trim. Pork cutout values: down $1.41, $95.47. Wednesday's slaughter is estimated at 482,000 head -- 3,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 5/18/2026: up $0.05, $90.55.

THURSDAY'S HOG CALL: Lower. Packers have shown that they don't intend to do much in the cash market this week.

Wednesday Midday Livestock Market Summary - Minimal Fundamental Support Has Contracts Trading Lower

GENERAL COMMENTS:

The livestock contracts are trading lower into Wednesday's noon hour. Still no cash cattle trade has developed and asking prices remain elusive too. July corn is down 10 3/4 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is up 481.37 points and NASDAQ is up 285.84 points.

LIVE CATTLE:

With boxed beef prices mixed, no developments in the fed cash cattle market, and the futures up against resistance levels, the live cattle contracts are back to trading lower. June live cattle are down $2.57 at $251.97, August live cattle are down $4.10 at $243.10 and October live cattle are down $4.80 at $234.50. Bids and asking prices still remain unknown in the cash market; at this point it's looking like the week's trade could be delayed until the bitter end as everyone awaits to see what Friday's Cattle on Feed report could unveil. But with placements anticipated to be higher than a year ago, there's a level of hesitancy laced throughout the marketplace.

Boxed beef prices are mixed: choice down $1.54 ($394.21) and select up $1.28 ($394.86) with a movement of 73 loads (48.80 loads of choice, 5.84 loads of select, 10.18 loads of trim and 8.05 loads of ground beef).

FEEDER CATTLE

The feeder cattle contracts are also trading lower as the market continues to closely follow the lead of the live cattle contracts. August feeders are down $4.50 at $359.15, September feeders are down $4.67 at $356.32 and October feeders are down $4.57 at $353.07. Unless the live cattle market changes its direction, the feeder cattle contracts will likely keep with their lower trend.

LEAN HOGS:

The lean hog complex continues to slide lower as the market is simply displeased with the lack of support. Without stronger consumer demand and with very minimal interest from packers in the cash market, the market simply doesn't have the support it needs to find stability. June lean hogs are down $0.67 at $97.25, July lean hogs are down $0.55 at $101.60 and August lean hogs are down $0.95 at $101.15. The projected CME Lean Hog Index for 5/19/2026 is up $0.44 at $91.00 and the actual index for 5/18/2026 is up $0.05 at $90.55. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.73 with a weighted average price of $93.62, ranging from $88.00 to $95.00 on 2,204 head and a five-day rolling average of $93.10. Pork cutouts total 170.14 loads with 135.76 loads of pork cuts and 34.38 loads of trim. Pork cutout values: down $0.70, $96.18.

Wednesday Morning Livestock Market Update - Live Cattle Struggle With Technical Resistance

GENERAL COMMENTS:

Live cattle futures were somewhat reluctant to increase, but the strength of feeder cattle pulled them higher. June live cattle futures hold a discount to cash, which may not be maintained for very long. Cash is expected to be steady this week, which may result in higher trade to narrow the gap. However, there may be some apprehension due to the Cattle on Feed report being released on Friday. Boxed beef prices showed strong gains, with choice up $3.61 and select up $3.35. Retail demand remains strong as consumers prefer beef and are willing to pay for it. The May feeder cattle contract goes off the board on Thursday, with August then taking over as the lead month.

Hog futures continue to struggle with the June contract falling below support on Tuesday. This may open the way for further follow-through selling. Fundamental support remains elusive, leaving the market in a bearish mode. There was good movement on the National Daily Direct Afternoon Hog report, with the price down $0.01. Pork cutouts did not fare well, with values down $1.48. Bellies fell $5.24, and loins declined $3.69. However, the ribs jumped $5.25, helping to offset some of the weakness. There is little expectation for cash prices to show much strength ahead of the three-day weekend.

	BULL SIDE		BEAR SIDE
1)	China's reopening for U.S. beef imports is bullish for retail beef prices, if there is interest in or enough beef available for export.	1)	Traders may liquidate some of their long positions ahead of the Cattle on Feed report and the three-day weekend.
2)	Wildfires that were ignited in Kansas last week have burned more than 115,000 acres. The dryness and wildfires will further impact cattle supplies.	2)	Live cattle futures may struggle to move to new contract highs, as higher prices could trigger profit-taking and increased selling interest.
3)	The July and later hog contracts are still above support. Buying interest may increase at these low levels.	3)	Bullish fundamental support remains elusive. There are ample supplies of pork to meet increased demand.
4)	Retail interest should pick up as high-priced beef may be replaced somewhat by pork on the grill this summer.	4)	Packers are not expected to be aggressive with hog purchases the rest of this week due to the upcoming extended weekend.

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.