Monday Morning Livestock Market Update - Price Support May Remain Elusive

GENERAL COMMENTS:

Cash cattle traded developed on Thursday and carried through the end of the week, posting prices from $2.00 to $4.00 higher. This resulted in another week of record-high cash. However, the futures did not follow suit as both live cattle lost about $4.00 and feeder cattle futures were almost $8.00 lower. This would give the impression that the market may be tired, with traders willing to reduce their long positions on the possibility that these prices will impact demand. So far, that has not been a reality as choice boxed beef was up $1.45 at $388.39 and select was up $0.59 at $385.01. Some time ago, boxed beef prices were over $400 when cash cattle prices were lower. This indicates how much packers are running at a loss. This may not be sustainable over the long term. Feeder cattle remain in strong demand in the country as feedlots are paying a premium over the market in many cases. The Commitment of Traders report showed fund traders added 6,458 live cattle futures, bringing their net-long positions to 138,018. They added 1,913 long futures to feeder cattle, increasing their long positions to 20,521.

Hog futures fared better than cattle, with limited losses for the week. The fundamentals throughout the week were not very friendly for the market. Traders seemed to indicate that enough is enough and decided to support the market. Both cash and cutouts were positive on Friday, which may support the market today. The National Daily Directs Afternoon hog report showed cash up $3.07 on limited trade volume. Pork cutout values increased by $1.96. This certainly does not indicate that support has been reached and that the trend will change. However, continued higher slaughter may eventually tighten supplies, and prices will then move higher. The Commitment of Traders report showed the funds as sellers of 7,414 futures contracts, reducing their net-long position to 38,687.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures are at a significant discount to cash. Traders may support the market this week.	1)	Cattle futures closed lower for the week despite higher cash. This could mean that the market is running out of steam.
2)	Cattle futures corrected from being overbought, with the potential of a further correction this week.	2)	The cattle market may be at the beginning of a larger correction as stronger cash has not supported futures.
3)	Hog futures held well last week, which may indicate that the market may be establishing a bottom.	3)	The strength of cash hogs on Friday may be short lived as packers will see how many they can purchase today at lower prices.
4)	Cash hogs were strong to close the week on limited sales. Packers may be aggressive to begin the week as they will need hogs to maintain increased slaughter.	4)	Traders have yet to see consistent support in the hog market.

Friday Closing LIvestock Market Update - Mixed Tones Follow Contracts

GENERAL COMMENTS:

All in all, it was a slow and mundane day for the livestock contracts without much new having developed throughout the day. Bids were offered in the cash market, but no trades were noted. July corn is up 3 3/4 cents per bushel and July soybean meal is up $0.80. The Dow Jones Industrial Average is up 12.19 points and the NASDAQ is up 440.88 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle down $4.10, August live cattle down $3.72; May feeder cattle down $4.02, August feeder cattle down $7.95; June lean hogs down $2.65, July lean hogs down $0.17; May corn down $0.12, July corn down $0.09.

LIVE CATTLE:

All in all, it was an anti-climactic day for the live cattle complex as the futures complex trended lower through the day's close, and nothing more developed in the cash market. And more than anything, this week's trade was disheartening as the futures market and cash market traded in opposite directions. One would like to believe that the two markets are interrelated, but weeks like this past one leave participants feeling annoyed and disgusted as the market's algorithm trading seemed to influence the futures complex more than the rally in the cash market. June live cattle closed $1.15 lower at $248.90, August live cattle closed $1.80 lower at $244.10 and October live cattle closed $1.67 lower at $238.30. A few cash bids were renewed throughout the day, but at the time of this writing, no more cattle had sold. On Thursday, a light to moderate trade developed in most areas, with Northern dressed sales being marked at mostly $402, $3 higher than last week's weighted averages and Southern live deals were marked at mostly $256 to $257, generally $2 to $3 higher than last week's weighted averages.

Friday's slaughter is estimated at 92,000 head, 2,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 13,000 head. The week's total slaughter is estimated at 527,000 head, 7,000 head less than a week ago and 33,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.45 ($388.39) and select up $0.59 ($385.01) with a movement of 120 loads (86.87 loads of choice, 14.91 loads of select, 12.04 loads of trim and 6.62 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Packers likely secured enough supply so that next week's trade will be steady.

FEEDER CATTLE:

The feeder cattle contracts also ended the day lower as the market continues to closely follow the direction of the live cattle contracts. May feeders closed $1.05 higher at $367.37, August feeders closed $1.95 lower at $364.22 and September feeders closed $2.42 lower at $362.22. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $4.00 higher and feeder heifers sold steady to $4.00 lower. Steer calves sold $7.00 to $8.00 higher and heifer calves traded $1.00 to $5.00 lower. Slaughter cows sold $1.00 to $3.00 higher and slaughter bulls sold $4.00 higher. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 5/7/2026: up $3.74.83.

LEAN HOGS:

Even though it came late in the week, the deferred lean hog contracts were able to walk away from the day mildly higher, although some of the nearby contracts still ended lower. June lean hogs closed $0.75 lower at $98.62, July lean hogs closed $0.25 higher at $103.20 and August lean hogs closed $0.32 higher at $104.42. Traders hope that the slight uptick in consumer demand that the market has recently seen will continue into next week's trade as well. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.07 with a weighted average price of $93.77 on 636 head. Pork cutouts totaled 353.19 loads with 305.85 loads of pork cuts and 47.34 loads of trim. Pork cutout values: up $1.96, $97.56. Friday's slaughter is projected to be around 479,000 head, 19,000 head more than a week ago and 6,000 head more than a year ago. Saturday's slaughter is projected to be around 43,000 head. The CME lean hog index 5/6/2026: down $0.17, $91.02.

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

Friday Midday Livestock Market Summary - Complex Trends Lower

GENERAL COMMENTS:

It's frustrating to see the cattle contracts again trading lower when the market's fundamentals have been strong this week. Unfortunately, that's sometimes how "the cookie crumbles" when the market's technical influence has more power than its fundamentals do. A single bid is currently on the table in Nebraska at $405, but no new trade has been noted. July corn is up 4 3/4 cents per bushel and July soybean meal is up $1.80. The Dow Jones Industrial Average is up 10.47 points and NASDAQ is up 371.80 points.

LIVE CATTLE:

It's been a day of back-and-forth trading. Initially, the live cattle complex was trading higher as traders seemed to acknowledge the strong fundamental support of this week's cash market -- but lo and behold -- that train of thought obviously didn't last long, as now, heading into the noon hour, the contracts are back to trading lower. More than anything, the last two days have been a prime example of algorithm trading, which can lead the market in the exact opposite direction compared to what the market's fundamental influences would encourage. June live cattle are down $0.05 at $250.00, August live cattle are down $0.72 at $245.17 and October live cattle are down $1.17 at $238.80. A single bid is currently on the table in Nebraska at $405, but no cattle have traded yet today following Thursday's business. So far this week, Northern dressed cattle have traded at mostly $402, which is $3.00 higher than last week's weighted average. Southern live cattle have been marked at mostly $256 to $257, which is $2.00 to $3.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.08 ($389.02) and select up $0.75 ($385.17) with a movement of 82 loads (60.84 loads of choice, 8.85 loads of select, 7.01 loads of trim and 5.68 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower into Friday's noon hour as the market continues to closely track and follow the direction of the live cattle complex. May feeders are down $0.57 at $265.75, August feeders are down $2.52 at $363.65 and September feeders are down $2.72 at $361.92. It's disappointing to see both the live cattle and feeder cattle contracts trading lower when the market's fundamentals are strong, but unfortunately, the market's technical influence seems to hold more power this week.

LEAN HOGS:

The lean hog complex is trading mixed into Friday's noon hour with a few of the deferred months trading higher, but by and large the complex is trading mostly lower. June lean hogs are down $0.62 at $98.75, July lean hogs are up $0.15 at $103.10 and August lean hogs are steady at $104.10. It is worth noting that demand is strong as pork cutout values are up over $2.00 this morning, but with that support coming late in the week, it's unlikely to make a significant impact.

The projected lean hog index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 236 head have traded this morning and that the market's five-day rolling average now sits at $95.11. Pork cutouts total 227.41 loads with 191.67 loads of pork cuts and 35.74 loads of trim. Pork cutout values: up $2.11, $97.71.

Friday Morning Livestock Market Update - Cattle Futures May Rebound

GENERAL COMMENTS:

Cattle futures showed exceptional volatility, with live cattle futures having a trading range of around $6.00, while feeder cattle showed a range of about $7.00. It was uncertain as to why this volatility developed. Futures opened slightly lower and then fell like a rock, spending the next few hours trying to regain the losses, only to fall back into the close. Trading today will show whether this was an aberration or a sense of reality. Some light cash trade took place on Thursday at $2.00 to $3.00 higher, likely setting the stage for today. However, boxed beef fell on Thursday with choice down $2.68 and select down $5.21. The question for today will be whether traders focus on cash trade or boxed beef. Boxed beef is the driver of the market as it represents demand.

Hog futures did not share the volatility of cattle, resulting in a mixed close. The May contract ceases trading on Thursday next week and closed $0.20 lower with the June contract down $0.32. The rest of the contracts were higher. There is headwind in the market as the National Daily Direct Afternoon Hog report showed cash falling $3.89 on limited trading activity. This may result in higher cash today as packers may be more aggressive since they need to finish purchases for the week. Pork cutout values showed an increase of only $0.05. Futures continue to struggle to find support.

	BULL SIDE		BEAR SIDE
1)	Cash cattle trading $3.00 higher on Thursday should provide renewed support to the market.	1)	The inability of cattle futures to recover from the early losses on Thursday may indicate the market might be running out of steam.
2)	The higher cash cattle trade should continue today, following Thursday's lead. June live cattle closed at a discount to cash.	2)	The weakness of cattle futures on Thursday could be the beginning of a large price retracement.
3)	Hog futures made another new low, but rebounded nicely, potentially indicating the market is overdone to the downside.	3)	Hog futures made new lows again on Thursday, keeping the downtrend intact. Support continues to remain elusive.
4)	Hog supplies remain current in the country as the slaughter pace continues to remain strong and above a year ago.	4)	Cash hog prices continue to slide with the large decline, moving the average price down to $90.70.

Thursday Closing Livestock Market Update - Cattle Contracts Close Lower While Cash Prices Trend Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts unwilling to do anything but trade lower, meanwhile the lean hog complex finally came into some support. July corn is down 1 cent per bushel and July soybean meal is up $1.60. A light trade was noted in the North at $402 which is $3.00 higher than last week's weighted average and some Southern live cattle traded at $256 to $257 which is $2.00 to $3.00 higher than the previous week's weighted average. The Dow Jones Industrial Average is down 313.62 points and the NASDAQ is down 32.74 points.

LIVE CATTLE:

It was simply one of those days. One of those days where you feel as though the market is broke because as one side of the complex heads higher, the other jumps ship and heads lower, as if the market's technical and fundamental facets aren't tied together at all. And that's exactly what happened throughout the cattle complex today as both the live cattle and feeder cattle contracts closed lower amid a find jump in the fed cash cattle complex. At the day's open the live cattle contracts plummeted, and traders were hell-bent on keeping the contracts lower from there on out, regardless of what developed in the cash market. June live cattle closed $3.42 lower at $250.05, August live cattle closed $3.00 lower at $245.90 and October live cattle closed $3.75 lower at $239.97. Meanwhile, a light trade was noted in the North at $402 which is $3.00 higher than last week's weighted average and some Southern live cattle traded at $256 to $257 which is $2.00 to $3.00 higher than the previous week's weighted average. 

Thursday's slaughter is estimated at 109,000 head, 1,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.68 ($386.94) and select down $5.21 ($384.42) with a movement of 107 loads (70.96 loads of choice, 4.82 loads of select, 24.48 loads of trim and 6.79 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that trade has now developed in both regions it's likely that the week's weighted averages are set.

FEEDER CATTLE:

And as the market has consistently done in recent weeks, the feeder cattle contracts followed the live cattle market lower through Thursday's end. May feeders closed $6.07 lower at $366.32, August feeders closed $6.87 lower at $366.17 and September feeders closed $6.65 lower at $364.65. At the Winter Livestock Auction in Dodge City, Kansas, compared to their last sale two weeks ago, steers over 750 pounds traded steady to $10.00 higher and steers weighing 550 to 750 pounds sold steady to $15.00 higher. Heifers weighing 500 to 650 pounds sold $10.00 lower to $10.00 higher, but heifers over 650 pounds weren't well tested. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 5/6/2026: down $2.90, $372.29.

LEAN HOGS:

The lean hog complex kept with its mixed trend as the nearby contracts ended the day slightly lower, but the vast majority of the deferred contracts ended the day on a higher note. June lean hogs closed $0.32 lower at $99.37, July lean hogs closed $0.70 higher at $102.95 and August lean hogs closed $0.80 higher at $104.10. Pork demand was a tick stronger throughout the day, which could have partially given traders some of the support they needed to trade the contracts higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.89 with a weighted average price of $90.70 on 513 head. Pork cutouts total 278.36 loads with 249.02 loads of pork cuts and 29.34 loads of trim. Pork cutout values: up $0.05, $95.60. Thursday's slaughter is estimated at 484,000 head, 5,000 head more than a week ago and 4,000 head more than a year ago. The CME lean hog index 5/5/2026: up $0.09, $91.19.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely bought all the cash hogs they're going to buy for the week.

Thursday Midday Livestock Market Update - Cattle Drift Lower While Hog Contracts Find Mixed Support

GENERAL COMMENTS:

Although there have been some positive developments in the fed cash cattle market, that has yet to benefit the cattle contracts, as currently both the live cattle and feeder cattle contracts are trading lower into midday Thursday. Some light trade has been marked in the North at $402, which is $3.00 higher than last week's weighted average. Some light trade has been noted in the South at $256 to $257, which is $2.00 higher than last week's weighted average. July corn is down 2 cents per bushel and July soybean meal is up $0.60. The Dow Jones Industrial Average is down 190.58 points and the NASDAQ is up 32.95 points.

LIVE CATTLE:

The live cattle contracts may be trading slightly lower, but thankfully, that's not hindering the cash market's ability to trade higher. Within the last hour, there's been some light trade noted in the North at $402, which is $3.00 higher than last week's weighted average, and some light trade has developed in the South at $256 to $257, which is $2.00 higher than last week's weighted average. So even though last week's market jumped $9.00 to $14.00 higher, packers are obviously still short bought and in need of more cattle as they're having to push prices higher again this week in the cash market. One would hope that this bullish development in the market's fundamentals would have a positive effect on the futures complex, but as of right now, the contracts are still trading mildly lower. June live cattle are down $0.45 at $253.02, August live cattle are down $0.95 at $247.95 and October live cattle are down $1.62 at $242.12.

Boxed beef prices are lower: choice down $2.04 ($387.58) and select down $4.55 ($385.08) with a movement of 72 loads (46.40 loads of choice, 2.78 loads of select, 17.22 loads of trim and 5.78 loads of ground beef).

FEEDER CATTLE:

And even though there have been some positive developments in the fed cash cattle market, the feeder cattle contracts are opting to trade in alignment with the live cattle contracts, as currently most of the feeder cattle contracts are trading $2.00 lower into midday Thursday. May feeders are down $2.40 at $369.72, August feeders are down $2.85 at $370.20 and September feeders are down $2.45 at $368.85. If the live cattle contracts happen to trade higher ahead of the day's close, then there's a strong chance that the feeder cattle contracts will follow the live cattle market's lead and could see stronger prices ahead of the market close, too, but as always, time will tell.

LEAN HOGS:

The lean hog complex is trading mixed into midday Thursday as the nearby contracts are currently trading mildly higher while the deferred contracts continue to trade lower. It is helpful to see that midday pork cutout values are up slightly, but before traders will trust that development, they'll need to see multiple days in which pork demand is stronger. June lean hogs are up $0.55 at $100.25, July lean hogs are up $0.52 at $102.77 and August lean hogs are up $0.42 at $103.72. The projected lean hog index for 5/6/2026 is down $0.17 at $91.02 and the actual index for 5/5/2026 is up $0.09 at $91.19. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 243 head have traded and that the market's five-day rolling average now sits at $94.82. Pork cutouts total 186.16 loads with 167.53 loads of pork cuts and 18.63 loads of trim. Pork cutout values: up $1.35, $96.45.

 

Thursday Morning Livestock Market Update - Cattle Traders Wait for Cash Trade

GENERAL COMMENTS:

Cattle futures were able to hold onto gains in most contracts. Traders had little reason to push the market significantly higher as no cash trade has taken place this week, leaving traders cautious. The general feeling is that cash will trade steadily this week, but cash trade has a tendency to defy expectations. The huge increase last week was not expected. Packers' margins are in the red, but they need to maintain slaughter to satisfy demand. Boxed beef prices on Wednesday were lower, with choice down $2.72 and select down $2.61.

Hog futures opened lower on Wednesday and never looked back. It is critical that futures hold support where they are, or another wave of selling could erupt. The National Daily Direct Afternoon Hog report showed cash down $0.86 with a weighted average price of $94.59. Packers remain able to purchase a sufficient supply of hogs without having to be very aggressive. Pork cutout values declined $0.87, keeping both cash and cutouts on the defensive. This provides little support to futures, with the fund traders continuing to reduce their long positions. The weekly hog weights increased slightly to an average of 291.2 pounds.

	BULL SIDE		BEAR SIDE
1)	The expectation is for steady cash trade this week. This would continue to support the market.	1)	If cash trade remains steady this week, it may be a disappointment to traders, leading to some liquidation of long positions.
2)	There has been no further news from the government regarding the antitrust investigation into the meatpacking industry. The market is showing little or no concern over this.	2)	Cattle futures need to see continued positive fundamental news, or the market may see a significant price correction.
3)	Hog futures are back down to support, from which traders may step back and buy for a short-term trade as they did earlier this week.	3)	The weekly hog weight increased 0.3 pounds last week to average 291.2 pounds. This is 0.7 pounds higher than a year ago.
4)	The summer grilling season may increase pork demand as the high price of beef may have consumers looking to pork as a preference.	4)	If hog futures show further weakness to move below support, further liquidation may take place as traders exit long positions.

Wednesday Closing Livestock Market Update - Cattle Close Higher While Hogs Remain Pressured

GENERAL COMMENTS:

The livestock complex closed mixed with the cattle contracts, finding mild support, while the hog complex ended the day lower. Still no cash cattle trade has developed, but a bid of $400 was offered throughout the day in Nebraska. July corn is down 11 1/2 cents per bushel and July soybean meal is down $3.10. The Dow Jones Industrial Average is up 612.34 points and the NASDAQ is up 512.81 points.

LIVE CATTLE:

The live cattle contracts ended the day mostly higher, as traders continued to help support the complex through the day's end. More than anything, traders were willing to mildly support the contracts even though no substantial cash cattle trade has developed, as the bullish sentiment of the market remains alive and well, and given that the complex is not up against immediate fear of resistance pressure. June live cattle closed $0.25 higher at $253.47, August live cattle closed $0.55 higher at $248.90 and October live cattle closed $0.50 higher at $243.72. A single bid of $400 was offered throughout the day in Nebraska, but no cattle traded. 

Wednesday's slaughter is estimated at 108,000 head, 1,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.72 ($389.62) and select down $2.61 ($389.63) with a movement of 107 loads (79.26 loads of choice, 5.64 loads of select, zero loads of trim and 21.90 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. Given that prices advanced aggressively last week (up $9.00 to $14.00 higher), it's likely that unless packers are still short bought, prices will trade steady at best.

FEEDER CATTLE:

Although the feeder cattle complex is nearing resistance, the market continued to trade higher through Wednesday's close as traders were pleased to see the live cattle contracts trading higher and opted to let the worry of resistance pressure be a problem for Thursday to solve. May feeders closed $0.57 higher at 372.40, August feeders closed $0.75 higher at $373.05 and September feeders closed $0.92 higher at $371.30. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week, feeder steers over 800 pounds sold steady to $3.00 higher and steers under 800 pounds traded $2.00 to $8.00 lower. Feeder heifers traded steady to $5.00 lower. Steer and heifer calves sold steady on a light test. Feeder cattle supply over 600 pounds was 90%. The CME feeder cattle index 5/5/2026: down $0.14, $375.19.

LEAN HOGS:

And the same old story remains true in the lean hog complex, without enough support arising, traders continue to let the contracts trade lower. June lean hogs closed $1.72 lower at $99.70, July lean hogs closed $1.27 lower at $102.25 and August lean hogs closed $0.90 lower at $103.30. Unfortunately, the market could pressure its support plane as no substantial fundamental support has developed this week. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.86 with a weighted average price of $94.59 on 4,987 head. Pork cutouts totaled 313.66 loads with 263.68 loads of pork cuts and 49.98 loads of trim. Pork cutout values: down $0.87, $95.10. Wednesday's slaughter is estimated at 488,000 head, 1,000 head less than a week ago and 19,000 head more than a year ago. The CME lean hog index 5/4/2026: up $0.07, $91.10.

THURSDAY'S HOG CALL: Lower. Without strengthening demand, it's unlikely that packers will show the cash market much interest later this week.

Wednesday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Continue to Struggle

GENERAL COMMENTS:

The livestock complex is off to a mixed start as the cattle contracts continue to trade mildly higher, but the hog complex can't seem to muster up enough support to turn its contracts higher. A single bid is currently on the table in Nebraska, but still no cattle have traded. July corn is down 11 cents per bushel and July soybean meal is down $2.30. The Dow Jones Industrial Average is up 516.74 points and NASDAQ is up 396.02 points.

LIVE CATTLE:

Again today, the live cattle contracts are mildly trading higher into Wednesday's noon hour. Following the slight technical regression late last week and through Monday's close, the market is no longer up against immediate resistance pressure and is able to trade slightly higher without fears of pressuring resistance thresholds. June live cattle is up $0.62 at $253.85, August live cattle is up $1.12 at $249.47 and October live cattle is up $1.45 at $244.67. There's a single bid on the table at $400 currently in Nebraska, but otherwise the market remains quiet in the cash sector and no cattle have traded yet. It's still assumed that the bulk of this week's trade will be delayed until Thursday or Friday. Asking prices have still not been established.

Boxed beef prices are lower: choice down $1.62 ($390.72) and select down $0.65 ($391.59) with a movement of 49 loads (41.40 loads of choice, 2.17 loads of select, zero loads of trim and 5.10 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading higher into Monday's noon hour as the market is pleased to continue to absorb the added support from the live cattle contracts strength. May feeders are up $1.27 at $373.10, August feeders are up $2.05 at $374.35 and September feeders are up $2.37 at $372.75. The spot August contract is nearing the market's resistance point, which could cause traders to pull the contract back if greater support doesn't develop.

LEAN HOGS:

Meanwhile, the lean hog contracts are trading lower as the market simply can't seem to establish stable footing in the marketplace right now. Thankfully, today's lower trend is still within the market's current sideways trend, and traders haven't driven the spot June contract below the market's support plane, which is encouraging because the market's next support plane is significantly lower around $96.00. June lean hogs are down $1.25 at $102.27, August lean hogs are down $0.97 at $103.22 and October lean hogs are down $0.77 at $89.42. The projected lean hog index is delayed from the source. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $0.82 with a weighted average price of $94.79, ranging from $90.00 to $95.00 on 4,075 head and a five-day rolling average of $94.75. Pork cutouts total 174.94 loads with 142.02 loads of pork cuts and 32.92 loads of trim. Pork cutout values: up $0.67, $96.64.

Wednesday Morning Livestock Market Update - Sharp Decline in Crude Oil May Support Futures

GENERAL COMMENTS:

Cattle futures rebounded after there was no apparent reason for the recent weakness experienced. Beef prices continue to hold, and the drought that is affecting cattle country may hinder any potential to rebuild the beef herd in those areas. Anything that the government has done to bring beef prices down so far has not worked, as the high prices are a result of a reduced beef herd. Much of the increase in beef cattle numbers has been the result of an increasing dairy herd, adding beef-on-dairy calves into the feedlots. Of course, this is reducing the milk price as more dairy cows produce more milk. Some feedlots have developed relationships with dairy farms to purchase their calves, as it provides a steady supply of animals for the feedlots and dairy farms calve throughout the year. Boxed beef prices were higher, with choice up $0.78 and select up $1.64.

Hog futures rebounded, but not until after a new low was established earlier in the day. The price rebound was not the result of any specific news in the market, as cash was not reported on the National Daily Direct Afternoon Hog report due to submission problems. Pork cutout values declined by $1.39. There are considerable headwinds in the hog market that are not letting up. Bullish fundamentals are not evident, leaving the market to technicals or perception. The rebound on Tuesday seems to be some bottom picking by traders in the attempt to take a profit by scalping the market.

	BULL SIDE		BEAR SIDE
1)	The drought in cattle areas will hinder the rebuilding of the cow herd. Any government incentive programs may be a moot point for now.	1)	The uncertainty of what the government might do in reference to the beef industry may limit the upside price potential for now.
2)	Boxed beef prices remain strong as consumers continue to purchase beef.	2)	Beef export demand may be impacted due to high beef prices. After all, high prices cure high prices by impacting demand.
3)	Hog slaughter remains strong, indicating demand is holding well. Packers need to purchase and process more hogs to meet the demand.	3)	Hog futures made a new low before rebounding, which leaves the downtrend intact.
4)	Hog futures may have declined sufficiently to generate greater buying interest by traders. Another day of strength could generate further short covering.	4)	The demand for pork is good, but not good enough to tighten the available supply in the market.

 

Tuesday Closing Livestock Market Update - Traders Help Keep Contracts Higher

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

 

Tuesday Morning Livestock Market Update - Government Investigation May Impact Futures

GENERAL COMMENTS:

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

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

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

Monday Closing Livestock Market Update - Complex Closed Lower

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

Monday Midday Livestock Market Summary - Complex Starts Week Out Lower

GENERAL COMMENTS:

The livestock complex is off to a weaker start as the market needs fundamental support to help encourage traders to push the contracts higher. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. July corn is up 5 cents per bushel and July soybean meal is up $2.90. The Dow Jones Industrial Average is down 483.30 points and NASDAQ is down 121.17 points.

LIVE CATTLE:

Following last week's tremendous rally, the market seems to be inching into the new week asking: Now what? Luckily, boxed beef prices are higher which traders will find some comfort in; but with the futures contracts trading in a slightly weaker manner again this week, fundamental support and reassurance is going to be vital if the market is to continue to trade higher. August live cattle are down $2.37 at $245.45, October live cattle are down $2.55 at $239.90 and December live cattle are down $2.47 at $239.37. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas.

Last week Northern dressed cattle traded anywhere from $392 to $405, but mostly at $400, which is $14.00 higher than the previous week's weighted average. And Southern live cattle traded anywhere from $250 to $256, but mostly at $255 to $256, which is $9.00 to $10.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.54 ($391.65) and select up $1.83 ($388.88) with a movement of 51 loads (38.62 loads of choice, 2.62 loads of select, zero loads of trim and 9.86 loads of ground beef).

FEEDER CATTLE:

As to be expected, the feeder cattle contracts are following right in line with the live cattle market's lower trend. Not only are traders keenly aware of the slight hesitation in the live cattle complex, but sale barns have also been reporting buyers being more selective in recent weeks as they're getting their spring grass orders filled. Needless to say, the combination of cautiousness on the board mixed with touch-and-go support in the countryside has led the feeder cattle contracts to a weaker open on Monday. May feeders are down $5.07 at $366.32, August feeders are down $6.12 at $366.05 and September feeders are down $6.40 at $364.30.

LEAN HOGS:

The lean hog complex is also lower as traders can't seem to find enough technical or fundamental support in the hog complex to justify pushing the market higher. June lean hogs are down $0.85 at $100.42, July lean hogs are down $0.92 at $102.45 and August lean hogs are down $1.02 at $102.82. Hopefully the market finds some support here as the next support plane is a steep downward step to $96.00. The projected CME Lean Hog Index for 5/1/2026 is down $0.27 at $91.03, and the actual index for 4/30/2026 is down $0.11 at $91.30. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 20 head have traded Monday morning and the market's five-day rolling average now sits at $92.74. Pork cutouts total 148.31 loads with 129.58 loads of pork cuts and 18.73 loads of trim. Pork cutout values: up $0.35, $97.94.

 

Monday Morning Livestock Market Update - Hog Futures Need to Hold Support

GENERAL COMMENTS:

Cattle futures pushed to new contract highs on Friday, but they slipped as sellers became more aggressive ahead of the weekend. Strong cash cattle trade dominated the week, with cash trade having already developed on Tuesday. This carried throughout the week with Southern live cattle trading as much as $10.00 higher and Northern dressed cattle up to $14.00 higher. Boxed beef prices were lower on Friday, with choice down $0.41 and select down $1.12. However, that does not change the fact that beef demand is strong, and packers need to step up slaughter. It is doubtful that cash this week will repeat last week's performance, but cash prices may remain steady. The Texas Department of Agriculture confirmed a New World screwworm case about 119 miles from the Texas border near Zapata, Texas. This will assuredly keep the border closed indefinitely. The Commitment of Traders report showed the fund traders as net sellers of 1,256 live cattle contracts, reducing their net-long position to 131,560. They reduced their long position in feeder cattle by 1,740 contracts to a net long of 18,608.

Hog futures showed further weakness with the August contract closing the chart gap and most contracts closing at or near support. Futures will need to hold support, or contracts may make another leg down. A close below support would move futures to the lowest level since the beginning of the year. Packers were able to procure the hogs they needed without being aggressive. The National Daily Direct Afternoon Hog report showed cash down $0.10. Pork cutout values gained $0.83. The expected demand for pork due to the high beef prices has developed to some degree, but not enough to support pork prices. The Commitment of Traders report showed fund traders reducing their net-long position by 8,774 contracts to a net long of 46,102.

	BULL SIDE		BEAR SIDE
1)	The strong cash cattle trade last week will continue to support the market as beef demand remains strong.	1)	Cattle futures are overbought and may see a continued correction to begin the week.
2)	New contract highs in cattle futures were made before the market fell back into the close. The trend remains up.	2)	High fuel prices impacting the cost of almost everything will eventually limit demand for high-priced beef.
3)	The August hog contract closed the chart gap. Other contracts held support, which may increase technical buying interest.	3)	Traders remain negative on the hog market, as it lacks strong fundamentals.
4)	Packers were light buyers last week, remaining unaggressive. They may step up more aggressively this week.	4)	If support does not hold, hog futures may decline as further liquidation would take place.

Friday Closing Livestock Market Update - Lower Tones Dominate Complex

GENERAL COMMENTS:

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

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

Friday Midday Livestock Market Summary - Cattle Continue to Trend Higher

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

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

GENERAL COMMENTS:

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

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

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

 

Thursday Closing Livestock Market Update - Mixed Trends Follow Complex

GENERAL COMMENTS:

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

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

 

Thursday Midday Livestock Market Summary - Mixed Tones Follow the Livestock Complex

GENERAL COMMENTS:

Livestock futures are mixed as we head toward midday as traders note mixed signals from the fundamentals. No new cash cattle trade has developed Thursday and it looks like the bulk of this week's trade is finished. July corn is down 3 3/4 cents per bushel and July soybean meal is down $4.30. The Dow Jones Industrial Average is up 718.65 points and NASDAQ is up 54.76 points.

LIVE CATTLE:

Steady and consistent -- thus far that's what Thursday has been in the live cattle complex as the market is simply trading sideways, holding the strong position the contracts ran to earlier this week upon seeing the powerful rally in the fed cash cattle complex and continued beef demand. But without anything "new" hitting the market from a positive, fundamental front, the market is trading mostly sideways. June live cattle are down $0.70 at $254.55, August live cattle are down $0.17 at $249.55 and October live cattle are up $0.15 at $244.07. There's been no new developments Thursday in the fed cash cattle market and there's a chance -- outside of some light clean up trade -- this week's trade could be essentially done. So far this week Northern dressed cattle have traded at mostly $400, which is $14.00 higher than last week's weighted average. Southern live cattle have traded at mostly $255 to $256, which is $9.00 to $10.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.69 ($389.74) and select up $3.61 ($389.86) with a movement of 44 loads (25.61 loads of choice, 1.80 loads of select, 7.83 loads of trim and 8.33 loads of ground beef).

FEEDER CATTLE:

Oddly enough, although the live cattle contracts aren't blazing trails higher Thursday, the feeder cattle complex is confidently pushing a $1.00 to $2.00 rally into Thursday's noon hour. May feeders are up $1.65 at $373.15, August feeders are up $1.20 at $373.67 and September feeders are up $1.32 at $372.25. Buyers have been mixed this week in the countryside for feeder cattle as they have been selective on the type and kind of cattle they're wanting given that prices are so high.

LEAN HOGS:

The lean hog complex is trailing mostly lower into Thursday's noon hour as the market is disgruntled to see midday pork cutout values lower again as traders desperately yearn for greater fundamental support. June lean hogs are down $1.07 at $102.67, July lean hogs are down $0.57 at $105.70 and August lean hogs are down $0.27 at $106.15. Thursday the main reason the carcass price is lower on the noon report is the $3.77 decline on the butt.

The projected CME Lean Hog Index for 4/29/2026 is up $0.10 at $91.41, and the actual index for 4/28/2026 is up $0.12 at $91.31. Hog prices are higher on the Daily Direct Morning Hog report, up $0.56 with a weighted average price of $93.43, ranging from $93.00 to $94.00 on 396 head and a five-day rolling average of $91.99. Pork cutouts total 182.08 loads with 163.29 loads of pork cuts and 18.79 loads of trim. Pork cutout values: down $0.38, $96.81.

Thursday Morning Livestock Market Update - Nearby April Cattle Futures Cease Trading Today

GENERAL COMMENTS:

The April live cattle contract was a sight to behold on Wednesday, with futures closing $4.20 higher. Today is the last trading day for the contract, with June taking over as the lead month. The April feeder cattle contract was not as exuberant with a gain of $0.20. It also ends trading today, with the May contract taking over as the lead month. The rest of the contracts were mixed. Cattle supplies are tight, but traders are cautious about adding a premium to deferred futures contracts. There were further cash sales this week, with some Southern sales taking place as much as $9.00 higher. Packers certainly are aggressive as they need cattle, resulting in increasingly negative margins. Boxed beef prices were lower, with choice down $0.85 and select down $2.53. Feeder cattle remain in strong demand with higher prices in the country.

Hog futures rebounded with traders deciding the market was overdone to the downside. The August contract did not close the chart gap, which does cause some concern, as gaps usually are filled at some point. However, the strength in futures was technical in nature and not based on fundamentals. The cash price was higher on the National Daily Direct Afternoon report with a gain of $0.69, but pork cutouts declined $1.07. The market needs to see consistency in both cash and cutouts to provide support and a change in attitude among traders.

	BULL SIDE		BEAR SIDE
1)	With cash trade taking place early this week and at significantly higher prices continues to provide support to the market.	1)	Cattle futures posted strong gains the past week, increasing the potential for liquidation ahead of the weekend.
2)	New contract highs were again made across the board, keeping the uptrend alive and well. This should provide traders with confidence to hold and add to their long positions.	2)	Continued high beef prices will eventually run their course as demand will be impacted. High prices may result in beef not being the meat of choice this grilling season.
3)	Weekly hog weights declined to 290.9, down 0.8 pounds from the previous week and 0.7 pounds from a year ago.	3)	The bounce in hog futures on Wednesday was not due to strong fundamentals, but buying due to lower prices.
4)	The bounce in hog futures on Wednesday may continue today, as the market was overdone to the downside with further short covering ahead of the weekend.	4)	It will be difficult for hog futures to develop a strong uptrend with the current fundamental state of the market.

Wednesday Closing Livestock Market Update - Live Cattle Contracts Rally Thanks to Strong Cash Trade

GENERAL COMMENTS:

The livestock complex closed mixed Wednesday afternoon, with the live cattle and lean hog contracts rallying through the day's end, but the feeder cattle contracts closed lower. Some more fed cash cattle trade happened at $256 in Texas, which is $10.00 higher than last week's weighted average. July corn is up 2 1/4 cents per bushel and July soybean meal is down $3.60. The Dow Jones Industrial Average is down 295.33 points and the NASDAQ is down 28.95 points.

LIVE CATTLE:

The market not only ran to new contract highs in the futures complex, but it also saw some more cash cattle trade in the South. June live cattle closed $1.75 higher at $255.25, August live cattle closed $0.62 higher at $249.72 and October live cattle closed $0.12 lower at $243.92. For the most part, the live cattle contracts closed higher, but the October 2026 through February 2027 contracts did close a touch softer. Nevertheless, that didn't affect the cash market as a few more deals have been marked in Texas at $256, which is a whopping $10.00 higher than last week's weighted average. At Tuesday's close, prices were mostly being reported at $395 to $396 in Nebraska and Iowa. However, after the mandatory cutout time, price sources were reporting prices as high as $400, which is $14.00 higher than last week's weighted average. But do note that a large percentage of those sales were marked for delivery for the week of 5/11/2026. Southern live cattle were reported at $250 to $252 at the cutoff time, but later sales jumped as high as $255, which is $9.00 higher than last week's weighted average. 

Wednesday's slaughter is estimated at 109,000 head, 2,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.85 ($388.05) and select down $2.53 ($386.25) with a movement of 115 loads (79.44 loads of choice, 10.29 loads of select, 12.01 loads of trim and 13.50 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. There's been a sizeable volume traded in the cash market already this week, but it's likely that packers still need more cattle.

FEEDER CATTLE:

The tone may have been stronger throughout the live cattle complex, but the feeder cattle contracts simply weren't as bold and confident throughout the day. May feeders closed $0.22 lower at $371.50, August feeders closed $0.55 lower at $372.52 and September feeders closed $0.32 lower at $370.92. The market's resistance currently is too much for trades to tackle, which is what pressured the contracts to close lower Wednesday afternoon. At the Kingsville Livestock Auction in Kingsville, Missouri, compared to last week, steers and heifers sold steady to $10.00 higher, and demand was called good for a moderate to heavy supply of cattle today. Slaughter cows traded $2.00 to $4.00 higher. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 4/28/2026: up $0.80, $369.80.

LEAN HOGS:

It was a powerful day for the lean hog contracts as the market was able to maintain its moderate rally through Wednesday's close. June lean hogs closed $1.77 higher at $103.75, July lean hogs closed $1.85 higher at $106.27 and August lean hogs closed $1.60 higher at $106.42. Seeing the contracts keep a moderate rally through the day's end without the help of stronger consumer demand was quite impressive. But the biggest reason why the afternoon carcass price was pulled lower was because of the $6.70 decline in the belly. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.69 with a weighted average price of $93.25 on 4,736 head. Pork cutouts totaled 322.13 loads with 279.48 loads of pork cuts and 42.65 loads of trim. Pork cutout values: down $1.07, $97.19. Wednesday's slaughter is estimated at 489,000 head, 6,000 head less than a week ago and 9,000 head more than a year ago. The CME lean hog index 4/27/2026: down $0.07, $91.19.

THURSDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured the vast majority of their needs from the cash market.