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.

Wednesday Midday Livestock Market Summary - Hogs Jump Higher While Cattle Contracts Remain Uncertain

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Wednesday as the cattle contracts are currently trading in an indecisive manner, but the lean hog contracts are trending higher. Some more cash cattle trade has been noted in Texas at $256 which is $10.00 higher than last week's weighted average. July corn is up 1 cent per bushel and July soybean meal is down $3.80. The Dow Jones Industrial Average is down 344.57 points and the NASDAQ is down 121.00 points.

LIVE CATTLE:

It's been a back-and-forth morning for the live cattle complex as traders desire to push the contracts higher. However, following Tuesday's successful close and higher rally in the cash market, traders are somewhat holding their breath. June live cattle are up $0.80 at $254.30, August live cattle are down $0.15 at $248.95 and October live cattle are down $0.47 at $243.57. 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 yesterday afternoon'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.

Boxed beef prices are lower: choice down $0.94 ($387.96) and select down $0.94 ($387.84) with a movement of 70 loads (47.11 loads of choice, 6.52 loads of select, 7.33 loads of trim and 8.91 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also having a challenging day as the market appears to desire to trade higher but following Tuesday's sharp rally. Upon seeing mixed signals in the live cattle complex, traders are being cautious at this point. May feeders are down $1.40 at $270.32, August feeders are down $1.82 at $371.25 and September feeders are down $1.55 at $369.70. If the market is to trade any higher, it will look for the technical support of the live cattle complex.

LEAN HOGS:

The lean hog complex continues to trade in a back-and-forth manner, but at least today the market is trading higher into midday. June lean hogs are up $1.65 at $103.62, July lean hogs are up $1.85 at $106.25 and August lean hogs are up $1.72 at $106.55. Today's technical bounce is somewhat surprising given that pork demand has been choppy, and prices are lower at the midday point.

The projected lean hog index for 4/28/2026 is up $0.12 at $91.31, and the actual index for 4/27/2026 is down $0.07 at $91.19. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.62 with a weighted average price of $92.87, ranging from $87.00 to $96.00 on 3,585 head and a five-day rolling average of $91.91. Pork cutouts total 182.26 loads with 154.01 loads of pork cuts and 28.25 loads of trim. Pork cutout values: down $0.08, $98.18.

 

Wednesday Morning Livestock Market Update - Higher Cash Will Support Cattle Futures

GENERAL COMMENTS:

Cattle futures increased substantially on Tuesday, fueled by cash trade taking place. Cash was reported at $4.00 higher in the South. It is unusual to see cash cattle trade this early in the week. This indicates packers are short-bought and need to procure cattle to fill slaughter schedules. Cash prices may increase further as feedlots will hold out for higher prices. Even though their margins are negative, they need to satisfy demand. Boxed beef prices were mixed, with choice down $0.66 and select up $0.18. Live cattle futures moved to new contract highs in all but the April contract, which will cease trading on Thursday. Feeder cattle were strong but did not achieve new highs. Feeder cattle traded higher in the country in response to the strength in futures over the past few days.

Hog futures closed lower, but thankfully rebounded from the lows during the day. The July contract closed the chart gap on the weakness. Only the August contract maintains a gap that will be filled at some point. Futures may retest the lows from two weeks ago. Whether this would provide support remains to be seen. Packers turned aggressive on Tuesday, with the National Daily Direct Afternoon Hog report showing an increase of $2.32. Higher cash should take place again today, as volume was somewhat light. Pork cutouts declined $0.97, leaving traders unwilling to buy into the market without consistent support.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures closing at new contract highs may keep buying interest strong, as there is no technical resistance above the market.	1)	Live cattle futures already have higher cash factored in. This may leave futures mixed for the rest of the week, with some potential liquidation of long positions.
2)	Cash cattle trade taking place on Tuesday is unusual, indicating packers are short bought. Cash may even strengthen further by the end of this week.	2)	Boxed beef prices may falter as higher prices may impact demand. Crude oil futures moved to new highs in overnight activity, which will increase fuel prices.
3)	The July hog contract closed the chart gap that remained below the market and then rebounded. This may indicate the market may have finished retracing.	3)	The August hog contract maintains a chart gap below the market that may be filled before the market is low enough to increase the buying interest of traders.
4)	Packers were aggressive in the cash hog market on Tuesday and are expected to be aggressive today. A light volume has been traded so far this week.	4)	There remains too much inconsistency in pork cutout values to increase the desire of traders to support the market.

Tuesday Closing Livestock Market Update - Early Cash Cattle Sales Jump $4.00 Higher

GENERAL COMMENTS:

The livestock complex ended Tuesday mixed as the cattle contracts maintained their rally but the lean hog contracts fell lower. The most exciting news for the day was some early cash cattle sales were noted in Texas at $250, which is $4.00 higher than last week's weighted average. July corn is up 6 1/4 cents per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is down 31.64 points and NASDAQ is down 223.30 points.

LIVE CATTLE:

There was talk and speculation the cash market may trade higher, but who would have thought there would be some early sales noted in Texas at $250 -- $4.00 higher than last week's weighted average. It's one thing to see higher trade, but to see a $4.00 advancement in the cash market on a Tuesday indicates packers are shorter bought than most realized and feedlot managers have more power in this week's game than they realized. June live cattle closed $4.55 higher at $253.50, August live cattle closed $3.72 higher at $249.10 and October live cattle closed $3.00 higher at $244.05. Since the early sales of $250 were noted in Texas, bids are up to as much as $252, indicating packers still clearly need more cattle. Asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 109,000 head -- 2,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.66 ($388.90) and select up $0.18 ($388.78) with a movement of 98 loads (77.63 loads of choice, 7.66 loads of select, zero loads of trim and 12.72 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. With early sales marked as much as $4.00 higher it's tough telling what prices could advance to by the end of the week as clearly packers are short bought and need more cattle.

FEEDER CATTLE:

Thankfully, the feeder cattle contracts were also able to rally throughout Tuesday's trade as the market was not only grateful for the support from the live cattle contract's higher trend, but they were ecstatic to see the advancement in the cash market as more than anything the complex needs strong fundamental support. May feeders closed $4.27 higher at $371.72, August feeders closed $4.80 higher at $373.07 and September feeders closed $5.00 higher at $371.25. At Oklahoma National Stockyard in Oklahoma City, Oklahoma, feeder cattle and steers traded mostly steady compared to last week. With the board trading higher the sale report noted demand was active and strong. Feeder cattle supply over 600 pounds was 75%. The CME Feeder Cattle Index 4/27/2026: up $0.28, $369.62.

LEAN HOGS:

Try as it might, the lean hog complex simply wasn't able to come up with enough fundamental support to pull the contracts higher. With pork cutout values down slightly, a lower day was really the only option for the complex as traders continue to long for stronger support from the market's fundamentals. June lean hogs closed $0.20 lower at $101.97, July lean hogs closed $0.60 lower at $104.42 and August lean hogs closed $0.77 lower at $104.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.32 with a weighted average price of $92.56 on 2,275 head. Pork cutouts totaled 340.00 loads with 312.52 loads of pork cuts and 27.48 loads of trim. Pork cutout values: down $0.97, $98.26. Tuesday's slaughter is estimated at 488,000 head -- 1,000 head less than a week ago and 1,000 head more than a year ago. The CME Lean Hog Index 4/24/2026: down $0.18, $91.26.

WEDNESDAY'S HOG CALL: Steady/somewhat higher. Packers were slightly more aggressive in Tuesday's market, but it's likely they'll still need more hogs and could be a tick more aggressive in Wednesday's cash market.

Tuesday Midday Livestock Market Summary - Cattle Continue to Scale Higher With Ample Trader Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour as the cattle contracts continue to surge higher while the lean hog complex keeps a mixed tone. Some bids have surfaced in the fed cash cattle market, but no cattle have traded just yet. July corn is up 4 3/4 cents per bushel and July soybean meal is down $1.80. The Dow Jones Industrial Average is up 44.13 points and NASDAQ is down 337.22 points.

LIVE CATTLE:

The live cattle complex has traded in an unwavering, upward manner Tuesday and as the noon hour nears the same bullish attitude remains. June live cattle are up $4.25 at $253.20, August live cattle are up $3.52 at $248.90 and October live cattle are up $2.90 at $243.95. More than anything it appears traders have more than enough technical support flooding the complex and there's speculation fed cash cattle prices may even trade higher later this week. It's odd to see it this early in the week, but some bids have already surfaced in the countryside; but no cattle have traded yet. Asking prices remain elusive at this point.

Boxed beef prices are lower: choice down $0.38 ($389.18) and select down $1.31 ($387.29) with a movement of 52 loads (38.43 loads of choice, 4.05 loads of select, zero loads of trim and 9.93 loads of ground beef).

FEEDER CATTLE:

With the help of the live cattle market's bullish attitude, the feeder cattle complex remains bold heading into Tuesday's noon hour as most of the contracts are $3.00 to $4.00 higher at this point. The market originally was mixed to mostly lower at the day's start, but upon seeing the live cattle contracts so bullish, the feeder cattle market changed its tune and began to trade higher as well. May feeders are up $3.50 at $370.95, August feeders are up $3.92 at $372.20 and September feeders are up $4.17 at $370.42.

LEAN HOGS:

The lean hog complex is trading mixed into Tuesday's noon hour as the market yearns to trade higher. But until traders see enough fundamental support arise in the marketplace, a mixed tone will likely remain. June lean hogs are up $0.15 at $102.32, July lean hogs are down $0.32 at $104.70 and August lean hogs are down $0.47 at $105.12. It is helpful to note that midday pork cutout values are a tick higher. It would be supportive if that trend were to continue through the day's close.

The projected CME Lean Hog Index for 4/27/2026 is down $0.07 at $91.19, and the actual index for 4/24/2026 is down $0.18 at $91.26. Hog prices are higher on the Daily Direct Morning Hog report, up $1.93 with a weighted average price of $92.25, ranging from $89.00 to $93.25 on 1,130 head and a five-day rolling average of $90.73. Pork cutouts total 156.87 loads with 142.86 loads of pork cuts and 14.01 loads of trim. Pork cutout values: up $0.72, $99.95.

Tuesday Morning Livestock Market Update - Cattle Futures May See Follow-Through Strength

GENERAL COMMENTS:

Stronger boxed beef prices last week, and again on Monday, should provide further support to cattle futures. This alleviates some of the concern over reduced demand for the time being. It may set the stage for higher cash, as feedlots may hold out for higher cash or not sell. A significant influence on Monday may have been the strength in the outside markets. Futures were the recipients of spill-over trading activity. The market on Monday may garner further follow-through buying as technical traders may set their sights on the contract highs. Feeder cattle led the way with strong gains due to optimism. Cash activity at sales was reported as mixed.

Hog futures spent time on both sides of unchanged with limited volatility. Traders found little to influence the market, with no spillover buying interest from the strength of the outside markets. Packers were not aggressive, as the National Daily Direct Afternoon Hog report showed cash down $0.18. Packers should be more aggressive today. Pork cutouts continue to fluctuate, with values down $0.38. Fundamental support remains inconsistent. This may have moved trading activity more to short-term scalping of the market rather than taking long-term positions.

	BULL SIDE		BEAR SIDE
1)	The renewed buying interest in cattle futures may carry over today, as optimism has returned to the market.	1)	The strength in cattle futures may be too much in comparison to the cash market. Just because futures move higher does not mean cash will increase as well.
2)	Higher boxed beef prices indicate demand remains strong. This may continue to support the market and potentially higher cash prices.	2)	Cattle futures may run into overhead price resistance as the market may see a buying threshold near the previous highs.
3)	Limited fundamental support in hog futures did not trigger selling, with traders waiting to see how aggressive packers will be this week.	3)	The strength in the outside markets did not influence the hog market, as traders are focused on the fundamentals, which have not been supportive.
4)	Strong hog slaughter will keep hog supplies current and may eventually tighten the supply as the year progresses.	4)	Increased slaughter has not tightened the hog supply. Packers continue to find sufficient market-ready hogs without having to be aggressive in the cash market.

 

Monday Closing Livestock Market Update - Traders Drove Contracts Higher

GENERAL COMMENTS:

It was a fruitful day for the livestock contracts as the markets closed higher thanks to greater trader interest and support. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. July corn is up 5 3/4 cents per bushel and July soybean meal is up $8.70. The Dow Jones Industrial Average is down 62.92 points and the NASDAQ is up 50.50 points.

LIVE CATTLE:

It was a prosperous day for the live cattle complex as the market was fully supported by traders, which led to a nice rally through the day's end. June live cattle closed $3.72 higher at $348.95, August live cattle closed $3.72 higher at $245.37 and October live cattle closed $3.57 higher at $241.05. With the added support of stronger boxed beef prices and the hope that fed cash cattle prices will trade higher this week as well, traders were bold throughout Monday's market. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. Monday's slaughter is estimated at 106,000 head, 9,000 head more than a week ago and 2,000 head more than a year ago.

Last week Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which were $2.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $2.56 ($389.56) and select up $2.53 ($388.60) with a movement of 94 loads (70.13 loads of choice, 6.15 loads of select, 4.70 loads of trim and 13.28 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. With May being the strongest demand month of the year historically, there's hope throughout the complex that cash prices will be higher this week.

FEEDER CATTLE:

And in keeping in one perfect unison with the live cattle complex, the feeder cattle contracts also closed higher Monday afternoon. May feeders closed $6.55 higher at $367.45, August feeders closed $6.50 higher at $368.27 and September feeders closed $6.50 higher at $366.25. Demand has been strong in the countryside for calves that will make good grass cattle as the turn-out season is nearing, but with prices so high, buyers have been picky on the type and kind they purchase. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers were selling $10.00 lower to $10.00 higher, with feeder heifers traded unevenly steady from $5.00 lower to $10.00 higher. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index for 4/24/2026: up $0.02, $369.34.

LEAN HOGS:

The lean hog complex also enjoyed a modest rally throughout Monday's trade as the market was chalked full of trader support. June lean hogs closed $0.27 higher at $102.17, July lean hogs closed $0.12 higher at $105.02 and August lean hogs closed $0.02 higher at $105.60. And it was slightly disappointing for traders to see pork cutout values tip lower, as they need continued fundamental support to help drive the contracts higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.18 with a weighted average price of $90.24 on 1,539 head. Pork cutouts totaled 273.25 loads with 236.18 loads of pork cuts and 37.07 loads of trim. Pork cutout values: down $0.38, $99.23. Monday's slaughter is estimated at 489,000 head, 3,000 head less than a week ago and 5,000 head more than a year ago. The CME lean hog index 4/23/2026: up $0.01, $91.44.

TUESDAY'S HOG CALL: Higher. Packers weren't overly aggressive in today's trade, which likely means that they'll need to be more aggressive in Tuesday's market.

 

Monday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is off to a stronger start, as all three markets are trading higher into midday Monday. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. July corn is up 4 3/4 cents per bushel and July soybean meal is up $9.10. The Dow Jones Industrial Average is down 60.30 points and the NASDAQ is down 43.32 points.

LIVE CATTLE:

The live cattle complex is off to an ambitious start this week, with contracts enjoying a strong $2.00 to $3.00 rally as boxed beef prices are higher to start the week, and traders continue to hope that fundamental support will surface later this week. June live cattle are up $3.70 at $248.92, August live cattle are up $3.67 at $245.22 and October live cattle are up $3.45 at $240.92. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado.

Last week Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which were $2.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.42 ($388.42) and select up $1.67 ($387.74) with a movement of 39 loads (28.06 loads of choice, 3.15 loads of select, zero loads of trim and 8.10 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also enjoying a bullish rally this morning as traders continue to move the contracts in the same direction as the live cattle complex. May feeders are up $6.30 at $366.92, August feeders are up $6.17 at $367.90 and September feeders are up $6.15 at $365.90. And so long as the live cattle complex continues to trade in a bullish manner, the feeder cattle complex shouldn't struggle to keep the same trend.

LEAN HOGS :

The lean hog complex is also trading higher after the market endured some pressure just last week and chopped sideways throughout most of the week's duration. But if pork demand remains stable and potentially pushes higher, then there's a chance that contracts will also be able to advance. June lean hogs are up $0.42 at $102.32, July lean hogs are up $0.17 at $105.07 and August lean hogs are up $0.12 at $105.70.

The projected lean hog index for 4/24/2026 is down $0.18 at $91.26, and the actual index for 4/23/2026 is up $0.01 at $91.44. Hog prices are lower on the Daily Direct Morning Hog report, down $0.28 with a weighted average price of $90.32, ranging from $88.00 to $92.00 on 1,469 head and a five-day rolling average of $90.84. Pork cutouts total 142.80 loads with 114.97 loads of pork cuts and 27.82 loads of trim. Pork cutout values: up $0.68, $100.29.

Monday Morning Livestock Market Update - Uncertainty May Result in Mixed Trade

GENERAL COMMENTS:

Cash cattle traded lower last week, but Friday's trade did not reflect that. Lower cash had already been factored in, allowing the market to correct into the weekend. It is uncertain whether the strong gains in boxed beef will provide further support today. Boxed beef prices on Friday showed choice up $3.50 and select up $3.49. Cattle futures closed lower for the week, but it is uncertain whether the trend will continue. High fuel prices, which are impacting food prices, are affecting consumer buying habits. Consumers are turning toward lower-priced beef cuts and may be turning toward other sources of meat. The Commitment of Traders showed the fund traders trimming their long positions by 23 contracts, reducing their net-long position in live cattle to 132,816. They were net sellers of 1,603 contracts in feeder cattle, reducing their long position to 20,348.

Hog futures closed lower on Friday, but closed higher for the week. There was little fundamental news last week to establish a change in trend. Without much change in the fundamentals, technical trade seemed to be the activity of the week. The May and June contracts closed the chart gap that had remained since earlier in the week. Some later contracts still retain their gaps, but without strong support, those may be filled soon. As expected, there was no change released on the National Daily Direct Afternoon Hog report, with only a weighted average price of $90.42 reported. Pork cutouts were higher, posting a gain of $1.79. However, that in itself will have little impact on the market today. The Commitment of Traders report showed the fund traders selling 23,155 futures contracts, reducing their net-long position to 54,876.

	BULL SIDE		BEAR SIDE
1)	Higher boxed beef prices may indicate that some stability is developing at the lower prices.	1)	The bounce of cattle futures on Friday may be the result of short covering into the weekend and not that support has been found.
2)	Even though consumers seem to be turning toward lower price cuts of beef, demand should remain strong overall.	2)	The Commitment of Traders report showed the first decrease in long positions seen for a while. Traders may continue to liquidate to reduce their exposure.
3)	Hog futures may have found support, but technical trade may result in closing the chart gaps. Once close, aggressive buying may again resume.	3)	Some hog futures contracts have chart gaps below the market that need to be filled and likely will happen soon.
4)	Hog slaughter remains aggressive and will continue to keep supply from backing up in the market and eventually tighten supply.	4)	Packers are not expected to be aggressive with their hog purchases to begin the week, but will see how many they have available.

Friday Closing Livestock Market Update - Mixed Tones Followed the Complex

GENERAL COMMENTS:

The livestock complex closed mixed Friday afternoon, with the cattle contracts scaling higher while the hog contracts closed lower. More than anything, fundamental support needs to be strong next week if the contracts are to scale any higher. July corn is down 1/4 cent per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is down 79.61 points and the NASDAQ is up 398.10 points.

From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.65, June live cattle down $2.13; April feeder cattle down $3.70, May feeder cattle down $4.37; June lean hogs up $0.85, July lean hogs up $1.23; May corn up $0.06, July corn up $0.06.

LIVE CATTLE:

The live cattle complex ended the day with a modest rally as traders quickly absorbed the extra technical support that poured into the market late this week. June live cattle closed $1.72 higher at $245.22, August live cattle closed $1.50 higher at $241.65 and October live cattle closed $1.75 higher at $237.47. No new cash cattle trade developed following Wednesday's and Thursday's business. Throughout the week, Northern dressed cattle traded at mostly $386 and Southern live cattle traded at mostly $246, both of which are $2.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 93,000 head, 16,000 head more than a week ago and 10,000 head more than a year ago. Saturday's slaughter is projected to be around 11,000 head. The week's total slaughter is estimated at 529,000 head, 15,000 head more than a week ago and 26,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.50 ($387.00), select up $3.49 ($386.07) with a movement of 71 loads (42.42 loads of choice, 4.33 loads of select, 10.93 loads of trim and 13.29 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers able to secure more inventory at lower prices, they're slowly gaining more leverage in the marketplace.

FEEDER CATTLE:

The feeder cattle complex also ended the day stronger, with most of the contracts able to close anywhere from $2.00 to $3.00 higher. May feeders closed $2.02 higher at $360.90, August feeder cattle closed $2.42 higher at $361.77 and September feeder cattle closed $2.67 higher at $359.75. Luckily, although the market came close to falling below its 40-day moving average in the spot May contract, with the added technical support late in the week, the contract has again moved away from that threshold. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $1.00 to $6.00 lower and feeder heifers traded $5.00 to $10.00 lower. Steer calves sold $7.00 to $10.00 lower and heifer calves sold $5.00 to $8.00 lower. Slaughter cows traded $1.00 to $4.00 stronger, and slaughter bulls sold $1.00 lower. The weekly report did include this note, which I found interesting: Packers continue to be outbid by aggressive return to feed buyers, as cows that would typically go for slaughter are instead being returned to grass. Feeder cattle supply over 600 pounds was 75%. The CME feeder cattle index 4/25/2026: down $0.68, $369.32.

LEAN HOGS:

The lean hog complex ended the day mixed, with the market's nearby contracts closing a tick lower while the deferred contracts held onto their slightly higher position. More than anything, traders need to see greater fundamental support, and while you may want to point to today's uptick in pork demand, traders saw that support come in a little too late in the week to do much good. June lean hogs closed $1.55 lower at $101.90, July lean hogs closed $1.52 lower at $104.90 and August lean hogs closed $1.30 lower at $105.57. Hog prices averaged $90.42 on the Daily Direct Afternoon Hog Report, ranging from $88.00 to $92.00 on 1,306 head and a five-day rolling average of $92.19. Pork cutouts totaled 339.71 loads with 303.52 loads of pork cuts and 36.20 loads of trim. Pork cutout values: up $1.79, $99.61. Friday's slaughter is estimated at 485,000 head, 44,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 31,000 head. The CME lean hog index 4/23/2026: down $0.38, $91.43.

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

Thursday Closing Livestock Market Update - Contracts Close Higher on Thursday

GENERAL COMMENTS:

The livestock contracts ended the day higher, as traders were willing to mildly support the contracts even without there being strong developments in the cash market. There was another thin movement on Thursday in the cash complex, but prices held steady with Wednesday's business, which is $2 lower in both regions. May corn is up 1 1/4 cents per bushel, and July soybean meal is up $0.20. The Dow Jones Industrial Average is down 179.71 points, and the NASDAQ is down 219.07 points.

Thursday's export report shared that beef net sales of 15,100 metric tons (mt) for 2026 were up 26% from the previous week and 17% from the prior four-week average. The three largest buyers were South Korea (5,100 mt), Japan (4,100 mt) and Mexico (2,100 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 57% from the previous week and 60% from the prior 4-week average. The three largest buyers were Mexico (8,900 mt), South Korea (3,300 mt) and Columbia (3,300 mt).

LIVE CATTLE:

All in all, it was a mixed day for the live cattle complex as, yes, the futures contracts were able to close higher, but the cash market kept with Wednesday's trend and cattle traded mostly $2 lower in both regions than compared to last week's weighted average. Thursday was a mixed case, as the futures contracts received a tick more technical support following the six previous days when the market scaled lower, but the market's fundamentals didn't see the same uptick in enthusiasm, as cash prices still traded lower than last week's weighted average and boxed beef prices closed lower. Some more cash cattle trade developed throughout the day with Northern dressed cattle trading at $386, and Southern live cattle traded at $246, both of which were steady prices with Wednesday's business and $2 lower than last week's weighted average. At this point, some more cleanup trade could develop, but it's looking like the bulk of this week's trade is done. 

Thursday's slaughter is estimated at 106,000 head -- 2,000 head more than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.69 ($383.50) and select down $0.75 ($382.58) with a movement of 105 loads (71.24 loads of choice, 4.68 loads of select, 13.94 loads of trim and 14.83 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady with the week's trend. Some more cleanup trade could develop on Friday, but it's likely that the week's trend is set and any cattle that do trade will keep with the week's weighted average.

FEEDER CATTLE:

The feeder cattle contracts also ended the day slightly higher as the market closely followed the direction of the live cattle contracts. May feeders closed $0.45 higher at $358.87, August feeders closed $0.47 higher at $359.35 and September feeders closed $0.65 higher at $357.07. And with the market's change of direction, the spot May contract was able to maintain a position above its 40-day moving average. At Mobridge Livestock Exchange in Mobridge, South Dakota, compared to last week, the best test on steers was those weighing 850 to 899 pounds, which traded $12 to $14 higher on a thin test. Heifers weren't well tested. Feeder cattle supply over 600 pounds was 98%. The CME feeder cattle 4/22/2026: down $3.44, $370.

LEAN HOGS:

The lean hog complex was able to maintain a slightly higher position through Thursday's close, as more than anything, traders were simply willing to support the contracts. It was disappointing to note that pork cutout values closed lower again Thursday afternoon, and the cash market has been of little support this week, too. June lean hogs closed $0.82 higher at $103.45, July lean hogs closed $0.72 higher at $106.42 and August lean hogs closed $0.75 higher at $106.87. Hog prices were unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 2,261 head traded throughout the day and that now the market's five-day rolling average sits at $92.12. Pork cutouts totaled 255.36 loads with 209.99 loads of pork cuts and 45.36 loads of trim. Pork cutout values: down $0.73, $97.82. Thursday's slaughter is estimated at 490,000 head -- 1,000 head less than a week ago and 18,000 head more than a year ago. The CME lean hog index 4/21/2026: up $0.54, $91.05.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely filled the needs in the cash market and won't likely participate on Friday.

Friday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Have Stalled

GENERAL COMMENTS:

The livestock complex is seeing mixed trade at midday Friday, as the cattle contracts are trading higher thanks to some additional technical support. However, the lean hog complex is stalling and trading mostly lower. 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 down 1 1/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is down 124.47 points and the NASDAQ is up 372.28 points.

LIVE CATTLE:

The live cattle complex is trading higher into Friday's noon hour as the market has thankfully stumbled into some technical support. June live cattle are up $1.35 at $244.85, August live cattle are up $1.27 at $241.40 and October live cattle are up $1.57 at $237.30. Following the market's regression earlier this week, on Thursday, the market seemed to have established a short-term bottom for the time being. And it's pretty impressive that the market has done this while receiving no support from the cash market, as prices have been lower this week. So far this week, Northern dressed deals have had a range of $385 to mostly $386, $2 lower than the prior week's weighted averages. Southern live trade has been marked at $246, $2 lower than the previous week's weighted averages. At this point, some more clean-up trade could develop in the cash market, but the bulk of the week's trade is likely done with.

Boxed beef prices are higher: choice up $3.66 ($387.16) and select up $2.38 ($384.96) with a movement of 44 loads (27.98 loads of choice, 2.72 loads of select, 5.56 loads of trim and 8.09 loads of ground beef).

FEEDER CATTLE:

And in keeping with alignment to the live cattle market, the feeder cattle contacts are also trading higher. May feeders are up $2.22 at $361.10, August feeders are up $2.45 at $361.80 and September feeders are up $2.65 at $359.72. The market's change in direction has thankfully kept the spot May contract above its 40-day moving average, which remains a critical threshold to monitor.

LEAN HOGS:

The lean hog complex is trading lower into Friday's noon hour as the market seems to be stalling out. Although pork demand may seem stronger today as the carcass price is up $2.63, demand has been choppy this week, and traders need more fundamental support if they're going to successfully trade the contracts any higher. June lean hogs are down $0.67 at $102.77, July lean hogs are down $0.77 at $105.65 and August lean hogs are down $0.70 at $106.17.

The projected lean hog index for 4/23/2026 is up $0.01 at $91.44 and the actual index for 4/22/2026 is up $0.38 at $91.43. Hog prices are unavailable at this time because of packer submission issues. Pork cutouts totaled 226.21 loads with 204.55 loads of pork cuts and 21.65 loads of trim. Pork cutout values: up $2.63, $100.45.

 

Friday Morning Livestock Market Update - Agriculture Secretary Rollins Cancels Trip to Douglas, Arizona

GENERAL COMMENTS:

Cash trade and boxed beef did not provide support to the market on Thursday. Northern dressed cattle and Southern live cattle both traded $2.00 lower, with that trend expected to continue today. Boxed beef declined, with choice down $0.69 and select down $0.75. The strength may have stemmed from some profit-taking after six consecutive days of weakness. The short covering may also have been from the news that Agriculture Secretary Rollins canceled her trip to Douglas, Arizona, amid ongoing border biosecurity questions. There has been no information about rescheduling her trip. Whether further aggressive buying will continue today is uncertain. The market may have been corrected in line with the fundamentals.

Hog futures extended their strength another day, following the pattern of three days of short covering in an oversold market. Weekly export sales totaled 16,100 metric tons (mt), marking a marketing-year low, but that was unable to keep futures from increasing, as one week does not indicate a trend. Due to packer confidentiality, prices were not available on the National Daily Direct Afternoon Hog report. Packers could be more aggressive today as they need to finish up purchases for the week. However, pork cutout values were down $0.73. This could be negative for the market.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may have found a bottom after six consecutive days of losses. Further short covering into the weekend may take place.	1)	Cash cattle traded lower so far this week, and that trend is expected to continue today.
2)	The Mexican border will remain closed for now, as the trip to Arizona by Rollins has been canceled.	2)	The weakness of boxed beef may be an indication that consumers are reducing their beef consumption as they search for less expensive alternatives.
3)	Hog futures have had a nice rebound, which may continue into the weekend as the market corrects from being oversold.	3)	The chart gaps in the hog market are at a technical level that is likely to be filled at some point. Futures would need to decline to fill those gaps.
4)	Packers may aggressively bid up for hogs to finish up their purchases for the week. Sales were light on Thursday.	4)	Pork cutouts lack the consistency of support needed to provide traders with the confidence that demand is improving.

Thursday Midday Livestock Market Summary - Traders Continue to Mildly Support Contracts

GENERAL COMMENTS:

The livestock complex is higher as we move into Thursday's noon hour as traders continue to see enough technical support to mildly push the contracts higher, although the fundamentals are mixed. Some light cash cattle trade has developed Thursday morning, but prices are holding steady with Wednesday's trend. May corn is down 1 1/4 cents per bushel and July soybean meal is up $1.00. The Dow Jones Industrial Average is down 89.70 points and NASDAQ is down 63.16 points.

Thursday's export report shared that beef net sales of 15,100 mt for 2026 were up 26% from the previous week and 17% from the prior 4-week average. The three largest buyers were South Korea (5,100 mt), Japan (4,100 mt) and Mexico (2,100 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 57% from the previous week and 60% from the prior 4-week average. The three largest buyers were Mexico (8,900 mt), South Korea (3,300 mt) and Columbia (3,300 mt).

LIVE CATTLE:

The live cattle complex has finally found some technical support and currently the contracts are scaling higher into Thursday's noon hour, which is a pleasant surprise following the last six days of lower trade. June live cattle are up $0.20 at $243.30, August live cattle are up $0.52 at $239.70 and October live cattle are up $0.27 at $235.32. Private sources have shared there's a major packer in Colorado that intends to be dark both Thursday and Friday -- which likely means the fed cash cattle market won't see prices improve later this week as demand will be less. There has been a light trade reported Thursday morning in Nebraska at $386 which is steady with Wednesday's business and $2.00 lower than last week's weighted average. The South is also seeing some live sales marked at $246, which is also steady with Wednesday's business and $2.00 lower than last week's weighted average.

Boxed beef prices are mixed: choice up $0.78 ($384.97) and select down $1.65 ($381.68) with a movement of 48 loads (24.75 loads of choice, 2.87 loads of select, 9.94 loads of trim and 10.28 loads of ground beef).

FEEDER CATTLE:

Thankfully the feeder cattle complex is following the lead and direction of the live cattle market as it is trading higher into Thursday's noon hour. April feeders are up $0.85 at $367.65, May feeders are up $0.10 at $358.52 and August feeders are up $0.25 at $359.12. Luckily with Thursday's direction change, the spot May contract has been able to keep above its 40-day moving average.

LEAN HOGS :

The lean hog complex is continuing to chop sideways Thursday as the market is thankful for the extra trader support. Unfortunately, traders have noted the midday pork cutout values are lower, but at this point that doesn't seem to be affecting the market's slight upward trend. June lean hogs are up $0.57 at $103.20, July lean hogs are up $0.70 at $106.40 and August lean hogs are up $0.70 at $106.82. The projected CME 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 a slim 25 head have traded Thursday morning and the market's five-day rolling average now sits at $91.05. Pork cutouts total 175.57 loads with 140.26 loads of pork cuts and 35.31 loads of trim. Pork cutout values: down $0.44, $98.11.

Thursday Morning Livestock Market Update - Cash Cattle Trade Is Expected to Take Place

GENERAL COMMENTS:

Cattle futures have been under pressure for the first half of the week, with uncertainty coming from different angles. There is a strong possibility that cash cattle may trade lower. Some light trade took place on Wednesday, but it was not sufficient to indicate at what price business will be done. Boxed beef prices declined, with choice down $1.99 and select down $3.87. USDA Agriculture Secretary Brooke Rollins is scheduled to visit Douglas, Arizona, on Friday to assess the border crossing and whether it would be safe to resume cattle imports from Mexico.

The May and June hog contracts settled lower while later contracts posted a second day of gains. Much of the trading action might be due to short covering in an oversold market. Market fundamentals have not turned decisively bullish, but there is a friendlier tone developing over increasing demand. The slaughter pace remains strong and above that of a year ago. The National Dairy Direct Afternoon Hog report showed cash down $0.38 with weakness expected again today. Pork cutout values declined $0.79. Weekly hog weights are climbing, with last week's average at 291.7 pounds.

	BULL SIDE		BEAR SIDE
1)	Cattle numbers will remain low for some time in the future. That will limit the downside price potential. Price retracements may be short-lived.	1)	Boxed beef prices seem to be struggling as high fuel prices may have an impact on consumer spending. Beef prices are high and demand may slow.
2)	Even if some imports from Mexico would resume through the Douglas border crossing, it would not be bearish to the market.	2)	Packers are not going to bid up for cattle due to boxed beef weakness. Cash should be no better than steady this week.
3)	Increased hog slaughter exceeding that of a year ago indicates strong demand. This is expected to continue and eventually tighten supply.	3)	Weekly hog weight increased to 291.7 pounds, up 0.3 pounds from the previous week and up 0.4 pounds from a year ago.
4)	Short covering in an oversold market generally lasts three days, and this is day three. Hog futures may see further strength.	4)	Hog futures have a chart gap below the market that will be filled at some point. Gaps usually are filled.

 

Wednesday Closing Livestock Market Update - Cattle Futures Remain Cautious While Hogs Maintain Momentum

GENERAL COMMENTS:

Wednesday, livestock futures closed mixed as the cattle complex remains too skeptical to be overly bullish and the lean hog complex has come into some support. Some light cash cattle trade developed in Nebraska, but not enough volume has traded to say any sort of a trend has been established yet for the week. May corn is steady and July soybean meal is down $3.80. The Dow Jones Industrial Average is up 265.20 points and NASDAQ is up 343.57 points.

LIVE CATTLE:

Without enough fundamental support, the live cattle complex closed lower Wednesday afternoon. April live cattle closed $0.57 lower at $246.85, June live cattle closed $0.47 lower at $243.07 and August live cattle closed $0.52 lower at $239.17. Some light cash cattle trade did develop in the north as one regional packer in eastern Nebraska was able to buy some dressed cattle at $386 and some live cattle at $246; but not enough volume has traded yet to say any sort of trend has been established for the week. Packer interest will likely improve Thursday. 

Wednesday's slaughter is estimated at 111,000 head -- 2,000 head more than a week ago and 9,000 head less than a week ago.

Boxed beef prices closed lower: choice down $1.99 ($384.19) and select down $3.87 ($383.33) with a movement of 117 loads (102.91 loads of choice, 6.74 loads of select, zero loads of trim and 7.76 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to $1.00 lower. With the board trending on the cautious side this week, it's likely the fed cash cattle market will trade steady at best.

FEEDER CATTLE:

With the live cattle contracts lower, there being no sizeable trade yet in the fed cash cattle market, and corn prices lightly scaling higher, traders felt it was in their best interest to not be overly ambitious and to merely let the feeder cattle contracts close lower. May feeders closed $0.12 lower at $358.42, August feeders closed $0.07 lower at $358.87 and September feeders closed $0.25 lower at $356.42. At Kingsville Livestock Auction in Kingsville, Missouri, compared to last week steer and heifer calves sold steady to $10.00 lower with some $15.00 lower; yearlings sold mostly steady. Demand was good for a moderate to heavy supply but the steers weighing 600 to 650 pounds carrying a bit more flesh did see less demand. Feeder cattle supply over 600 pounds was 59%. The CME Feeder Cattle Index 4/21/2026: down $0.93, $373.44.

LEAN HOGS:

All in all, the lean hog complex had a victorious day as, aside from its spot June contract, the contracts closed fully higher. June lean hogs closed $0.57 lower at $102.62, July lean hogs closed $0.47 higher at $105.70 and August lean hogs closed $1.00 higher at $106.12. It was somewhat disappointing to see pork cutout values close lower this afternoon. If demand doesn't improve in the upcoming days, the board may not be as confident as it's relying on fundamental support. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.38 with a weighted average price of $92.27 on 2,860 head. Pork cutouts totaled 300.32 loads with 265.40 loads of pork cuts and 34.93 loads of trim. Pork cutout values: down $0.79, $98.55. Wednesday's slaughter is estimated at 495,000 head -- 1,000 head more than a week ago and 21,000 head more than a year ago. The CME Lean Hog Index 4/20/2026: up $0.14, $90.51.

THURSDAY'S HOG CALL: Steady/somewhat lower. At this point packers will likely only light-heartedly participate in the market through the remainer of the week.

 

Wednesday Midday Livestock Market Update - Cattle Futures Have Softened While Hog Contracts Trend Higher

GENERAL COMMENTS:

The livestock complex is mixed as the cattle contracts need to see greater support from the fed cash cattle market and lean hog futures are still mostly higher. No cash cattle trade has developed yet, but bids have surfaced across most of the major feeding states. May corn is up 2 cents per bushel and July soybean meal is down $1.60. The Dow Jones Industrial Average is up 309.78 points and NASDAQ is up 306.69 points.

LIVE CATTLE:

With some choppiness in boxed beef prices and still no sizeable trade volume in the cash market, it comes as no real surprise to see the futures trading lower. April live cattle are down $0.85 at $246.57, June live cattle are down $0.80 at $242.75 and August live cattle are down $0.77 at $238.92. There are bids surfacing in the cash market, but there is yet to be any sizeable trade. Asking prices are noted at $388 in Nebraska, but otherwise no other asking prices are reported. Trade could begin to develop later Wednesday afternoon, but it's more likely trade will be delayed until Thursday or Friday. April live cattle are down $0.15 at $247.27, June live cattle are down $0.47 at $243.07 and August live cattle are down $0.30 at $239.40.

Boxed beef prices are mixed: choice down $1.09 ($385.09) and select up $3.06 ($390.26) with a movement of 58 loads (50.78 loads of choice, 2.50 loads of select, zero loads of trim and 4.35 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex was trading slightly higher earlier Wednesday, but upon seeing the live cattle contracts soften and scale lower, the feeder cattle moved that way as well. It's not helpful that corn prices are slightly higher either. Although corn prices remain affordable from a historical perspective, a three-day rally in the spot July corn contract is something traders have noted. April feeders are up $0.32 at $366.90, May feeders are down $0.45 at $358.10 and August feeders are down $0.52 at $358.42.

LEAN HOGS:

The lean hog complex is continuing to trend mostly higher, although the spot June contract is a tick softer Wednesday morning as morning pork cutout values are lower. More than anything it's a relief to see the complex turn direction and trade higher, largely because of the uptick in consumer support. That consumer demand will need to remain a stable supportive factor to move forward. June lean hogs are down $0.17 at $103.02, July lean hogs are up $0.70 at $105.92 and August lean hogs are up $1.12 at $106.25. The projected CME Lean Hog Index for 4/21/2026 is up $0.54 at $91.05, and the actual index for 4/20/2026 is up $0.14 at $90.51. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.90 with a weighted average price $89.83, ranging from $88.00 to $94.00 on 1,085 head and a five-day rolling average of $91.05. Pork cutouts total 178.70 loads with 152.28 loads of pork cuts and 26.42 loads of trim. Pork cutout values: down $0.26, $99.08.

Wednesday Morning Livestock Market Update - Hog Futures May Show Further Strength

GENERAL COMMENTS:

Selling pressure Tuesday may have been due to the discovery of the New World screwworm on a calf just 60 miles from the U.S. border. It could have been from the impact of high fuel prices on consumer buying power. It could have been the liquidation of contracts due to live cattle being near record-long positions on the recent Commitments of Traders report. It could be due to select boxed beef prices moving above choice as consumers are purchasing more, less-expensive cuts of beef. It could have been influenced by the Justice Department's antitrust division examining whether large suppliers manipulated the market, resulting in higher beef prices. Any one of these, or a combination of them, could have influenced the market. Boxed beef prices increased on Tuesday, with choice up $2.62 at $386.18 and select up $3.59 at $387.20. Packers continue to reduce slaughter in an attempt to improve margins.

The nearby hog futures gaped higher on the open Tuesday and never looked back. That gives the impression the market had been overdone to the downside. Unfortunately, those wanting to liquidate their short positions had to do it at a higher price than anticipated, as numerous other traders had the same idea. Leaving the gap on the opening carries the risk of futures closing the gap at some point. The bigger picture may be that hog runs could be tightening soon and the market may be indicating the beginning of that trend. The National Dairy Direct Afternoon Hog report showed cash up $0.52. Pork cutout values declined by $0.86.

	BULL SIDE		BEAR SIDE
1)	Lower cattle supplies will continue with price weakness potentially being short-lived.	1)	The discovery of the New World screwworn 60 miles from the Mexican border indicates it is not a matter of if, but when it will be discovered in the U.S.
2)	The discovery of the New World screwworm 60 miles from the Mexican border may keep the border closed for cattle imports.	2)	The continued high fuel prices may have an impact on beef demand this spring and summer. Consumers will look for alternative sources of protein.
3)	Hog futures gapped higher on the open on Tuesday, as the market had been oversold. The correction may continue Wednesday.	3)	Hog futures left a chart gap on Tuesday, which likely will be filled at some point.
4)	Hog slaughter continues to run higher than a year ago and will eventually tighten supplies.	4)	Hog slaughter has increased, but packers have not had to be consistently aggressive to purchase the hogs they need. Supplies are plentiful.

Tuesday Closing Livestock Market Update - Cattle Dip Lower While Hogs Power Onward

GENERAL COMMENTS:

The livestock complex closed mixed with the cattle contracts ending the day weaker while the hog contracts kept their momentum through the day's end. Still no cash cattle trade has developed, and the market won't likely see any cattle trade until Thursday or Friday. May corn is up 1 3/4 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is down 293.18 points and NASDAQ is down 144.43 points.

LIVE CATTLE:

The big news that broke Tuesday morning for the cattle complex was that, yet another confirmed case of New World screwworm was detected in northern Mexico, just 60 miles from the Texas border. Unfortunately this news affected the complex through Tuesday's close as the live cattle contracts closed anywhere from $1.00 to $2.00 lower. April live cattle closed $2.17 lower at $247.42, June live cattle closed $2.52 lower at $243.55 and August live cattle closed $1.90 lower at $239.70. With supplies of lean beef remaining inherently thin, this afternoon, select prices closed higher than choice prices again. No cash cattle trade developed throughout the day, but a single bid of $246 was offered in Kansas. Asking prices remain elusive at this point and trade will likely be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 111,000 head -- 1,000 head less than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.62 ($386.18) and select up $3.59 ($387.20) with a movement of 111 loads (82.24 loads of choice, 6.51 loads of select, 8.39 loads of trim and 13.59 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. With the board's weakness, prices may trade steady at best this week.

FEEDER CATTLE:

The feeder cattle complex followed the direction of the live cattle market through Tuesday's end as the contracts closed fully lower. April feeder cattle closed $2.30 lower at $366.57, May feeders closed $2.55 lower at $358.55 and August feeders closed $2.40 lower at $358.95. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week feeder steers traded mostly steady, but steers weighing 900 to 1,000 pounds traded $2.00 to $4.00 lower. Feeder heifers sold $2.00 to $4.00 lower. Steer and heifer calves sold unevenly steady. Demand remains good, but buyers were a little more picky. Feeder cattle supply over 600 pounds was 67%. The CME feeder cattle index 4/20/2026: down $1.32, $374.37.

LEAN HOGS:

The lean hog complex had a powerful day as its contracts found support and were able to close higher through Tuesday's end. June lean hogs closed $1.47 higher at $103.20, July lean hogs closed $1.22 higher at $105.22 and August lean hogs closed $1.12 higher at $105.12. Pork cutout values closed slightly lower, but thankfully the support of traders was enough to keep the contracts higher through the day's closing bell. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $0.52 with a weighted average price of $92.65 on 5,060 head. Pork cutouts total 325.14 loads with 283.06 loads of pork cuts and 42.08 loads of trim. Pork cutout values: down $0.86, $99.34. Tuesday's slaughter is estimated at 496,000 head -- 5,000 head more than a week ago and 14,000 head more than a week ago. The CME lean hog index 4/16/2026: down $0.14, $90.37.

WEDNESDAY'S HOG CALL: Steady. Packers may still need a few more hogs, which could keep the market steady through Wednesday's trade.

Tuesday Midday Livestock Market Summary - Cattle Futures Remain on Edge, While Hogs Trade Higher

GENERAL COMMENTS:

The livestock complex is mixed heading into Tuesday's noon hour as the cattle contracts remain on edge upon hearing about yet another new case of New World screwworm detected just 60 miles south of the Texas border. But with the increase of consumer demand, the lean hog contracts are trading higher. Still no cash cattle trade has developed. May corn is up 1 3/4 cents per bushel and July soybean meal is down $1.00. The Dow Jones Industrial Average is down 82.22 points and NASDAQ is down 50.72 points.

LIVE CATTLE:

The big news Tuesday morning for the cattle complex has been another confirmed case of New World screwworm in northern Mexico, just a mere 60 miles from the Texas border. The futures complex is trading lower upon hearing about the news and will likely keep this slightly bearish tone through Tuesday's end. April live cattle are down $0.80 at $248.80, June live cattle are down $1.15 at $244.92 and August live cattle are down $0.82 at $240.77. There's currently a single bid sitting on the table in Kansas at $246, but otherwise the market hasn't seen any other interest from packers arise. Asking prices remain elusive at this point and it's fully anticipated trade will be delayed until later in the week. Last, but not least, it is worth noting that choice prices are below select prices again as supplies of lean beef remain limited heading into prime grilling season.

Boxed beef prices are higher: choice up $3.49 ($387.05) and select up $5.45 ($389.06) with a movement of 59 loads (37.05 loads of choice, 4.53 loads of select, 6.40 loads of trim and 11.07 loads of ground beef).

FEEDER CATTLE:

In alignment with the live cattle complex, the feeder cattle contracts are also trading lower into Tuesday's noon hour. April feeders are down $2.37 at $366.50, May feeders are down $0.90 at $360.20 and August feeders are down $0.62 at $360.65. Last week demand was red hot in the countryside for feeder cattle, but thus far this week the market has seen more mixed interest from buyers as they're soberly aware of the board's current lower demeanor.

LEAN HOGS:

Finally, after a painful (very painful) nine-day downward trend, the lean hog complex is trading higher. More than anything the market has finally found some consumer support, which is helping traders put a bottom in the market's current move. June lean hogs are up $1.40 at $103.12, July lean hogs are up $1.35 at $105.35 and August lean hogs are up $1.32 at $105.32. The projected CME Lean Hog Index for 4/20/2026 is up $0.14 at $90.51, and the actual index for 4/17/2026 is down $0.14 at $90.37. Hog prices on the Daily Direct Morning Hog Report average $91.73, ranging from $88.00 to $93.00 on 2,415 head and a five-day rolling average of $91.79. Pork cutouts total 170.62 loads with 148.96 loads of pork cuts and 21.66 loads of trim. Pork cutout values: up $0.01, $100.21.