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.

 

Tuesday Morning Livestock Market Update - Cattle Futures May Show Further Weakness

GENERAL COMMENTS:

The initial strength in cattle futures waned Monday with contracts posting a steady decline throughout the day. Traders seem to have looked past the Cattle on Feed report and are focusing on the cash potential this week. Boxed beef showed substantial gains, with choice up $2.50 and select up $7.01. This moved the average choice value $0.05 above select. It is uncertain whether the cattle futures were influenced by the Justice Department's antitrust division examining whether large supplies manipulated the market in any way, resulting in higher beef prices, according to a report by the Wall Street Journal. However, the weakness may have been the result of traders being uncertain about the strength of cash this week and that the market is technically overbought. Feeder cattle prices have also shown some weakness recently, but that may only be temporary.

Hog futures found a reason for nearby contracts to close higher. Higher cash and cutouts, and the market being oversold, may have resulted in the buying interest. Later contracts closed slightly lower as traders remained uncertain over longer-term prices. However, if nearby contracts post further gains Tuesday, it may trigger further short-covering in the deferred contracts. The National Daily Direct Afternoon Hog report showed cash up $1.85. Packers may be aggressive again Tuesday as they step up and purchase after letting prices fall last week. Pork cutout values increased $1.00, potentially setting the stage for a stronger week.

	BULL SIDE		BEAR SIDE
1)	Beef prices are high due to tight cattle supplies and continued strong consumer demand. It may not be from market manipulation.	1)	Traders are concerned cash cattle prices may be lower this week. Feedlots can only hold cattle for so long before they need to bring them to market or lose money by continuing to feed them.
2)	Crude oil prices have been in a downtrend the past two weeks which may eventually lower fuel prices and improve the financial situation of consumers. Beef demand may remain strong.	2)	Cattle futures are overbought with fund traders holding near-record long positions. Further liquidation may be seen.
3)	Hog futures are oversold and the trading action on Monday may indicate traders are unwilling to press the market to the downside. This may result in short-covering.	3)	The strength of cash and cutouts on Monday does not indicate the hog market has found support.
4)	Pork may find more space on the grill this summer due to high beef prices. This may improve demand.	4)	Hog futures are oversold, but that is meaningless if traders are unable to find a reason to cover their short positions.

Monday Closing Livestock Market Update - Mixed Tones Dominate the Complex

GENERAL COMMENTS:

The livestock complex ended the day mixed as the live cattle and feeder cattle contracts closed lower while the lean hog contracts closed mixed. More than anything, it will be imperative that fundamental support remains evident for traders this week. New showlists appear to be modestly lower in Kansas, and lower in Texas and Nebraska/Colorado. May corn is up 3 1/4 cents per bushel and July soybean meal is down $6.00. The Dow Jones Industrial Average is down 4.87 points and the NASDAQ is down 64.09 points.

LIVE CATTLE:

It was again a mixed day for the live cattle complex as the futures contracts closed lower, but from a fundamental sense, it was positive to see boxed beef prices close higher, with once again select prices rising above choice prices. April live cattle closed $0.35 lower at $249.60, June live cattle closed $1.27 lower at $246.07 and August live cattle closed $1.22 lower at $241.60. No cash cattle trade developed throughout the day, and trade will likely be delayed until later in the week. New showlists appear to be modestly lower in Kansas, and lower in Texas and Nebraska/Colorado. Monday's slaughter is estimated at 97,000 head, 7,000 head less than a week ago and 6,000 head less than a year ago.

Last week Northern dressed cattle traded at $385 to $392, but mostly at $388, which is steady to $1.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $248, which is generally steady with the previous week's weighted average.

Boxed beef prices closed higher: choice up $2.50 ($383.56) and select up $7.01 ($383.61) with a movement of 65 loads (42.82 loads of choice, 5.96 loads of select, 5.97 loads of trim and 9.94 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. With prime grilling season right around the corner, feedlots may be able to hold cash price steady this week if they really pressure packers.

FEEDER CATTLE:

The feeder cattle complex was anxious throughout the day, and that trickled down and affected sale barns across the countryside, as well as lower trends were noted there, too. April feeders closed $2.45 lower at $368.87, May feeders closed $4.17 lower at $361.10 and August feeders closed $4.32 lower at $361.35. And until some sizeable support develops in the live cattle/fed cash cattle markets, weaker tones could be seen in the feeder cattle complex. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midpoint session, feeder steers and heifers were trading $5.00 to $15.00 lower than compared to last week. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index: down $1.98, $375.69.

LEAN HOGS:

The lean hog complex ended the day mixed, with the nearby contracts able to close higher while the deferred contracts ended the day a tick lower. What's been extremely helpful to the complex as of late is the uptick in pork demand, which is partly to credit for the strength in the nearby contracts as well. June lean hogs closed $0.67 higher at $101.72, July lean hogs closed $0.32 higher at $104.00 and August lean hogs closed $0.10 higher at $104.00. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.85 with a weighted average price of $92.13 on 3,121 head. Pork cutouts totaled 252.60 loads with 225.83 loads of pork cuts and 26.77 loads of trim. Pork cutout values: up $1.00, $100.20. Monday's slaughter is estimated at 492,000 head, steady with a week ago and 140,000 head more than a year ago. The CME lean hog index 4/16/2026: down $0.15, $90.51.

TUESDAY'S HOG CALL: Higher. With pork demand seeing an uptick in consumer demand, there's a chance that packers could be more aggressive in the cash market as well on Tuesday.

Monday Midday Livestock Market Summary - Complex Mixed

GENERAL COMMENTS:

The livestock complex is mixed Monday with the live cattle contracts fully higher while the feeder cattle and lean hog contracts are mixed. If stronger cash cattle trade develops during the week, trades will likely feel more comfortable pushing the contracts higher. May corn is up 3 1/2 cents per bushel and July soybean meal is down $4.60. The Dow Jones Industrial Average is down 68.00 points and NASDAQ is down 157.54 points.

LIVE CATTLE:

The live cattle complex is enjoying a modest rally at the week's start as traders feel the market endured enough immediate downward pressure late last week and they're also pleased with last Friday's Cattle on Feed report. It's too early in the week to say whether the market will be able to scale higher following last week's slight correction -- as really that decision is going to be based on whether fundamental support arises (especially from the cash market). April live cattle are up $0.87 at $250.82, June live cattle are up $0.40 at $247.75 and August live cattle are up $0.67 at $243.50.

Last week Northern dressed cattle traded at $385 to $392, but mostly at $388 which is steady to $1.00 lower than the previous week's weighted average and Southern live cattle traded at mostly $248 which is generally steady with the previous week's weighted average.

Boxed beef prices are higher: choice up $2.00 ($383.06) and select up $5.92 ($383.52) with a movement of 30 loads (20.91 loads of choice, 3.72 loads of select, zero loads of trim and 5.26 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts were trading mostly higher throughout the morning, but as the noon hour nears the market is seeing most of its nearby contracts change directions and trade lower. April feeder cattle are up $0.15 at $371.47, May feeders are down $0.32 at $364.95 and August feeders are down $0.30 at $365.37. More than anything it's likely traders yearn to see greater fundamental support before they advance the contracts much more.

LEAN HOGS:

The lean hog contracts are mixed headed into Monday's noon hour with the nearby contracts slightly higher while the deferred months scale lower. June lean hogs are up $0.50 at $101.55, July lean hogs are up $0.10 at $103.77 and August lean hogs are steady at $103.90. Thankfully some of the upward movement in the nearby contracts likely stems from traders recognizing the fundamental support from consumers which has trended higher over the last several trading days.

The projected CME Lean Hog Index for 4/17/2026 is down $0.14 at $90.37, and the actual index for 4/16/2026 is down $0.15 at $90.51. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality; however we can see that only 330 head have traded this morning and the market's five-day rolling average now sits at $91.13. Pork cutouts total 134.05 loads with 115.19 loads of pork cuts and 18.87 loads of trim. Pork cutout values: up $1.86, $101.06.

Monday Morning Livestock Market Update - Cattle Futures May Rebound

GENERAL COMMENTS:

Cattle futures showed some surprising weakness, falling significantly for 15 minutes around midmorning for no apparent reason other than sell stops being triggered. Futures regained most of those losses as the day progressed. The Cattle on Feed report was neutral to slightly friendly. On feed as of April 1 was 99.5% of a year ago. Placements were at 92.7% compared to March 2025. Both the on-feed and placement numbers were below the average trade estimates. Marketings were 94.5% and slightly above the average trade estimate. Cattle futures moved lower ahead of the report but may regain some of the losses Monday. The cash cattle trade was basically unchanged from the previous week. Early estimates are for steady to slightly lower cash trade this week. Boxed beef prices were lower, with choice down $0.51 and select down $1.88. The Commitments of Traders report showed the fund traders added 3,424 long futures contracts in live cattle, moving their net-long position to 132,839. They added 836 long positions to feeder cattle, bringing their net-long position to 21,951 contracts.

It was not a good week for hog futures, with contracts closing lower each day. The market is oversold, but that may be meaningless if traders see little fundamental reason to be aggressive, given the lack of fundamental support. Pork demand is improving, but supplies are sufficient with increased slaughter providing sufficient pork to the market. The National Daily Direct Afternoon Hog report showed cash up $0.12, leaving much to be desired. Packers are expected to be less aggressive at the start of the week. Pork cutouts did well on Friday, with values up $2.52. The Commitments of Traders report showed fund traders reducing their net-long futures position in hogs by 10,695, to a total long position of 78,031 contracts.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was slightly friendly and may move higher as the market adjusts after positioning ahead of the report.	1)	The Cattle on Feed report was expected to be friendly, yet the market declined ahead of the report. This may indicate the market may be near a peak.
2)	Cattle supplies remain tight, and consumers continue to prefer beef and are paying higher prices to obtain it. Tight cattle supplies will continue.	2)	Cattle prices were unable to post gains last week as packers remained unaggressive. The same might be true this week.
3)	Hog futures are oversold and should find a level at which buyers will take advantage of the lower price.	3)	Consistent support from both cash hogs and pork cutouts remains elusive. Traders may remain unaggressive.

 

Friday Closing Livestock Market Update - Lower Tones Mark Complex

GENERAL COMMENTS:

The livestock complex rounded out the week on a lower note as traders simply weren't confident the market actually possessed enough support to push the contracts any other direction other than lower. Some light cash cattle trade developed throughout Friday but prices held mostly steady with Thursday's trade. May corn is up 1/4 cent per bushel and May soybean meal is down $0.90. The Dow Jones Industrial Average is up 868.71 points and NASDAQ is up 365.78 points.

From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.82, June live cattle down $1.85; April feeder cattle down $2.82, May feeder cattle down $7.07; June lean hogs down $2.68, July lean hogs down $2.90; May corn up $0.08, July corn up $0.06.

LIVE CATTLE:

All in all it was a disappointing day for the live cattle complex -- except for this afternoon's Cattle on Feed report which was found to be mostly bullish, as anticipated. Click here to read DTN's full Cattle on Feed comments: .

But with the cash market trading steady to $1.00 lower this week, traders simply didn't find enough support in Friday's market -- or really even in this week's market -- to hold the complex from trading lower into the weekend. April live cattle closed $0.35 lower at $249.95, June live cattle closed $0.27 lower at $247.35 and August live cattle closed $0.25 lower at $242.82. Throughout the week, Southern live cattle traded at mostly $248, which is steady with last week's weighted average. Northern dressed cattle traded at mostly $388, which is steady to $1.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 77,000 head -- 6,000 head less than a week ago and 13,000 head less than a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 514,000 head -- 2,000 head more than a week ago and 63,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.51 ($381.06) and select down $1.88 ($376.60) with a movement of 92 loads (75.40 loads of choice, 4.72 loads of select, 6.06 loads of trim and 5.67 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat lower. With packers able to get more cattle committed to them and for mostly steady prices, feedlot managers are going to have a tougher time getting the market to trade higher when packers are gaining leverage.

FEEDER CATTLE:

The feeder cattle complex also closed lower Friday as traders simply weren't willing to advance the market while the live cattle contracts sank lower and the fed cash cattle market held steady. April feeder cattle closed $1.75 lower at $371.32, May feeders closed $1.82 lower at $365.27 and August feeders closed $2.85 lower at $365.67. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers traded steady to $5.00 higher and feeder heifers traded $2.00 to $4.00 higher. Steer and heifer calves traded unevenly steady. Slaughter cows sold $1.00 to $5.00 lower, but lean cows traded $10.00 higher. Slaughter bulls traded steady. The feeder cattle supply over 600 pounds was 75%. The CME Feeder Cattle Index 4/16/2026: down $1.42, $377.67.

LEAN HOGS:

The lean hog complex closed lower as the futures complex was never able to gain the support it needed this week to turn the market's direction. June lean hogs closed $0.62 lower at $101.05, July lean hogs closed $0.67 lower at $103.67 and August lean hogs closed $0.67 lower at $103.90. Hopefully next week traders will give more merit to the uptick in pork demand and the market may be able to form some sort of a technical bottom for this current move. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $0.12 with a weighted average price of $90.28 on 1,738 head. Pork cutouts totaled 307.47 loads with 277.32 loads of pork cuts and 30.14 loads of trim. Pork cutout values: up $2.52, $99.20. Friday's slaughter is estimated at 457,000 head -- 27,000 head less than a week ago and 66,000 head more than a year ago. Saturday's slaughter is projected to be around 77,000 head. The CME Lean Hog Index 4/15/2026: up $0.06, $90.66.

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

 

Friday Midday Livestock Market Update - Lower Trends Dominate Complex

GENERAL COMMENTS:

The livestock complex is again fully lower moving into Friday's noon hour as traders simply haven't seen the fundamental support they yearn for this week. A few more sales have developed in the cash market, but at this point the week's trade is mostly done. May corn is down 2 cents per bushel and May soybean meal is down $0.20. The Dow Jones Industrial Average is up 1,068.16 points and NASDAQ is up 394.56 points.

LIVE CATTLE:

The fed cash cattle market was only able to hold part of the market steady while the other part traded anywhere from $1.00 to $3.00 lower. Unfortunately, traders simply aren't seeing the fundamental support they need or desire. Consequently, that's pushing the live cattle contracts lower into Friday's noon hour. April live cattle are down $0.87 at $249.42, June live cattle are down $1.25 at $246.30 and August live cattle are down $1.07 at $242.00. There's been a bit more trade noted this morning in the South at $248, which is steady with Thursday's business and also steady with the previous week's weighted average. But the North is unfortunately seeing cattle trade lower. There's been some cattle marked in the North to a regional packer for the week of May 11 and currently they're trading at $386, which is $2.00 to $3.00 lower than Thursday's business. On Thursday, Northern cattle were trading at mostly $388 to $389, which is steady to $1.00 lower than last week's weighted average. At this point it's looking like the bulk of the week's trade is complete, although a few more sales could develop after the afternoon's Cattle on Feed report.

Boxed beef prices are lower: choice down $0.35 ($381.22) and select down $1.12 ($377.36) with a movement of 71 loads (58.82 loads of choice, 3.55 loads of select, 3.92 loads of trim and 4.43 loads of ground beef).

FEEDER CATTLE:

In typical feeder cattle complex behavior, the contracts are also trading lower as the market isn't willing to move in the opposite direction of the live cattle complex right now. April feeders are down $3.52 at $369.55, May feeders are down $3.65 at $363.50 and August feeders are down $4.02 at $364.50. At this point, a lower tone is fully expected through Friday's close even though this afternoon's Cattle on Feed report is expected to be mildly bullish.

LEAN HOGS:

It's been a long, draining week for the lean hog complex and that description has thus far kept with the market through Friday's trade. June lean hogs are down $0.67 at $101.00, July lean hogs are down $0.42 at $103.92 and August lean hogs are down $0.45 at $104.12. While it may be frustrating to see midday pork cutout values higher and traders giving that fundamental uptick no recognition, that's simply been the case all week as the market can't seem to find any technical support.

The projected CME Lean Hog Index for 4/16/2026 is down $0.15 at $90.51 and the actual index for 4/15/2026 is up $0.06 at $90.66. Hog prices average $90.76 on the Daily Direct Morning Hog report, ranging from $89.50 to $91.00 on 1,063 head and a five-day rolling average of $91.03. Pork cutouts total 230.77 loads with 206.39 loads of pork cuts and 24.39 loads of trim. Pork cutout values: up $3.48, $100.16.

Friday Morning Livestock Market Update - Traders Continue to Position Ahead of Cattle on Feed Report

GENERAL COMMENTS:

The combination of an overbought market and traders positioning ahead of the Cattle on Feed report likely sent the market lower. Some influence may have been from limited dressed cattle sales in the North at $1.00 lower. It was not sufficient to anticipate lower cash sales for the week, but it did create some caution for traders. There was some positioning ahead of the Cattle on Feed report, as some exposure was being reduced and profits were being taken. It is better to be safe than sorry. The Cattle on Feed report is estimated to show the on-feed number at 99.7% of a year ago. The range of estimates is 99.1% to 100.1%. Placements are estimated at 93.3% with a range of 89.8% to 95.4%. Marketings are estimated at 93.6% with a range of 92.3% to 95.3%. Boxed beef prices posted minor losses, with choice down $0.41 and select down $0.10.

Hog futures continued the downtrend with traders unable to find support from the cash market. Packers are not expected to be aggressive today as they have covered most of their needs. The National Daily Direct Afternoon Hog report showed cash down $1.72. Pork cutouts increased $1.54, regaining about half of what was lost on Wednesday. Even though cash is not expected to increase today, the oversold market may show short covering into the weekend.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is not expected to have a long-term impact on the market. Fundamentals will not change because of tight cattle numbers.	1)	A limited cash cattle trade took place on Thursday with prices steady to $1.00 lower. Not many were traded, but it may have set the stage for the week.
2)	Placements will remain below a year ago as there is little indication of rebuilding the herd.	2)	Boxed beef prices continue to show weakness despite packers reducing slaughter, attempting to increase margins.
3)	Hog futures are oversold. This could cause some short covering ahead of the weekend.	3)	Without solid support in the cash market, further weakness of hog futures may continue.
4)	Lower pork prices should increase demand as consumers grapple with high food and fuel prices.	4)	Hog runs are not slowing down, leaving packers less aggressive in the cash market.

Thursday Closing Livestock Market Update - Traders Led Contracts Lower

GENERAL COMMENTS:

The livestock complex ended the day lower as traders continue to yearn for one thing -- greater fundamental support. Some light cash cattle trade did develop, and prices were mostly steady in the South to $1.00 lower in the North. May corn is down 2 3/4 cents per bushel and May soybean meal is down $1.70. The Dow Jones Industrial Average is up 115.00 points and the NASDAQ is up 86.68 points.

Thursday's export report shared beef net sales of 12,100 metric tons (mt) for 2026, which were down 31% from the previous week, but up 12% from the prior four-week average. Increases were primarily for South Korea (4,900 MT, including decreases of 500 MT), Japan (2,400 MT, including decreases of 400 MT), Mexico (1,400 MT), Taiwan (1,300 MT, including 100 MT switched from Hong Kong and decreases of 200 MT), and Canada (400 MT). Pork exports of 13,400 MT were up 1 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (3,000 MT), Hong Kong (1,500 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).

LIVE CATTLE:

After a large rally over the last three weeks, with the spot June live cattle contract rallying $12.82 as of this afternoon's close in the last 15 days, the market is at a tipping point. Either trades need to see more fundamental support to justify allowing the contracts to trade higher, or there's a chance that the top is in for this stint of the bull run. It's too hard to say which is more likely at this point, and as always, time will need to play out, and our answer will eventually unveil itself. April live cattle closed $2.30 lower at $250.30, June live cattle closed $3.45 lower at $247.62 and August live cattle closed $3.05 lower at $243.07. A few deals have been reported sold in parts of the South at $248, about steady with last week's weighted averages, and some dressed sales in parts of Nebraska have been marked at $388, nearly $1 lower than the previous week's weighted average. 

Thursday's slaughter is estimated at 104,000 head, 1,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.41 ($381.57) and select down $0.10 ($378.48) with a movement of 104 loads (73.48 loads of choice, 8.76 loads of select, 9.87 loads of trim and 12.21 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that some light trade has now developed, likely, prices will mostly hold steady with the week's trend, but with there only being light test traded so far, there's still a chance that prices could improve on Friday after the Cattle on Feed report.

FEEDER CATTLE:

The feeder cattle complex followed in the same direction as the live cattle complex, seeming uncomfortable to advance its own contracts without the support of the live cattle market. April feeder cattle closed $0.42 lower at $373.07, May feeders closed $3.85 lower at $367.10 and August feeders closed $3.67 lower at $368.52. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold unevenly in large numbers, with 550-to-600-pound steers traded $15.00 to $18.00 higher. Feeder steers traded steady to $15.00 lower. Heifer calves weighing 450 to 500 pounds sold $18.00 to $20.00 higher. Feeder heifers weighing 700 to 750 pounds sold $10.00 higher. Slaughter cows sold steady to $5.00 higher, but slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 37%. The CME feeder cattle index 4/15/2026: up $3.63, $379.09.

LEAN HOGS:

And again, this afternoon, the lean hog complex stair-stepped its way lower as the market seems unable to gain any technical support. Yes, afternoon pork cutout values did close a bit higher today, but to traders, that seems like support that came a little too late in the week to really make an impact. June lean hogs closed $0.27 lower at $101.67, July lean hogs closed $0.62 lower at $104.35 and August lean hogs closed $0.57 lower at $104.57. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.72 with a weighted average price of $90.16 on 717 head. Pork cutouts totaled 276.93 loads with 223.86 loads of pork cuts and 53.06 loads of trim. Pork cutout values: up $1.54, $96.68. Thursday's slaughter is estimated at 491,000 head, 4,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 4/14/2026: up $0.27, $90.60.

FRIDAY'S HOG CALL: Lower. At this point, packers have the vast majority of their buying done for the week.

Thursday Midday Livestock Market Update - Contracts Turn Lower

GENERAL COMMENTS:

The livestock contracts are trading lower into Thursday's noon hour as traders simply aren't confident with the current level of fundamental support to push the contracts any higher. Still no cash cattle trade has developed. May corn is down 2 cents per bushel and May soybean meal is down $2.20. The Dow Jones Industrial Average is up 96.95 points and NASDAQ is up 82.39 points.

Thursday's export report shared beef net sales of 12,100 metric tons (mt) for 2026 were down 31% from the previous week, but up 12% from the prior four-week average. Increases were primarily for South Korea (4,900 MT, including decreases of 500 MT), Japan (2,400 MT, including decreases of 400 MT), Mexico (1,400 MT), Taiwan (1,300 MT, including 100 MT switched from Hong Kong and decreases of 200 MT), and Canada (400 MT). Pork exports of 13,400 MT were up 1 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (3,000 MT), Hong Kong (1,500 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).

LIVE CATTLE

It's been a grim day thus far for the live cattle complex as currently most of the contracts are trading anywhere from $2.00 to $3.00 lower into Thursday's noon hour. The big question on everyone's mind is: Has the market topped? Or is this just a setback as traders wait for the cash cattle market to trade? Up to this point, there's still been virtually no trade in the cash market, and it's very likely trade could be delayed until after Friday's Cattle on Feed report. Bids of $248 live in Kansas and $388 dressed in Nebraska are currently on the table, but still no sizeable volumes have traded. Personally, I'm led to believe that with packers unable to get more than 40,000 head bought last week in the cash market. they'll need to be more aggressive this week and feedlot managers may be able to push prices higher, or at least hold them steady. But as always, time will tell.

Boxed beef prices are higher: choice up $0.56 ($382.54) and select up $0.46 ($379.04) with a movement of 52 loads (34.84 loads of choice, 4.05 loads of select, 7.89 loads of trim and 5.64 loads of ground beef).

FEEDER CATTLE

And in reflecting a similar reaction of the live cattle contracts, the feeder cattle contracts are also trading lower into Thursday's noon hour. April feeders are down $1.92 at $371.57, May feeders are down $4.52 at $266.42 and August feeders are down $4.37 at $367.82. And until either the live cattle contracts show some stability and potentially trade higher, or until the cash cattle market trades, it's likely the feeder cattle contracts will keep with this lower trend.

LEAN HOGS

Again on Thursday, even with midday pork cutout values up close to $2.00 higher, the lean hog contracts are trading lower. June lean hogs are down $0.15 at $101.80, July lean hogs are down $0.42 at $104.55 and August lean hogs are down $0.35 at $104.80. Unfortunately, the market seems committed to keeping with its current downward trend, and the next support plane is close to $94.00 in the spot June contract.

The projected CME Lean Hog Index for 4/15/206 is up $0.06 at $90.66 and the actual index for 4/14/2026 is up $0.27 at $90.60. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 349 head have traded this morning and that the market's five-day rolling average now sits at $90.85. Pork cutouts total 190.56 load with 146.23 loads of pork cuts and 44.34 loads of trim. Pork cutout values: up $1.90, $97.04.

 

Thursday Morning Livestock Market Update - Traders to Position Ahead of the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures were unable to extend their gains from Tuesday due to no cash cattle trade and lower boxed beef prices. Traders may also have started looking ahead to the Cattle on Feed report, which will be released on Friday, and begun positioning themselves before its release. The trade estimates are for on feed as of April 1 at 99.7%. Placements in March are estimated at 93.3%. Marketings are estimated at 93.6%. Wherever the numbers fall may result in a reaction next week, but even if it is bearish, it may not have any lasting impact on the market. This has been the pattern with numerous previous reports. Cash cattle have not yet traded this week and are unlikely to today. Boxed beef declined on Wednesday, with choice down $1.22 and select down $1.22.

Hog futures could not find sufficient aggressive buying interest to stem the tide of lower prices. Futures have declined for seven consecutive days as traders are disappointed over both the uncertainty of fundamentals and the lack of technical support. The June and July contracts have closed at the lowest level since Dec. 19, 2025. Even though pork demand is good, prompting packers to increase slaughter speeds, they have not had to bid aggressively to obtain the hogs they need. The National Daily Direct Afternoon Hog report showed cash up $1.11. Unfortunately, pork cutouts declined by $3.65. Weekly hog weights inched higher to average 291.4 pounds.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are expected to be higher this week as packers did not purchase many cattle last week. They may need to bid higher to obtain cattle.	1)	Traders may trim their long positions ahead of the Cattle on Feed report, just in case the report is bearish.
2)	Cattle placements are expected to be 6.7% below a year ago. The beef herd is not being rebuilt, and beef-on-dairy calves are not making up the difference.	2)	Beef may soon experience demand destruction due to continued high prices and the impact of higher fuel prices on consumer spending.
3)	Hog futures are oversold, and short covering could take place at any time.	3)	Weekly hog weights increased 0.3 pounds last week, averaging 291.4 pounds. This is 0.4 pounds above a year ago.
4)	Hog slaughter remains strong, indicating that packers need to increase slaughter due to good pork demand.	4)	Cash hogs and pork cutouts fail to provide solid support to the market. Traders have more evidence of solid demand.

Wednesday Closing Livestock Market Update - Contracts Drift Lower Without Adequate Support Surfacing

GENERAL COMMENTS:

The livestock complex closed lower Wednesday afternoon as traders simply didn't see enough fundamental support in the complex to allow the contract to close higher. No cash cattle trade developed throughout the day, but a bid of $248 was offered throughout the day in Kansas. May corn is up 8 1/4 cents per bushel and May soybean meal is up $4.70. The Dow Jones Industrial Average is down 72.27 points and the NASDAQ is up 376.94 points.

LIVE CATTLE:

Today was a classic example of rally and then unwind, as on Tuesday the market charged higher, feeling full of bullishness and zest, but on Wednesday, traders scratched their brow and weren't as confident about the market's current position as they were just a day earlier. June live cattle closed $0.35 lower at $251.07, August live cattle closed $0.40 lower at $246.12 and October live cattle closed $1.25 lower at $240.77. And until something substantial develops fundamentally for the live cattle complex -- specifically in the cash market -- it's unlikely that the market will push too much higher as it's already showing signs of technical exhaustion. No trade has developed yet in the fed cash cattle market, but there was a single bid of $248 offered throughout the day in Kansas. Asking prices are noted at $252 plus in Texas, but otherwise, the market is quiet. 

Wednesday's slaughter is estimated at 109,000 head, steady with a week ago and 12,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.22 ($381.98) and select down $1.22 ($378.58) with a movement of 106 loads (83.94 loads of choice, 5.21 loads of select, 7.44 loads of trim and 9.01 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. Given that last week packers didn't even buy more than 40,000 head in the cash market, it likely means that they'll need to be more aggressive this week.

FEEDER CATTLE:

The feeder cattle complex also fell lower through Wednesday's end as the market simply wasn't willing to advance any further without some significant fundamental support developing, which really needs to come from the fed cash cattle market. April feeders closed $2.37 lower at $373.50, May feeders closed $3.90 lower at $370.95 and August feeders closed $3.62 lower at $372.20. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week, steers and heifers over 600 pounds sold $2.00 to $10.00 higher, except those weighing 950 pounds, which traded $5.00 lower on plainer steers. There was a light comparison on steer calves, but they were mostly sold $10.00 to $12.00 higher; heifer calves traded steady to $7.00 higher. Feeder cattle supply over 600 pounds was 90%. The CME feeder cattle index 4/14/2026: up $0.44, $375.46.

LEAN HOGS:

The lean hog complex also ended the day mostly lower as traders were left with little to no support from the market's fundamentals, as pork cutout values fell lower yet again. June lean hogs closed $0.50 lower at $101.95, July lean hogs closed $0.37 lower at $104.97 and August lean hogs closed $0.25 lower at $105.15. Wild swings were again a theme in this afternoon's pork cutout report as the belly fell a whopping $13.94 lower, and the rib fell $7.96 lower -- both making it impossible for the carcass price to close higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.11 with a weighted average price of $91.88 on 3,545 head. Pork cutouts totaled 276.40 loads with 238.79 loads of pork cuts and 37.61 loads of trim. Pork cutout values: down $3.65, $95.03. Wednesday's slaughter is estimated at 494,000 head, 5,000 head more than a week ago and 4,000 head more than a year ago. The CME lean hog index 4/13/2026: up $0.06, $90.33.

THURSDAY'S HOG CALL: Steady to somewhat lower. Given that today packers were slightly more aggressive in the cash market, they may not need as many hogs later this week.

Wednesday Midday Livestock Market Update - Traders Desire Greater Fundamental Support

GENERAL COMMENTS:

The livestock complex is trading mostly lower into Wednesday's noon hour as traders would simply like to see more fundamental support arise before they advance the contracts any further. No cash cattle trade has developed but there's a bid currently offered in Kansas at $248. May corn is up 7 3/4 cents per bushel and May soybean meal is up $3.10. The Dow Jones Industrial Average is down 198.24 points and NASDAQ is up 255.86 points.

LIVE CATTLE:

Following Tuesday's sizeable rally, once again the live cattle complex is mildly retreating as traders look to the market's fundamentals and desperately hope something bullish arises from the cash market later this week when trade develops. April live cattle are down $0.32 at $252.22, June live cattle are down $0.70 at $250.72 and August live cattle are down $0.72 at $245.80. More than anything traders are scanning the marketplace, hoping to find some fundamental support that will justify the market's position before too much buyers' remorse sets into the marketplace and the contracts scale back sizably. Still no cash cattle trade has developed but asking prices are noted in Texas at $252 plus, but the rest of the countryside remains idle with only one bid on the table at $248 in Kansas.

Boxed beef prices are lower: choice down $1.18 ($382.02) and select down $0.57 ($379.23) with a movement of 55 loads (46.32 loads of choice, 3.18 loads of select, zero loads of trim and 5.19 loads of ground beef).

FEEDER CATTLE:

Although the feeder cattle complex has been the unwavering market within the livestock complex, trading higher in a carefree fashion, even the feeder cattle complex has eased its bullish tone as the contracts are trading fully lower into Wednesday's noon hour. This move is likely happening as traders yearn to see greater fundamental support from the live cattle complex and aren't thrilled with the weakness of the live cattle futures. April feeder cattle are down $2.35 at $373.52, May feeders are down $3.57 at $371.27 and August feeders are down $3.42 at $372.40.

LEAN HOGS:

Mixed tones are seen throughout the lean hog complex as the nearby contracts scale lower and some of the deferred contracts trade mildly higher. June lean hogs are down $0.62 at $101.82, July lean hogs are down $0.37 at $104.97 and August lean hogs are down $0.17 at $105.22. And the main reason the midday carcass price was pulled lower is because of a $6.22 decline in the rib and a $6.09 decline in the belly.

The projected CME Lean Hog Index for 4/14/2026 is up $0.27 at $90.60, and the actual index for 4/13/2026 is up $0.06 at $90.33. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.94 with a weighted average price of $90.20, ranging from $91.00 to $92.50 on 3,075 head and a five-day rolling average of $90.81. Pork cutouts totaled 154.73 loads with 135.33 loads of pork cuts and 19.39 loads of trim. Pork cutout values: down $1.66, $96.94.

High prices, but pasture conditions worry grows

The cattle industry continues navigating record high producer profitability, alongside mounting structural risks, particularly for feedlots and packers.

Record or near-record cattle prices are being driven by the smallest U.S. cattle inventory in more than 70 years and sustained beef demand. High calf prices, historically strong cull cow values and moderating feed costs have pushed cow-calf returns above long-run averages. According to the Livestock Marketing Information Center (LMIC), margins for cow-calf producers are expected to exceed $1,000 per head, providing breathing room for balance sheets that have absorbed elevated operating costs in recent years.

Seasonal price patterns suggest additional upside potential for calf prices in the months ahead. Historically, steer calf prices tend to trend higher through the year, reaching a peak sometime during the second half of the calendar year. This seasonal strength may help prevent further herd reductions or forced liquidations, assuming demand remains intact and drought conditions do not deteriorate significantly.

Input cost dynamics remain a growing area of concern for cow-calf operations. While calf prices continue to provide revenue support, hay and forage costs are trending higher as water allocations are reduced, snowpack remains limited and wildfire risk increases early in the season across much of the West. Similar conditions in South Dakota and Nebraska created massive wildfires in March and have driven immediate, localized surges in hay demand, signaling potential price pressure as the season progresses. Feed availability and cost inflation remain a key risk, particularly for producers without secure forage supplies. As a result, the cost advantage cow-calf operators have recently enjoyed may narrow, adding pressure to margins if dryness persists.

Some structural risk lies in the gap between record high cattle acquisition costs and the industry’s ability to sell cattle at comparably strong values. Whether cattle are purchased or raised at historic cost levels, profitability across the supply chain requires consistently selling finished cattle at top-tier prices. Feedlots are committing unprecedented working capital to place feeder cattle, increasing exposure to price volatility if fed cattle prices soften, while packers continue to face margin compression as cattle prices outpace boxed beef values. Sustained beef demand is therefore critical and proactively utilizing risk management strategies can help mitigate any potential downside risk.

Profitability

Cattle feeders: Profitable - Bearish 12-month outlook
Cow-calf producers: Very profitable - Neutral 12-month outlook

Cattle feeders are currently profitable, supported by firm fed cattle prices and manageable feed costs. However, tighter feeder supplies and dry weather conditions pose growing headwinds.

Tight cattle supplies, strong calf prices and steady beef demand are keeping cow/calf producers very profitable. Slow herd rebuilding is expected to support strong margins throughout the year.

Wednesday Morning Livestock Market Update - Records Are Meant To Be Broken

GENERAL COMMENTS:

Live cattle futures have had an impressive run up but the drama will be one to watch as April futures are in delivery and basis remains negative versus cash trade. It is safe to say that the optimism in the cash market is one of the key drivers to this recent futures rally. June made a new contract high at $252 Tuesday as April made another new all-time high for any live cattle contract at $253.60. April feeder cattle also made new highs, however closed well off those highs by the final bell. Traders are focused on slaughter volume and the cash potential this week. Daily slaughter numbers are trending higher than last week. Choice cutouts were up $1.28 while choice fell $3.84 lower.

Hog futures find another day of trading lower. The June contract is firmly below support after flirting with the line Monday. Daily hog slaughter numbers have had a mixed start to the week, trailing behind last week's daily number, yet trending higher than the same period a year ago. The April contract's final trading day is Wednesday, so not much change or volume is expected there. The National Daily Direct Afternoon Hog report showed a rebound of $1.73 increase with the weighted average price of $90.77. Packers are expected to step up more aggressively today. Pork cutout values decreased by $0.54.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle index has been flying higher, giving good reason for futures to have hope left despite record-setting prices.	1)	Some mixed reports coming out of Joplin, Missouri, from Monday may indicate a wider spread of uncertainty in the market, with feeder cattle bringing anywhere from $25 lower to $12 higher.
2)	Cash targets are expected to rally as we are in a delivery month for live cattle futures with a current negative basis.	2)	Feeder cattle futures climbed to new contract highs yet closed well below the record prices. They seem to be running out of gas.
3)	Slaughter numbers are trending above a year ago so far this week.	3)	The hog market overall has little reason to get excited, with futures breaking below support and cutout values falling as well.
4)	Cash prices are higher on the Daily Direct Afternoon Hog report.	4)	Packers have not needed to be too aggressive with the availability of hogs ready to move to market.

 

Tuesday Closing Livestock Market Update - External Support Helped Drive the Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts rallying while the hog contracts fell further. Still no cash cattle trade has developed. May corn is up 2 3/4 cents per bushel and May soybean meal is down $2.20. The Dow Jones Industrial Average is up 317.74 points and the NASDAQ is up 455.34 points.

LIVE CATTLE:

Tuesday was a red-hot day for the live cattle complex as the market charged higher, scoring a new contract high for the spot June contract at $251.42 and currently sitting $7.67 higher than the top reached last October. Today's strength largely stemmed from the support of the equity markets, as traders are hopeful that tensions may be easing in the Middle East. Traders are also hopeful that greater fundamental support will develop later this week, as packers were unable to secure many cattle purchases in last week's cash market. April live cattle closed $1.90 higher at $252.55, June live cattle closed $2.90 higher at $251.42 and August live cattle closed $2.07 higher at $246.52. Still no cash cattle trade has developed, and business will likely be delayed until Thursday or Friday.

And it's worth noting that for the first time in the last six trading days, choice cuts closed at a higher price point than select cuts did. Tuesday's slaughter is estimated at 112,000 head, 1,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.28 ($383.20) and select down $3.84 ($379.80) with a movement of 95 loads (62.41 loads of choice, 14.88 loads of select, 6.49 loads of trim and 10.86 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers weren't able to get many cattle bought last week in the cash market (less than 40,000 head), it's likely that they'll need to be more aggressive this week.

FEEDER CATTLE:

With plenty of support rushing to lend a hand and encourage the feeder cattle contracts to trade higher, the market did just that. All throughout Tuesday's market, the feeder cattle complex traded higher as traders are pleased to note the uptick in the live cattle contracts and are still seeing stable support in the countryside. April live cattle closed $1.40 higher at $375.87, May feeders closed $2.02 higher at $374.85 and August feeders closed $2.50 higher at $375.82. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers sold steady to $10.00 lower, except light four weights and three weights traded $20.00 to $35.00 lower. But heavy eight weights traded $5.00 stronger. Feeder heifers sold steady to $12.00 higher. Feeder cattle supply over 600 pounds was 63%. The CME feeder cattle index 4/13/2026: up $1.08, $375.02.

LEAN HOGS:

The lean hog complex ended the day lower once again as traders simply don't believe the market possesses enough support to confidently trade the complex higher. June lean hogs closed $0.67 lower at $102.45, July lean hogs closed $0.72 lower at $105.35 and August lean hogs closed $0.55 lower at $105.40. And not helping matters today was the fact that pork cutout values closed lower, too. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.73 with a weighted average price of $90.77 on 5,593 head. Pork cutouts totaled 311.42 loads with 267.85 loads of pork cuts and 43.57 loads of trim. Pork cutout values: down $0.50, $98.64. Tuesday's slaughter is estimated at 491,000 head, 6,000 head less than a week ago and 5,000 head more than a year ago. The CME lean hog index 4/10/2026: down $0.01, $90.27.

WEDNESDAY'S HOG CALL: Steady. Packers were a tick more aggressive today in the cash market, but they still likely need more hogs.

 

Tuesday Midday Livestock Market Update - Thanks to Outside Support, Cattle Scale Higher Once Again

GENERAL COMMENTS:

The cattle contracts are enjoying a midmorning rally Tuesday, which has helped push both the live cattle and feeder cattle futures higher thanks to an uptick in the equity markets. Meanwhile the lean hog complex continues to trade lower as traders remain unconvinced that there's enough support to push the market higher. June lean hogs are down $0.60 at $102.525, May corn is up 3 3/4 cents per bushel and May soybean meal is down $0.00. The Dow Jones Industrial Average is up 280.07 points and NASDAQ is up 390.69 points.

LIVE CATTLE:

The live cattle complex seems to be looking beyond Monday's nervous state and has taken a bullish approach to Tuesday's trade as the market is trading anywhere from $1.00 to $2.00 higher into Tuesday's noon hour. April live cattle are up $2.00 at $252.65, June live cattle are up $2.52 at $251.05 and August live cattle are up $1.97 at $246.42. But the real question remains: Why and what next? Is it because the higher equity markets are hopeful that tensions are easing in the Middle East and that has helped live cattle contracts regain some bullishness? Or are traders hopeful the market will see greater fundamental support later in the week? Either way, it will be vital for the market to see stable support because if it doesn't, this bullish run may be short-lived given the massive rally the market has already seen over the last two weeks. No cash cattle trade has developed yet.

Boxed beef prices are mixed: choice up $2.86 ($384.78) and select down $0.56 ($383.08) with a movement of 43 loads (29.90 loads of choice, 5.89 loads of select, zero loads of trim and 6.94 loads of ground beef).

FEEDER CATTLE:

Keeping with the same trend, the feeder cattle contracts are enjoying a fruitful rally into Tuesday's noon hour. April feeders are up $1.27 at $375.75, May feeders are up $1.77 at $374.50 and August feeders are up $2.15 at $375.47. As long as the live cattle contracts continue to trend higher and lend extra technical support and buyer demand remains robust in the countryside, the feeder contracts will likely continue to trend higher, if not at least hold steady.

LEAN HOGS:

Simply unwilling to change its direction, the lean hog contracts are again trading lower. One would think the market would be pleased with the slight uptick in demand from consumers, but that isn't seeming to ease the technical pressure the market continues to endure. June lean hogs are down $0.57 at $102.55, July lean hogs are down $0.72 at $105.35 and August lean hogs are down $0.50 at $105.45.

The projected CME Lean Hog Index for 4/13/2026 is up $0.06 at $90.33 and the actual index for 4/10/2026 is down $0.01 at $90.27. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.03 with a weighted average price of $90.26, ranging from $88.00 to $92.50 on 3,289 head and a five-day rolling average of $89.97. Pork cutouts total 156.39 loads with 140.49 loads of pork cuts and 15.90 loads of trim. Pork cutout values: up $0.38, $99.52.

Tuesday Morning Livestock Market Update - Traders Contemplate Cash Cattle Potential

GENERAL COMMENTS:

JBS in Greeley, Colorado, and the workers' union agreed on a contract, moving production back to normal. The plant was up and running after a three-week strike, but no contract agreement had been reached until over the weekend. This did not have an impact on the market in itself. The report on Friday, April 10, by the Mexican federal government that the New World screwworm was reported on a canine within 88 miles of the Texas border did not have an impact on the market either. The case was actually reported earlier, but Mexico formally announced it on Friday. Traders are focused on slaughter volume and the cash potential this week. Boxed beef prices were higher, with choice up $1.02 and select up $2.30. This moves the invented choice/select spread to $1.72.

Hog futures have not been able to regain footing with contracts through October, ending lower. The June contract moved below support on Monday but managed to close above it. Falling below support did not trigger liquidation, which may increase buyer interest today. However, with no fundamental change, the market may find a level of support but move sideways in the near term. The April contract is moving in a tight, sideways pattern with the final trading day for the contract on Wednesday. The National Daily Direct Afternoon Hog report showed cash down $0.32. Packers are expected to step up more aggressively today. Pork cutout values increased by $0.44.

	BULL SIDE		BEAR SIDE
1)	The next target for feeder cattle futures is contract highs. This may be reached sooner rather than later.	1)	Cattle futures are overbought, and any indication of the weakness of cash could trigger liquidation.
2)	Higher cash cattle trade last week on light activity points to the potential for higher prices again this week.	2)	Feeder cattle futures are nearing contract highs, which may be a strong level of resistance.
3)	The June hog contract closed above support after moving below it during the day. This could trigger short-term technical buying interest.	3)	Cash hogs continue to struggle as packers have not had to be aggressive to purchase what they need to maintain the higher slaughter pace.
4)	Hog slaughter is not slowing down as packers need to satisfy demand. Eventually, hog supplies may tighten and prices will trend higher.	4)	Traders have not found any solid reason to be bullish on the hog market. Until they do, the price may flounder near the current levels.

Monday Closing Livestock Market Update - Livestock Complex Remains Mixed

GENERAL COMMENTS:

The livestock complex rounded out Monday mixed with both the live cattle and lean hog contracts needing more support, but the feeder cattle contracts charged higher through the day's end. New showlists appear to be to be slightly higher in Nebraska and Colorado and higher in Kansas and Texas. May corn is down 3/4 cent per bushel and May soybean meal is up $0.10. The Dow Jones Industrial Average is up 301.68 points and NASDAQ is up 280.85 points.

LIVE CATTLE:

The live cattle complex ended Monday mixed as the market seems to hold its breath until traders see whether or not more fundamental support is going to develop later this week. April live cattle closed $1.12 lower at $250.65, June live cattle closed $0.67 lower at $248.52 and August live cattle closed $0.30 lower at $244.45. More than anything following last week's light cash cattle trade, traders are curious what's going to happen in this week's fed cash cattle market. New showlists appear to be slightly higher in Nebraska and Colorado and higher in Kansas and Texas. Monday's slaughter is estimated at 107,000 head -- 9,000 head more than a week ago and 5,000 head less than a year ago.

Last week's cash cattle trade was extremely limited, but a few deals were marked in Kansas at $249, which is $3.00 higher than the previous week's weighted average, and at $246 in Texas, which is $1.00 higher than the previous week's weighted average. Northern dressed cattle traded for $385 to $389, which is steady to $4.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.02 ($381.92) and select up $2.30 ($383.64) with a movement of 70 loads (38.32 loads of choice, 5.75 loads of select, 12.15 loads of trim and 13.70 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. With Mother's Day and Memorial Day right around the corner, packers don't want to be short bought heading into peak demand season.

FEEDER CATTLE:

The live cattle complex may have closed in a cautious manner, but the feeder cattle complex traded full-speed-ahead higher, as demand for feeder cattle is red hot right now in the countryside. April feeders closed $0.32 higher at $374.47, May feeders closed $0.47 higher at $372.82 and August feeders closed $0.87 higher at $373.32. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midway point, feeder steers were trading steady to $5.00 higher, while feeder heifers were trading $10.00 to $15.00 higher. Steer and heifer calves were selling steady, except heifers weighing 500 to 600 pounds which traded up to $25.00 stronger. Feeder cattle supply over 600 pounds was 72%. The CME Feeder Cattle Index 4/10/2026: up $7.27, $373.94.

LEAN HOGS:

The lean hog complex ended Monday mixed with the nearby contracts unwilling to look at any of the market's positive facets -- such as the uptick in demand -- but the furthest deferred months closed a tick higher. June lean hogs closed $0.60 lower at $103.12, July lean hogs closed $0.50 lower at $106.07 and August lean hogs closed $0.50 lower at $105.95. Until traders are confident there's enough demand in the market to stabilize the futures complex a steady to slightly lower trend may be the norm. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.32 with a weighted average price of $89.04 on 1,616 head. Pork cutouts totaled 279.30 loads with 244.06 loads of pork cuts and 35.24 loads of trim. Pork cutout values: up $0.44, $99.14. Monday's slaughter is estimated at 492,000 head -- 125,000 head more than a week ago and 8,000 head more than a year ago. The CME Lean Hog Index 4/9/2026: down $0.01, $90.28.

TUESDAY'S HOG CALL: Steady to somewhat higher. With packers not very aggressive in Monday's market, there's a chance they could be slightly more active in Tuesday's trade.

Monday Midday Livestock Market Summary - Mixed Tones Overcome Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Monday's noon hour as once again traders scan the complex for continued support. New showlists appear to be to be slightly higher in Nebraska and Colorado and higher in Kansas and Texas. May corn is up 2 3/4 cents per bushel and May soybean meal is up $1.40. The Dow Jones Industrial Average is down 43.07 points and NASDAQ is up 133.91 points.

LIVE CATTLE:

Thus far it's been a fairly slow, mundane start to the week as the live cattle futures are trading just above steady in most of the contracts, expect for the spot and nearby months which are trading slightly lower. June live cattle are down $0.45 at $248.75, August live cattle are steady at $244.75 and October live cattle are up $0.12 at $240.67. Following the massive rally the market has experienced over the last two trading weeks, it's likely the complex won't push much higher until traders see what's going to develop in terms of fundamental support this week. Currently the spot June live cattle contract is $5.02 higher than the previous all-time high scored last October before the market raced lower. New showlists appear to be to be slightly higher in Nebraska andColorado and higher in Kansas and Texas.

Last week's cash cattle trade was extremely limited, but a few deals were marked in Kansas at $249, which is $3.00 higher than the previous week's weighted average, and at $246 in Texas, which is $1.00 higher than the previous week's weighted average. Northern dressed cattle traded for $385 to $389, which is steady to $4.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.07 ($381.97) and select up $3.17 ($384.51) with a movement of 31 loads (18.58 loads of choice, 3.80 loads of select, 5.00 loads of trim and 4.09 loads of ground beef).

FEEDER CATTLE:

The live cattle complex may be headed into the new week cautiously, but the feeder cattle complex is trading fully higher as demand from the countryside is helping keep traders active in the complex. April feeder cattle are steady at $374.15, May feeders are up $0.57 at $372.92 and August feeders are up $1.12 at $373.57. So long as demand remains strong again this week from buyers, the market will likely keep with its steady/somewhat higher trend.

LEAN HOGS:

Although pork cutout values are higher on the midday report and were slightly higher late last week, the hog complex continues to trend lower as the market simply isn't seeing the technical interest it needs. June lean hogs are down $0.65 at $103.07, July lean hogs are down $0.50 at $106.07 and August lean hogs are down $0.42 at $106.02. Hopefully the market is nearing the bottom to this current move and if support from consumers remains stable this week, trades may be able to begin to pull the contracts higher later in the week.

The projected CME Lean Hog Index for 4/10/2026 is down $0.01 at $90.27, and the actual index for 4/9/2026 is down $0.01 at $90.28. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.16 with a weighted average price of $89.23, ranging from $88.00 to $91.00 on 441 head and a five-day rolling average of $90.04. Pork cutouts total 125.67 loads with 104.91 loads of pork cuts and 20.76 loads of trim. Pork cutout values: up $1.11, $99.81.

 

Monday Morning Livestock Market Update - Cattle Futures Have Higher Cash Factored In

GENERAL COMMENTS:

Limited cash trading activity took place last week, leaving the market in a precarious position of uncertainty. It is uncertain over the volume of cattle sales through Friday, as there was little information regarding transactions in the South. However, some sales were reported on Saturday, with some live sales in the North reported from $3.00 to $5.00 higher. This creates an interesting scenario as boxed beef prices were lower on Friday. Choice declined $0.19, with select down $0.23. The renewed increase in the crude oil price may have an impact on demand as consumers adjust to higher fuel prices. The talks breaking down with Iran over the weekend may indicate that higher fuel prices will continue. The Commitment of Traders report showed fund traders increased their net-long position in live cattle by 9,863 futures positions to 129,416 contracts. They added 268 futures contracts to bring their net-long position in feeder cattle to 21,115.

The week had not been kind to hog futures, with the spike higher last Monday being eliminated and then some throughout the rest of the week. Contracts are nearing the previous lows. This level will need to hold, or further liquidation could be triggered. Last week, traders could not find fundamental support to encourage renewed buying in futures. The failure to hold Monday's gains resulted in weakness the rest of the week. Both cash and cutouts showed little strength. However, on Friday, pork cutouts increased by $1.32. The National Daily Direct Afternoon Hog report showed cash down $0.56. Hog slaughter continues to increase, providing a sufficient supply of pork, which seems to mask increased pork demand. Hog runs may tighten over time. The Commitment of Traders report showed fund traders adding 3,204 long futures positions to increase their net longs to 88,726.

	BULL SIDE		BEAR SIDE
1)	New contract highs in the April through October live cattle futures should keep buying interest strong.	1)	It looks like high fuel prices will be around for an extended period of time, as a resolution with Iran may not take place anytime soon. This may impact beef demand.
2)	A higher cash cattle trade with limited cattle movement may result in packers being short bought.	2)	Cattle futures are overbought, which may result in a market correction at any time.
3)	The continued increase in hog slaughter means demand is improving. This will keep hog supplies current.	3)	If hog futures are unable to hold support, further liquidation could be triggered.
4)	Continued high beef prices and higher prices for fuel and food may reduce demand for beef and increase demand for pork.	4)	Market-ready hogs are readily available, leaving packers less aggressive in the cash market.

Friday Closing Livestock Market Update - Cattle Round Out Higher; No Cash Cattle Trade Has Yet Developed

GENERAL COMMENTS:

The livestock complex closed Friday mixed with the cattle contracts continuing to rally while the hog contracts ventured lower. Still no cash cattle trade has developed at the time of this writing. May corn is down 3 cents per bushel and May soybean meal is up $14.20. The Dow Jones Industrial Average is down 269.57 points and NASDAQ is up 80.85 points.

From Thursday to Friday the livestock futures scored the following changes: April live cattle up $5.58, June live cattle up $2.88; April feeder cattle up $1.25, may feeder cattle up $1.73; April lean hogs up $0.38, June lean hogs down $0.75; May corn down $0.11, July corn down $0.12.

LIVE CATTLE:

What a day, what a day, what a day it was! Although the futures market may have closed, there's still a pile of business left to be done in the fed cash cattle market as no trades have yet been reported. There's been a few deals marked in Iowa at $250, but largely the market sits untested at the time of this writing as packers and feedlot managers go head-to-head. both obviously wanting the market to trend in different directions. Asking prices remain firm in the North at $392 to $395 and in the South at $250. Bids are currently on the table in Kansas at $246 and in Nebraska at $385 dressed. April live cattle closed $2.00 higher at $251.77, June live cattle closed $2.00 higher at $249.20 and August live cattle closed $1.40 higher at $244.75. More than anything traders held strong to the hope that fundamental support would develop later in the fed cash cattle market, as they personally seem to want the market to trend higher at this point.

Friday's slaughter is estimated at 83,000 head -- 13,000 head less than a week ago and 11,000 head less than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated at 512,000 head -- 21,000 head less than a week ago and 51,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.19 ($380.90) and select down $0.23 ($381.34) with a movement of 84 loads (55.87 loads of choice, 5.13 loads of select, 4.82 loads of trim and 18.25 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we try to speculate how next week's trade may pan out, we need to see what this week's market does.

FEEDER CATTLE:

Feeder cattle futures also scaled higher through Friday's end as the market is currently seeing ample support pour into its complex. Between the strong buyer demand in the countryside and the willingness of traders to help push the contracts higher, the market was well positioned to close higher Friday afternoon. April feeders closed $1.62 higher at $374.15, May feeders closed $1.92 higher at $372.35 and August feeders closed $2.32 higher at $372.45. The Oklahoma Weekly Cattle Auction summary shared that compared to last week, feeder steers over 850 pounds traded $5.00 to $11.00 higher and steers under 850 pounds traded steady to $5.00 higher. Feeder heifers sold steady to $6.00 higher. Steer calves sold $5.00 to $10.00 stronger and heifer calves sold $3.00 to $5.00 higher. Slaughter cows sold $5.00 to $6.00 higher and slaughter bulls sold $2.00 higher. Feeder cattle supply over 600 pounds was 71%. The CME Feeder Cattle Index 4/9/2026: up $2.57, $366.67.

LEAN HOGS:

The lean hog complex ended Friday lower, simply unable to convince traders the market had enough stable support to trade higher. June lean hogs closed $0.40 lower at $103.72, July lean hogs closed $0.35 lower at $106.57 and August lean hogs closed $0.42 lower at $106.45. Hopefully, the market is beginning to find a technical bottom for its current move and can find some stability in next week's trade. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.56 with a weighted average price of $89.36 on 1,099 head. Pork cutouts totaled 294.96 loads with 251.12 loads of pork cuts and 43.82 loads of trim. Pork cutout values: up $1.32, $98.70. Friday's slaughter is estimated at 484,000 head -- 64,000 head more than a week ago and 8,000 head more than a year ago. Saturday's slaughter is projected to be around 148,000 head. The CME Lean Hog Index 4/8/2026: down $0.01, $90.29.