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.
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