Thursday Midday Livestock Market Summary - Contracts Continue to Bleed Lower

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

Thursday Morning Dairy Market Update - Hog Futures Remain Fundamentally Weak

GENERAL COMMENTS:

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

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE

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

LEAN HOGS:

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

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

GENERAL COMMENTS:

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

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

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

Tuesday Closing Dairy Market Update - Cattle Rallied Thanks to Consumer Demand

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts able to rally mildly through the day's end, while the lean hog contracts continue to struggle. Still no cash cattle trade has developed. July corn is down 1 3/4 cents per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is down 322.24 points and the NASDAQ is down 220.02 points.

LIVE CATTLE:

The live cattle complex ended the day slightly higher, with strong beef demand helping keep traders' morale strong, and it also helped that the contracts were no longer up against immediate resistance pressure following Monday's lower close. June live cattle closed $1.17 higher at $254.55, August live cattle closed $0.10 higher at $247.25 and October live cattle closed $0.35 higher at $239.30. The cash cattle market was quiet throughout the day again today, and it's most likely that trade will be delayed until Thursday or Friday. Both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.61 ($395.75) and select up $3.35 ($393.58) with a movement of 81 loads (59.00 loads of choice, 10.44 loads of select, zero loads of trim and 11.68 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Given that next week is a holiday-shortened week, and that packers have bought aggressively in the cash market the last two weeks, there's a chance that the cash market may just trade steady.

FEEDER CATTLE:

Because the live cattle contracts rallied through the day's end, the feeder cattle contracts rallied through the day's close as well. August feeders closed $4.80 higher at $363.65, September feeders closed $4.80 higher at $361.00 and October feeders closed $4.55 higher at $357.65. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded mostly steady with moderate to good demand. Weaned steer and heifer calves traded $10.00 to $20.00 lower in a light test and on a lower quality offering, and unweaned calves sold sharply lower. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 5/18/2026: not available at this time.

LEAN HOGS:

The lean hog contracts ended the day lower as the contracts simply didn't find enough support in the market today to justify advancing to any degree. June lean hogs closed $0.60 lower at $97.92, July lean hogs closed $0.60 lower at $102.15 and August lean hogs closed $1.12 lower at $102.10. Unfortunately, it's not looking like the market is going to muster up much support this week, as pork demand has been lagging. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.01 with a weighted average price of $94.87 on 3,595 head. Pork cutouts totaled 409.03 loads with 343.73 loads of pork cuts and 65.30 loads of trim. Pork cutout values: down $1.48, $96.88. Tuesday's slaughter is estimated at 485,000 head -- 1,000 head less than a week ago and 2,000 head more than a year ago. The CME lean hog index 5/15/2026: up $0.04, $90.50.

WEDNESDAY'S HOG CALL: Lower. At this point, it's looking like packers are only going to vaguely participate in this week's market.

Tuesday Midday Livestock Market Summary - Cattle Inch Higher While the Hog Contracts Slide Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed into Tuesday's noon hour as the cattle contracts modestly rally into the afternoon, while the lean hog contracts continue to struggle. Still no cash cattle trade has developed. July corn is down 2 1/4 cents per bushel and July soybean meal is down $2.50. The Dow Jones Industrial Average is down 171.96 points and NASDAQ is down 244.97 points.

LIVE CATTLE:

The live cattle complex is trading mostly higher into Tuesday's noon hour, as the contracts are hopeful that fundamental support will firmly develop later in the week, but are pleased with the slight uptick in boxed beef prices to start the week off. June live cattle are up $0.90 at $254.27, August live cattle are down $0.17 at $246.02 and October live cattle are up $0.02 at $238.97. You'll notice a touch of hesitancy in the spot August contract, which likely stems from the contract being near resistance level. More than anything, the market is hopeful that fundamental support will develop from the cash market. However, it is also aware that as packers buy for a holiday-shortened weekend and with a Cattle on Feed report set to be released on Friday, the cash market may not be as fruitful as it has been in recent weeks.

Boxed beef prices are higher: choice up $3.61 ($395.75) and select up $3.65 ($393.88) with a movement of 43 loads (27.61 loads of choice, 6.43 loads of select, zero loads of trim and 9.17 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also enjoying a modest rally into Tuesday's noon hour as traders are willing to let the contracts trade higher so long as the live cattle contracts continue to do so. August feeders are up $3.02 at $361.87, September feeders are up $2.65 at $358.85 and October feeders are up $2.55 at $355.65. And so long as the live cattle contracts continue to rally through the afternoon, the feeder cattle contracts will likely do so as well.

LEAN HOGS:

The lean hog contracts are trading lower into Tuesday's noon hour as the market continues to struggle to find the support it needs to establish some technical momentum. June lean hogs are down $0.32 at $98.20, July lean hogs are down $0.30 at $102.45 and August lean hogs are down $0.77 at $102.45. The biggest strain on the pork cutout values this morning was the $3.37 decline in the loin. The projected lean hog index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $94.35, ranging from $87.00 to $95.00 on 370 head and a five-day rolling average of $94.15. Pork cutouts total 261.58 loads with 226.71 loads of pork cuts and 34.86 loads of trim. Pork cutout values: down $0.48, $97.88.

Tuesday Morning Livestock Market Update - Futures May Bounce

GENERAL COMMENTS:

Cattle opened higher on the news that beef plant export licenses will be renewed to China, with some other plants being added, plus their commitment to purchase $17 billion of agricultural products for each of the next three years. However, that failed to maintain support for the market. It makes one wonder if the market is not establishing a top. Bullish news failed to push the market higher. Boxed beef prices showed no indication of weakness, with choice up $2.89 and select up $0.98. Increased retail demand for the Memorial Day weekend has been met, which may impact boxed beef demand and prices for the rest of the week. Then it will be up to product movement to determine ongoing price support. Packers may not be as aggressive this week, as next week is a holiday-shortened week with reduced slaughter.

Hog futures looked positive to begin the day, opening higher and trading higher for a time before selling became more aggressive. The fundamentals remain similar to last week, with solid support remaining elusive. The trade did not see many hogs sold on the National Daily Direct Morning report, so packers turning more aggressive in the afternoon may reverse the futures today. The National Daily Direct Afternoon Hog report showed cash up $3.36, which is unusual to begin the week. Pork cutouts were also higher with values up $0.80. Packers may remain aggressive today as they may purchase hogs early due to the upcoming holiday.

	BULL SIDE		BEAR SIDE
1)	Cattle futures hold a significant discount to cash. Futures will increase if cash cattle prices hold.	1)	Cattle futures were unable to hold support even though bullish news developed over the weekend.
2)	Boxed beef prices remain strong, indicating good consumer demand. The grilling season may maintain that demand.	2)	Live cattle futures have been unable to move above resistance and contract highs, though cash prices have been strong. A top might have been established.
3)	Even though hog futures closed lower, they still held support. It seems traders are unwilling to press the market lower.	3)	Hog futures are having difficulty distancing themselves from the lows. Any price strength has been short-lived.
4)	Strong cash and higher cutouts on Monday should provide support to the market today.	4)	Traders are not finding consistent support in the hog market. This results in limited upside potential as price increases are selling opportunities.

Monday Closing Livestock Market Update - Lower Tones Followed the Contracts

GENERAL COMMENTS:

The livestock contracts ended the day lower as traders simply weren't willing to advance the contracts without first seeing greater fundamental support. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. July corn is up 21 1/4 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 159.95 points and the NASDAQ is down 134.41 points.

LIVE CATTLE:

The live cattle complex merely chopped sideways throughout the day, with the live cattle contracts ending the day slightly lower as traders weren't willing to challenge the market's resistance threshold. June live cattle closed $0.52 lower at $253.37, August live cattle closed $0.77 lower at $247.15 and October live cattle closed $0.92 lower at $238.95. No cash cattle trade developed throughout the day and it's unlikely that much trade will develop until later this week, potentially even waiting until after Friday's Cattle on Feed report is unveiled. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. Monday's slaughter is estimated at 106,000 head -- 4,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.89 ($392.14) and select up $0.98 ($390.23) with a movement of 84 loads (46.79 loads of choice, 11.03 loads of select, 9.93 loads of trim and 15.84 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. With next week being a shortened holiday week, it's likely that packers won't be as aggressive in this week's market.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders simply weren't willing to advance the contracts while the live cattle contracts were trading lower. August feeders closed $2.60 lower at $358.85, September feeders closed $2.97 lower at $356.20 and October feeders closed $3.07 lower at $353.10. Sale barns have noted that buyers are being more selective as their orders are filling up and as grass isn't as plentiful in the High Plains as normal. At Joplin Regional Stockyards in Carthage, Missouri compared to last week and at their midsession point, feeder steers were trading from $10.00 higher to $5.00 lower and feeder heifers under 600 pounds were selling $5.00 to $10.00 lower with heavier weights trading steady to $20.00 higher. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 5/15/2026: down $2.46, $367.63.

LEAN HOGS:

The lean hog complex also ended the day lower as traders simply weren't willing to advance the contracts until they saw robust fundamental support. June lean hogs closed $0.22 lower at $98.52, July lean hogs closed $0.60 lower at $102.75 and August lean hogs closed $0.92 lower at $103.22. And while today's pork cutout value may have closed higher -- traders desire to see stable support, not just a single day's higher close. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.36 with a weighted average price of $94.88 on 1,557 head. Pork cutouts totaled 257.36 loads with 224.93 loads of pork cuts and 32.43 loads of trim. Pork cutout values: up $0.80, $98.36. Monday's slaughter is estimated at 460,000 head -- 2,000 head less than a week ago and 21,000 head less than a year ago. The CME lean hog index 5/14/2026: down $0.02, $90.46.

TUESDAY'S HOG CALL: Steady to somewhat higher. Given that packers weren't very aggressive in today's market, it's likely that they could be slightly more aggressive on Tuesday.

Monday Midday Livestock Market Summary - Lower Tones Dominate the Complex

GENERAL COMMENTS:

The livestock complex is trading lower into Monday's noon hour as the market is needing to see strong fundamental support before trades will likely confidently advance the contracts this week. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado. July corn is up 20 cents per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is up 33.49 points and the NASDAQ is down 246.99 points.

LIVE CATTLE:

Initially the live cattle complex was off to a bullish start as all of its contracts were trading higher at Monday's open, but as traders saw how close the market was to resistance pressure -- they quickly changed their mind and have since gingerly walked the contracts back slightly. June live cattle are up $0.05 at $253.90, August live cattle are down $0.20 at $247.72 and October live cattle are down $0.45 at $238.70. Showlists this week are lighter in Texas, but mostly steady in Kansas, Nebraska and Colorado.

Last week Northern dressed cattle traded at mostly $410 to $415 which is $7.00 to $12.00 higher than the previous week's weighted average and Southern live cattle traded at mostly $260 to $263 which is $3.00 to $5.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.67 ($391.92) and select up $0.81 ($390.06) with a movement of 41 loads (17.36 loads of choice, 4.46 loads of select, 8.64 loads of trim and 10.65 loads of ground beef).

FEEDER CATTLE:

And in keeping with the same theme in which the market has been doing now for weeks on end – the feeder cattle complex continues to closely track and mimic the movements of the live cattle complex. May feeders are down $0.12 at $367.55, August feeders are down $2.55 at $358.90 and September feeders are down $2.77 at $356.40. And with later this week the Monthly Cattle on Feed report set to be released -- the market could remain more cautious ahead of that report's release.

LEAN HOGS:

Even though pork cutout values are higher, the lean hog complex is also trading lower as traders remain uncomfortable with the support -- or more so lack of fundamental support -- that they've recently seen in the marketplace. June lean hogs are down $0.07 at $98.67, July lean hogs are down $0.35 at $103.00 and August lean hogs are down $0.72 at $103.42. A choppy sideways trend is most likely going to continue in the hog complex until something noticeable develops from the market's fundamentals.

The projected lean hog index for 5/15/2026 is up $0.04 at $90.50 and the actual index for 5/14/2026 is down $0.02 at $90.46. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 187 head have traded this morning and that the week's five-day rolling average now sits at $94.50. Pork cutouts total 148.51 loads with 128.11 loads of pork cuts and 20.40 loads of trim. Pork cutout values: up $1.64, $99.20.

Monday Morning Dairy Market Update - China Renews Suspended Export Licenses for US Beef Plants

GENERAL COMMENTS:

Cash cattle traded substantially higher for the week, with Northern dressed cattle $7.00 to $12.00 higher, while Southern live cattle were $3.00 to $5.00 higher. The past two weeks have shown incredible gains in the cash market. This moves packers' margins further in the red. Boxed beef prices on Friday showed choice up $1.80 and select up $0.25. Packers are having a difficult time finding sufficient cattle for slaughter and to purchase for deferred delivery. China renewed export licenses for 425 U.S. beef plants that had been suspended for more than a year and added another new 77 plants last Thursday, but they were suspended again over the following 12 hours, creating confusion. However, that is being reversed again, and indeed the renewed licenses are granted. Ironically, beef supplies in the U.S. are very tight, yet more opportunities are opening up for beef exports. How much will be exported when supplies are tight and prices are high? The Commitment of Traders report showed fund traders as net sellers of 9,064 live cattle futures, reducing their long positions to 128,954. They were net sellers of 2,612 futures in feeder cattle, reducing their long positions to 17,909.

Hog futures closed lower on Friday, with contracts slightly above or below the close of the previous week. There was substantial volatility during the week, but bullish traders could not find traction. At least futures did not fall below support, which could open the way for further losses. Positive fundamentals remain elusive as both cash and cutouts continue to chop up and down. The National Daily Direct Afternoon Hog report showed cash down $1.80 with a weighted average price of $91.52. Pork cutout values increased by $1.01. The Commitment of Traders report showed the funds continued to reduce their long positions, being net sellers of 9,476 futures contracts to a net long of 29,211.

	BULL SIDE		BEAR SIDE
1)	Very strong cash cattle prices indicate demand remains strong and packers are short bought.	1)	If export quotas and tariffs are eliminated for beef imports, it could put pressure on domestic beef prices.
2)	China is granting beef export licenses to U.S. plants that have been suspended, allowing for greater export business in an already tight domestic market.	2)	Live cattle futures have been unable to move above resistance and make new highs, even though cash has been very strong.
3)	Hog futures held support last week, and the longer they remain that way, stronger support may be developing.	3)	Hog futures tried to rally a few times last week, only to be met with selling. Traders are focused on day trading to scalp the market rather than establishing long-term positions.
4)	Increased pork demand is possible through the summer as beef prices continue to escalate.	4)	The fund traders continue to reduce their long position, seeing little reason for prices to trend higher anytime soon.

Friday Closing Livestock Market Update - Cattle Round Out the Week Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with cattle contracts closing higher while hog contracts ended the day softer. No new cash cattle trade was noted, although bids were offered by packers throughout the day. July corn is down 11 3/4 cents per bushel and July soybean meal is up $1.80. The Dow Jones Industrial Average is down 537.29 points and the NASDAQ is down 410.08 points.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $5.00, August live cattle up $3.83; May feeder cattle up $1.30, August feeder cattle down $2.78; June lean hogs up $0.13, July lean hogs up $0.15; July corn down $0.16, September corn down $0.15.

LIVE CATTLE:

The live cattle complex was able to maintain its moderate rally through the day's close as the contracts weren't up against immediate resistance pressure. Today's trade is really a mix of traders wanting to support the contracts amid a red-hot rally in the cash market but not wanting to challenge the market's resistance threshold. June live cattle closed $1.82 higher at $253.90, August live cattle closed $1.77 higher at $247.92 and October live cattle closed $1.80 higher at $239.87. No new cash cattle trade developed throughout the day, but packers were offering up bids through the day's end. Throughout the day, Northern dressed cattle have traded from mostly $410 to $415, which is $7.00 to $12.00 higher than last week's weighted average, and Southern live cattle have traded at mostly $260 to $263, which is $3.00 to $5.00 higher than last week's weighted average.

Friday's slaughter is estimated at 100,000 head, 8,000 head more than a week ago and 3,000 head less than a year ago. Saturday's slaughter is projected to be around 9,000 head. The week's total slaughter is estimated at 535,000 head, 8,000 head more than a week ago and 31,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.80 ($389.25) and select up $0.25 ($389.25) with a movement of 103 loads (77.10 loads of choice, 7.46 loads of select, 4.43 loads of trim and 13.87 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat higher. Until packers have enough supply secured, prices will likely hold steady if not trade higher as supplies of market-ready cattle are thin right now.

FEEDER CATTLE:

With the support of the live cattle contracts' higher trend, the feeder cattle contracts were also able to round out the day on a stronger note as the market continues to closely track alongside the live cattle market's trading behavior. May feeders closed $1.10 higher at $368.67, August feeders closed $3.45 higher at $361.45 and September feeders closed $3.95 higher at $359.17. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $6.00 to $13.00 lower and feeder heifers traded $5.00 to $10.00 lower. Steer calves sold $15.00 to $20.00 lower, while heifer calves over 450 pounds sold $5.00 to $8.00 lower, and heifers under 450 pounds sold $25.00 to $30.00 lower. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 5/14/2026: down $3.14, $370.09.

LEAN HOGS:

Yes, pork cutout values closed higher, but that wasn't enough support to keep the lean hog contracts from trading lower. June lean hogs closed $0.77 lower at $98.75, July lean hogs closed $1.20 lower at $103.35 and August lean hogs closed $1.32 lower at $104.15. The lean hog complex can't seem to find firm support, and unfortunately, that's keeping the contracts from trading higher. Pork cutouts totaled 274.90 loads with 242.62 loads of pork cuts and 32.29 loads of trim. Pork cutout values: up $1.01, $97.56. Friday's slaughter is estimated at 445,000 head, 34,000 head less than a week ago and 18,000 head less than a year ago. Saturday's slaughter is projected to be around 30,000 head. The CME lean hog index 5/13/2026: down $0.26, $90.48.

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

Friday Midday Livestock Market Summary - Cattle Prices Inch Higher

GENERAL COMMENTS:

No longer up against immediate resistance pressure, the cattle contracts are trading slightly higher into Friday's noon hour, while the hog contracts continue to trade lower. No more cash cattle trade has developed and it looks like the bulk of this week's business is done. July corn is down 11 3/4 cents per bushel and July soybean meal is up $3.40. The Dow Jones Industrial Average is down 484.80 points and NASDAQ is down 366.22 points.

LIVE CATTLE:

It's been another back-and-forth trading day for the live cattle complex as the contracts are now slightly higher heading into Friday's noon hour as traders have backed the contracts away from resistance and aren't concerned about that pressure cropping up in the immediate future. June live cattle are up $1.37 at $253.45, August live cattle are up $1.67 at $247.82 and October live cattle are up $1.67 at $239.75. No new trade has developed in the cash cattle market and it's looking like the bulk of this week's trade is essentially done. So far this week, Northern dressed cattle have traded from mostly $410 to $415, which is $7.00 to $12.00 higher than last week's weighted average, and Southern live cattle have traded at mostly $260 to $263, which is $3.00 to $5.00 higher than last week's weighted average. Again today, do note that select prices are higher than choice cuts as supplies of lean beef remains extremely thin.

Boxed beef prices are higher: choice up $1.41 ($388.86) and select up $1.62 ($390.62) with a movement of 76 loads (61.53 loads of choice, 4.03 loads of select, zero loads of trim and 10.38 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trade in a slightly stronger manner, the feeder cattle contracts are also trading modestly higher into Friday's noon hour. May feeders are up $1.20 at $368.77, August feeders are up $3.15 at $361.15 and September feeders are up $3.62 at 358.85. So long as the live cattle contracts continue to scale higher, the feeder cattle complex will likely do the same through the day's close.

LEAN HOGS:

Even though pork cutout values are mildly higher, the lean hog contracts still can't seem to gain substantial momentum. June lean hogs are down $1.32 at $103.22, August lean hogs are down $1.75 at $103.72 and October lean hogs are down $1.30 at $90.60. It's unlikely anything is going to change the direction of the lean hog complex ahead of Friday's close.

The projected CME Lean Hog Index for 5/14/2026 is down $0.02 at $90.46 and the actual index for 5/13/2026 is down $0.26 at $90.48. Hog prices on the Daily Direct Morning Hog Report average $91.87, ranging from $89.00 to $95.00 on 1,313 head and a five-day rolling average of $94.50. Pork cutouts total 203.07 loads with 174.97 loads of pork cuts and 28.11 loads of trim. Pork cutout values: up $0.90, $97.45.

Friday Morning Livestock Market Update - CME to Raise Trading Limits

GENERAL COMMENTS:

The market was not disappointed in cash trade on Thursday, with Northern dressed sales ranging from $2.00 to $7.00 higher. There were a few sales that took place as much as $15.00 higher. Southern cattle sales were $3.00 to $5.00 higher. Surprisingly, this did not provide further support to cattle futures. Sure, boxed beef prices were mixed, with choice down $1.32 and select up $0.42, but that did not offset the bullishness of cash. Weekly export sales were below the previous week at only 7,500 metric tons (mt), but even that did not offset the bullishness of cash. There may be concern that once Memorial Day demand is finished, beef demand may slow. Another concern is the greater volatility that has developed. This may be enhanced by the CME Group expanding trading limits beginning June 1. Feeder cattle limits move from $9.25 to $10.75 with expanded limits from the current $13.75 to $16.00. Live cattle limits move from $7.25 to $8.50, with expanded limits from the current $10.75 to $12.75.

Packers were not aggressive buyers in the cash market on Thursday, with the National Daily Direct Afternoon Hog report down $2.19 on light activity. Many times, they are not aggressive on Friday, but there is a good chance they may be more aggressive today as they will finish up purchases for the week. Pork cutout values were up $0.52. The June contract is the lead month and carries a significant premium to cash, which may need to be removed unless cash is stronger over the next few weeks. Weekly export sales were down from the previous week, casting some bearishness on the market.

	BULL SIDE		BEAR SIDE
1)	Strong cash should support cattle futures. Prices are substantially below cash, and demand remains strong.	1)	Expanding the trading limits for cattle will result in higher margin requirements. Traders may reduce some of their exposure before then.
2)	Demand for feeder cattle remains strong, with feedlots paying a premium for cattle to fill their lots.	2)	Export sales are slowing due to high beef prices. It makes it more difficult to compete on the international market.
3)	Even though hog futures have been volatile recently, they are trending higher. The deferred contracts are showing the greatest support.	3)	Solid fundamental support remains elusive in the hog market. This will limit upside price potential.
4)	Pork demand may benefit this summer as high beef prices may result in more pork demand for grilling.	4)	Hog numbers remain sufficient in the country, with buyers not having to be very aggressive with their weekly purchases.

Thursday Closing Livestock Market Update - Contracts End the Day Lower Again

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as traders didn't see the support they needed to keep the contracts elevated through the day's end. Some light cash cattle trade developed in the North, but the day's movement was thin. July corn is down 13 1/4 cents per bushel and July soybean meal is down $6.00. The Dow Jones Industrial Average is up 370.26 points and the NASDAQ is up 232.88 points.

Thursday's export report shared that beef net sales of 7,500 mt for 2026 were down 25% from the previous week and 41% from the prior 4-week average. The three largest buyers were Mexico (2,000 mt), South Korea (1,300 mt) and Taiwan (1,000 mt). Port net sales of 21,000 mt for 2026 were down 32% from the previous week and 36% from the prior 4-week average. The three largest buyers were Japan (7,100 mt), Mexico (6,100 mt) and Colombia (1,800 mt).

LIVE CATTLE:

The back-and-forth nature of the live cattle contract's chaotic state continued through Thursday's trade. Thankfully, today's lower end wasn't because of any external noise or pressure, but rather the market ran into resistance pressure as the contracts neared that threshold. June live cattle closed $0.72 lower at $252.07, August live cattle closed $0.32 lower at $246.15 and October live cattle closed $0.52 lower at $238.07. But what was encouraging is that the fed cash cattle market saw cattle trade even higher today, as some cattle traded in the North for $415, which is $12.00 higher than last week's weighted average. Otherwise, earlier this week, light trade took place every day with some pretty wide ranges. Northern dressed deals have traded in a range of $400 to $410, mostly $405 to $410, $2 to $7 higher than last week's weighted averages. Southern live deals have had a range of $260 to $265, mostly $260 to $262, $3 to $5 higher than the prior week's weighted averages. 

Thursday's slaughter is estimated at 108,000 head, 1,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.32 ($387.45) and select up $0.42 ($389.00) with a movement of 99 loads (74.81 loads of choice, 5.86 loads of select, 10.77 loads of trim and 7.58 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point, the bulk of this week's trade is likely done with, although some trade could still develop on Friday.

FEEDER CATTLE:

The feeder cattle complex ended the day lower as well, as the feeder cattle complex continues to close track alongside the live cattle contracts. May feeders closed $0.25 higher at $367.57, August feeders closed $2.92 lower at $358.00 and September feeders closed $2.75 lower at $355.22. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 400 to 500 pounds sold $10.00 lower and steers weighing 550 to 600 pounds traded $8.00 higher. Feeder steers weighing 600 to 650 pounds sold lower, while steers weighing 650 to 850 pounds traded steady to $8.00 higher. Heifer calves weighing 300 to 450 pounds and those weighing 500 to 600 pounds sold $2.00 to $8.00 higher but those weighing 450 to 500 pounds traded softer. Slaughter cows traded steady to $4.00 lower, but slaughter bulls sold $7.00 higher. Feeder cattle supply over 600 pounds was 35%. The CME feeder cattle index 5/13/2026: up $0.09, $373.23.

LEAN HOGS:

The lean hog complex ended the day mixed, with the nearby contract slightly lower, but the deferred months held a slightly stronger position. June lean hogs closed $1.35 lower at $99.52, July lean hogs closed $1.32 lower at $104.55 and August lean hogs closed $1.05 lower at $105.47. And while pork cutout values ended the day slightly higher, that wasn't enough support to keep the contracts elevated throughout the day. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.19 with a weighted average price of $93.32 on 810 head. Pork cutouts totaled 248.25 loads with 213.70 loads of pork cuts and 34.55 loads of trim. Pork cutout values: up $0.52, $96.55. Thursday's slaughter is estimated at 464,000 head, 20,000 head less than a week ago and 15,000 head less than a year ago. The CME lean hog index 5/12/2026: down $0.26, $90.74.

FRIDAY'S HOG CALL: Lower. At this point, packers are mostly done buying in this week's cash market.

Thursday Midday Livestock Market Summary - Cattle Trade Higher While Hogs Scale Lower

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour as the cattle contracts again move higher, but the lean hog market's support has fizzled out. Some more light cash cattle trade has been noted in the North at $415, which is $12.00 higher than last week's weighted average. July corn is down 15 cents per bushel and July soybean meal is down $7.20. The Dow Jones Industrial Average is up 377.35 points and NASDAQ is up 237.68 points.

LIVE CATTLE:

The futures market is holding its wits together this morning and continuing to move higher as traders are allowing the contracts to successfully rally roughly $1.00 higher into Thursday's noon hour. More than anything the continued support from the relentless cash market has helped keep the contracts elevated. Yet again Thursday morning more cash trade has taken place and prices have been marked higher. Thus far this morning there's been a handful of cattle traded in Nebraska at $415 -- which is $12 higher than last week's weighted average. Otherwise earlier this week light trade took place every day with some pretty wide ranges. Northern dressed deals have traded in a range of $400 to $410, mostly $405 to $410, $2 to $7 higher than last week's weighted averages. Southern live deals have had a range of $260 to $265, mostly $260 to $262, $3 to $5 higher than the prior week's weighted averages. But thanks to the continued efforts of feedlot managers, the market is witnessing a true rally in the cash market where price discovery is the main theme of this bullish run.

Boxed beef prices are mixed: choice down $0.01 ($388.67) and select up $0.75 ($389.33) with a movement of 59 loads (43.42 loads of choice, 3.21 loads of select, 6.99 loads of trim and 5.17 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also enjoying a modest rally into Thursday's noon hour as the market is grateful to see the live cattle contracts trading higher which lends some additional technical support. May feeders are up $2.12 at $369.45, August feeders are up $1.77 at $362.70 and September feeders are up $2.40 at $360.37. Luckily Thursday's upward move has helped pull the spot August contract up to the market's 40-day moving average which remains a threshold that bull-spreaders should want the complex to conquer.

LEAN HOGS:

The lean hog complex is lower heading into Thursday's noon hour as traders would like to continue to see the contracts scale higher but aren't confident there's currently enough support in the market to successfully do so. Yes, midday pork cutout values are higher, but the cash market has been of little support this week. June lean hogs are down $1.30 at $99.57, July lean hogs are down $1.07 at $104.80 and August lean hogs are down $1.02 at $105.50.

The projected CME Lean Hog Index for 5/13/2026 is down $0.26 at $90.48, and the actual index for 5/12/2026 is up $0.26 at $90.74. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 265 head have traded this morning and that the market's five-day rolling average now sits at $95.04. Pork cutouts total 167.16 loads with 138.19 loads of pork cuts and 28.97 loads of trim. Pork cutout values: up $0.77, $96.80.

Cattle update - Tighter supplies, slower slaughter

USDA lowered its beef production forecast in response to slower‑than‑expected steer and heifer slaughter rates early in 2026. Total commercial cattle slaughter declined 8.5% in the first quarter, reflecting tighter fed cattle availability. Heavier carcass weights, up more than 34 lbs on average during the quarter, helped offset some of the decline in slaughter but were not sufficient to prevent an overall reduction in beef production.

Commercial slaughter echoed national trends across the Western states. First quarter slaughter declined in California, Idaho, Oregon and Washington, consistent with broader national reductions. In Montana, first quarter cattle slaughter was relatively stable compared to 2025, though more recent reports indicate slaughter activity has softened in April due to lighter animals.

Despite reduced slaughter levels and tight supplies, beef demand remains resilient. Packers continue to search for additional lean beef to blend with excess fat currently on the market in order to support ground beef demand even as production tightens. Heifers accounted for 37.3% of cattle on feed, unchanged from last year. This indicates minimal herd retention and suggests limited near‑term expansion in the U.S. cow herd. Anecdotal reports suggest some Western producers are diversifying operations by maintaining base cow herds, retaining heifers and marketing bred heifers, creating more consistent revenue streams across both spring and fall.

Drought conditions are intensifying and remain a key constraint to herd rebuilding efforts. Pasture conditions and upcoming hay production will be critical in determining cattle production capacity heading into 2026. As of May 5, 61% of national U.S. cattle production areas were experiencing drought, up sharply from 31% a year earlier. Within AgWest states, Idaho and Montana are facing some of the most severe conditions, while drought across much of the remaining Western U.S. remains comparatively manageable. In contrast, conditions are worsening across some of the largest cattle production areas in the Central and Southern Plains, where 52% of Oklahoma, 71% of Texas, and 75% of Nebraska cattle regions are currently classified in D2 (severe) drought or worse.

Cattle prices remain historically strong. Feeder and fed cattle prices have held firm, reflecting tight supplies and continued demand. On average, 550‑pound steer prices increased 33% year over year to exceed $5.05 per pound nationwide in April. Fed steer prices are also higher, rising 14% year over year to average more than $2.47 per pound. While the fed cattle cash market softened earlier in April, prices strengthened again toward month’s end.

On the global stage, elevated U.S. beef prices are weighing on export competitiveness. U.S. beef prices remain significantly higher than those of other major exporters, limiting opportunities in price‑sensitive markets. Beef exports are projected to decline 8% in 2026. Elevated export prices continue to support producer returns but are reducing U.S. competitiveness in key international markets.

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.

Thursday Morning Livestock Market Update - Futures May Show Further Strength

GENERAL COMMENTS:

The cattle market was driven by some light Northern cash sales at $410, $7.00 higher than last week. It is incredible to see cash trade over $400. There is a strong possibility that cash could even trade higher before the week is done. Some light trade took place in the South at the beginning of the week at $2.00 to $3.00 higher, but nothing has occurred since. It looks like those prices may be higher than that when trade develops. Futures posted substantial price ranges on Wednesday, with live cattle $6.00 to $7.00 and feeder cattle around $10.00. Interestingly, live cattle futures showed stronger gains than feeder cattle, but the discount to cash was significant and it needed to be reduced. Boxed beef certainly did not shine on Wednesday, with choice down $2.05 and select down $2.69.

Hog futures did an about-face, opening higher and climbing quickly. We must not think that futures have bottomed and strong buying will continue. Without consistent fundamental support, this might be another selling opportunity as traders scalp the market for a profit rather than establishing long-term positions. A price change was reported on the National Daily Direct Afternoon Hog report, showing a gain of $0.32. Pork cutout values increased by $0.51. Today is the final day for the May contract, with June taking over as the lead month.

	BULL SIDE		BEAR SIDE
1)	Significantly higher cash sales were noted in the North, which sets the stage for strong cash this week. Sales at $3.00 in the South on Monday and $7.00 higher in the North may be the lows.	1)	Once the Memorial Day demand for beef is met, consumers may slow beef purchases and utilize more of the less expensive choices of protein for grilling.
2)	Memorial Day demand for beef will be strong, and it is the beginning of the grilling season. This should support boxed beef prices.	2)	Cattle futures will need to move above the recent highs or selling could take place if technical resistance holds.
3)	The strength in hog futures on Wednesday may follow through today, as further short covering could unfold.	3)	Weekly hog weights remain 1.2 pounds higher than a year ago, leaving more tonnage available to the market.
4)	Weekly hog weights declined to 290.8 pounds, down 0.4 pounds from the previous week. Hog weights may trend lower moving forward.	4)	Packers may be mostly finished buying for the week, resulting in lower cash traded and eliminating support in the market.

Wednesday Closing Livestock Market Summary - Contracts Higher, Cash Cattle Prices Too

GENERAL COMMENTS:

The livestock complex ended Wednesday higher as traders supported the contracts all the way through the close. But what was most thrilling to note was the jump in fed cash cattle prices as some Northern cattle traded for $410 -- which is $7.00 higher than last week's weighted average. July corn is up 3/4 cent per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is down 67.36 points and NASDAQ is up 314.14 points.

LIVE CATTLE:

After a painful start to the week, the live cattle contracts regained their momentum on Wednesday. After the future's closing bell, the excitement continued as cash sales began to be reported in the North sharply higher than last week's weighted average. June live cattle closed $5.10 higher at $252.80, August live cattle closed $5.40 higher at $246.47 and October live cattle closed $4.72 higher at $238.60. But taking the cake for the market's most exciting news of the day were the developments in the cash market as another round of trade has been noted in the North at $410, which is $7.00 higher than last week's weighted average. At the time of this writing, it's been noted that a major packer in eastern Nebraska has offered to call-in at $415! Some new bids are surfacing in Kansas at $265, but no new trade has been noted in the south just yet. On Monday and Tuesday, Southern live cattle were trading at $260, which is $3.00 higher than last week's weighted average. Northern dressed cattle were trading at $400, which is $2.00 to $3.00 higher than last week's weighted average. 

Wednesday's slaughter is estimated at 108,000 head -- steady with a week ago but 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.05 ($388.68) and select down $2.69 ($388.58) with a movement of 118 loads (84.76 loads of choice, 10.64 load of select, 11.43 loads of trim and 10.95 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. The week's trend is higher and the latest developments in the cash market prove packers still need more cattle and feedlot managers know they can still push prices higher.

FEEDER CATTLE:

The feeder cattle complex continued to follow the same direction as the live cattle complex. May feeders closed $1.42 higher at $367.32, August feeders closed $4.37 higher at $360.92 and September feeders closed $4.10 higher at $357.97. At Kingsville Livestock Auction in Kingsville, Missouri, compared to last week steer and heifers sold steady to $5.00 lower with spots $10.00 lower on some calves, most those under 450 pounds are the ones that traded sharply lower. Feeder cattle supply over 600 pounds was 39%. The CME Feeder Cattle Index 5/12/2026: not available at this time.

LEAN HOGS:

Lean hog futures closed higher Wednesday afternoon as traders were pleased to see demand hold strong throughout the entire day. June lean hogs closed $2.45 higher at $100.87, July lean hogs closed $2.92 higher at $105.87 and August lean hogs closed $2.55 higher at $106.52. In order for traders to continue to support the complex and keep prices trading higher they need to see stable consumer support, which has been tough for the market lately. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.32 with a weighted average price of $95.51 on 5,686 head. Pork cutouts totaled 311.69 loads with 274.68 loads of pork cuts and 37.00 loads of trim. Pork cutout values: up $0.51, $96.03. Wednesday's slaughter is estimated at 484,000 head -- 7,000 head more than a week ago and 2,000 head more than a year ago. The CME Lean Hog Index 5/11/2026: up $0.07, $90.48.

THURSDAY'S HOG CALL: Lower. At this point packers are likely done with the vast majority of their buying in this week's market.

Wednesday Midday Livestock Market Summary - Futures Trade Higher

GENERAL COMMENTS:

After a tough start to the week, the livestock complex is trading higher again. Bids have surfaced in the cash cattle market, but no new sales have been noted yet Wednesday. July corn is up 1 1/4 cents per bushel and July soybean meal is up $8.70. The Dow Jones Industrial Average is down 127.79 points and NASDAQ is up 285.79 points.

LIVE CATTLE:

After an emotionally charged last couple of days, where volatility and headline trading became the market's main focus, the market seems to be breathing again as it's trading higher into the noon hour. June live cattle are up $4.45 at $252.15, August live cattle are up $5.20 at $246.27 and October live cattle are up $4.20 at $238.07. Bids have been renewed in the cash market, but at this point no new trade has developed following the light business that happened earlier in the week, but more is expected later in the week. So far this week, Southern live cattle have traded at $260, which is $3.00 higher than last week's weighted average, and Northern dressed cattle have traded at mostly $400, which is $2.00 to $3.00 lower than last week's weighted average.

Boxed beef prices are lower: choice down $0.75 ($389.98) and select down $1.41 ($389.86) with a movement of 68 loads (42.47 loads of choice, 6.01 loads of select, 11.27 loads of trim and 8.23 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher, which is a sign of technical relief as the market is now moving further away from its 100-day moving average. May feeders are up $1.80 at $367.70, August feeders are up $4.40 at $360.95 and September feeders are up $4.32 at $358.20. The market is still below its 40-day moving average, but as long as the live cattle complex continues to trade higher, feeders will likely continue to trade in the same higher manner through the afternoon and though the close.

LEAN HOGS:

Believe it or not, even the lean hog complex is higher! Traders are pleased to see the uptick in demand as the morning pork cutout value is higher. June lean hogs are up $3.32 at $101.75, July lean hogs are up $3.25 at $106.20 and August lean hogs are up $2.90 at $106.87. What's most encouraging to note about the midday cutout value is it's being supported by the majority of the cuts and the only cut lower Wednesday morning is the picnic.

The projected CME Lean Hog Index for 5/12/2026 is up $0.26 at $90.74, and the actual index for 5/11/2026 is up $0.06 is $90.48. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.24 with a weighted average price of $95.17, ranging from $91.00 to $96.00 on 2,866 head and a five-day rolling average of $95.04. Pork cutouts total 193.38 loads with 165.60 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $1.40, $96.92.

Wednesday Morning Livestock Market Update - Cattle Futures May See Further Pressure

GENERAL COMMENTS:

Cattle futures opened higher on Tuesday, likely off the news that President Trump was to delay the signing of the executive order to eliminate tariffs on beef for 200 days due to the 16% surge in beef imports over the past year. Beef imports are projected to reach as much as 6 billion pounds this year. This would be a record volume. However, the uncertainty created in just two days was too much for fund traders to feel comfortable holding all of their long positions. So, even though cash is expected to remain steady or increase this week, uncertainty has gained the upper hand. Boxed beef prices were lower, with choice down $0.49 and select down $0.22. There may be follow-through selling today, adding to the recent volatility.

Hog futures are unable to find consistent support, with prices falling back on Tuesday. The June contract made new lows as it had carried about a $10.00 premium to the May contract before Tuesday's trade. May goes off the board on Thursday, with June taking over the lead month. The market received no support from pork cutouts, as values declined by $1.46. There was no price change released on the National Daily Direct Afternoon Hog report due to no price change being released Monday. Packers were more aggressive with a significant volume of hogs purchased and are likely to remain aggressive today with higher cash expected.

	BULL SIDE		BEAR SIDE
1)	Cash trade is expected to be no less than steady this week, with higher prices possible based on a few trades on Monday at $2.00 to $3.00 higher.	1)	Cattle futures have established a downtrend over the past two weeks, even though cash traded higher. Sometimes, futures know where the cash will go.
2)	Cattle futures have corrected from being overbought, which may have traders willing to buy back into the market.	2)	The positive news from the delay in signing the executive order to allow more beef imports failed to support the market. That may increase market negativity.
3)	Hog futures have been under pressure for an extended period of time, with prices low enough for traders to step back into the market for the long term.	3)	June hog futures made new lows on Tuesday and still hold about an $8.00 premium to the May contract.
4)	Hog slaughter continues to exceed the previous year, indicating that demand has and is improving.	4)	Fund traders continue to reduce their long positions, according to the recent Commitment of Traders report.

Tuesday Closing Livestock Market Update - Weaker Tones Stick with the Contracts

GENERAL COMMENTS:

The livestock complex again ended the day lower -- exhausted from far too many headlines surrounding beef imports and tariffs. Bids were offered throughout the day in the cash market, but no new sales were noted. June lean hogs are down $1.80 at $98.425, July corn is up 4 3/4 cents per bushel and July soybean meal is up $3.60. The Dow Jones Industrial Average is up 56.09 points and the NASDAQ is down 185.93 points.

LIVE CATTLE:

It has been an exhausting two days for the live cattle complex, and copious amounts of fear surrounding what headline could come next has taken the market's focus off its bullish fundamental position and instead ensued fear and panic back into the complex. And because of such volatile, emotional trading, the live cattle contracts are back to trading lower. June live cattle closed $1.70 lower at $247.70, August live cattle closed $2.47 lower at $241.07 and October live cattle closed $2.80 lower at $233.87. Bids were offered throughout the day in the cash market but no new trade developed following Monday's movement. On Monday there was some light trade noted in the North at $400 which is $2.00 to $3.00 lower than last week's weighted average and a few Southern live cattle were traded at $260 which is $3.00 higher than the previous week's weighted average. 

Tuesday's slaughter is estimated at 108,000 head -- 1,000 head more than a week ago and 13,000 head less than a year ago.

Tuesday's WASDE report shared mixed news for the cattle and beef markets of 2026. Beef production for 2026 was 243 million pounds as slower marketings of fed cattle have affected throughput and cull cow slaughter is lighter than years past as well. Quarterly steer prices were increased substantially from last month as the cash market continues to rally and trade far higher than was originally assumed, Steers in the second quarter are now expected to average $253 (up $12.00 from last month); steers in the third quarter are expected to average $252 (up $10.00 from last month); and steers in the fourth quarter are expected to average $255 (up $10.00 from last month). Beef imports increased by 319 million pounds and beef exports fell by four million pounds from last month's projections.

Boxed beef prices closed lower: choice down $0.49 ($390.73) and select down $0.22 ($391.27) with a movement of 96 loads (69.88 loads of choice, 14.08 loads of select, 4.55 loads of trim and 7.46 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Steady. Even though the board has been erratic, feedlot managers know that their showlists are thin and now is the time to drive the market higher before supply builds back up.

FEEDER CATTLE:

The feeder cattle complex continues to mirror the live cattle market's direction and behavior, which is why the complex closed lower again this afternoon. But with the day's lower end, the spot August contract is hovering just above its 100-day moving average which is a technical threshold that needs monitored moving forward as a close below that price point could signal even more technical pressure. May feeders closed $2.50 lower at $365.90, August feeders closed $5.75 lower at $356.55 and September feeders closed $6.27 lower at $353.87. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers traded $5.00 to $10.00 lower and feeder heifers traded steady to $5.00 lower. Steer and heifer calves weren't well tested but on a very limited test, prices traded $10.00 to $20.00 lower -- with several strings of unweaned calves being offered. Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 5/11/2026: not available at this time.

LEAN HOGS:

The lean hog complex fell lower once again this afternoon as the market continues to be lacking fundamental support. June lean hogs closed $1.80 lower at $98.42, July lean hogs closed $1.70 lower at $102.95 and August lean hogs closed $1.72 lower at $103.97. Hog prices averaged $95.19 on the Daily Direct Afternoon Hog Report, with 7,451 head having traded. Pork cutouts totaled 388.74 loads with 353.94 loads of pork cuts and 34.80 loads of trim. Pork cutout values: down $1.46, $95.52. Tuesday's slaughter is estimated at 491,000 head -- 3,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 5/8/2026: down $0.38, $90.41.

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2026. Pork production for 2026 was increased by 10 million pounds as production in the second half of the year is expected to be greater than what the industry has currently seen. The quarterly price projection for hogs was mixed as hogs in the second quarter of 2026 are now expected to average $71 (down $1.00 from last month); hogs in the third quarter are now expected to average $74 (down $1.00 from last month); and hogs in the fourth quarter are now anticipated to average $64 (down $1.00 from last month). Pork imports for 2026 fell by 12 million pounds but pork exports grew by 32 million pounds.

WEDENSDAY'S HOG CALL: Steady to somewhat higher. Packers were a tick more active in today's market, but still likely need more hogs.

Tuesday Midday Livestock Market Summary - Contracts Dip Lower

GENERAL COMMENTS:

It's been a whiplash type of a day already for the cattle contracts and traders are now letting the contracts fall lower upon fearing what headline could pop up next. Bids have been renewed in the cash market, but no new trade has developed. July corn is up 2 1/4 cents per bushel and July soybean meal is up $2.70. The Dow Jones Industrial Average is down 161.19 points and NASDAQ is down 446.96 points.

LIVE CATTLE:

It's been a highly political, topsy-turvy Tuesday morning for the cattle complex following Monday's mayhem day of trading where it was reported the Trump administration was going to roll back tariffs on beef imports from all major beef exporting countries. However, then news broke Tuesday morning that the administration paused that train of thought and doesn't intend to do so in the immediate future. Needless to say, upon hearing the news Tuesday morning that tariffs would remain in place, the cattle contracts shot higher, but are now entering into Tuesday's noon hour mostly lower after being fatigued from the back-and-forth, emotionally charged changes. June live cattle are steady at $249.40, August live cattle are down $1.00 at $242.55 and October live cattle are down $1.27 at $235.40. A few bids have been renewed in the cash cattle market, but no new trade has developed following Monday's light business.

On Monday, mandatory reports shared some light trade was noted in all major feeding states with Northern dressed deals marked at $400, $2 to $3 lower than last week's weighted averages. Southern live sales came in at $260, $3 higher than last week's weighted averages.

Tuesday's WASDE report shared mixed news for the cattle and beef markets of 2026. Beef production for 2026 was 243 million pounds as slower marketings of fed cattle have affected throughput and cull cow slaughter is lighter than years past as well. Quarterly steer prices were increased substantially from last month as the cash market continues to rally and trade far higher than was originally assumed, Steers in the second quarter are now expected to average $253 (up $12.00 from last month); steers in the third quarter are expected to average $252 (up $10.00 from last month); and steers in the fourth quarter are expected to average $255 (up $10.00 from last month). Beef imports increased by 319 million pounds and beef exports fell by four million pounds from last month's projections.

Boxed beef prices are higher: choice up $0.67 ($391.89) and select up $2.82 ($394.31) with a movement of 48 loads (37.34 loads of choice, 5.15 loads of select, zero loads of trim and 5.84 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower into Tuesday's noon hour as the market is skeptical of what headline could pop up next. May feeders are down $1.42 at $366.97, August feeders are down $2.72 at $359.67 and September feeders are down $3.12 at $357.02. Until the live cattle contracts show more confidence, the feeder cattle contracts will likely continue to trade lower.

LEAN HOGS:

The lean hog contracts are trading lower into Tuesday's noon hour as well as the market simply isn't seeing the stable support it needs. Before traders will confidently push the contracts higher, they're going to need to see more support from consumers. June lean hogs are down $1.30 at $98.92, July lean hogs are down $1.40 at $103.25 and August lean hogs are down $1.42 at $104.27. The projected CME Lean Hog Index for 5/11/2026 is up $0.06 at $90.48, and the actual index for 5/8/2026 is down $0.38 at $90.41. Hog prices on the Daily Direct Morning Hog Report average $94.93, ranging from $91.00 to $96.00 on 3,516 head and a five-day rolling average of $94.85. Pork cutouts total 209.81 loads with 187.24 loads of pork cuts and 22.57 loads of trim. Pork cutout values: down $0.78, $96.20.

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2026. Pork production for 2026 was increased by 10 million pounds as production in the second half of the year is expected to be greater than what the industry has currently seen. The quarterly price projection for hogs was mixed as hogs in the second quarter of 2026 are now expected to average $71 (down $1.00 from last month); hogs in the third quarter are now expected to average $74 (down $1.00 from last month); and hogs in the fourth quarter are now anticipated to average $64 (down $1.00 from last month). Pork imports for 2026 fell by 12 million pounds but pork exports grew by 32 million pounds.