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.
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