Monday Closing Livestock Market Update - Complex Closed Lower

GENERAL COMMENTS:

The livestock complex ended the day lower as traders simply didn't see the support they needed to trade the contracts higher. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. June lean hogs are down $1.53 at $99.75, July corn is up 5 1/2 cents per bushel and July soybean meal is up $1.60. The Dow Jones Industrial Average is down 557.37 points and the NASDAQ is down 46.64 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders kept with the downward trend that began last Thursday after reaching new contract highs just earlier in the week. On the heels of a huge rally that took place early last week, traders seem to be a little apprehensive about being overly supportive of the complex. This is due to the futures market needing continued fundamental support if it's to trade any higher. And given that last week's volume in the cash market was lofty and prices were sharply higher, that support may be slow to surface. June live cattle closed $1.25 lower at $251.75, August live cattle closed $1.65 lower at $246.17 and October live cattle closed $2.00 lower at $240.45. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Texas, but lower in Kansas. Monday's slaughter is estimated at 98,000 head, 8,000 head less than a week ago and 10,000 head less than a year ago.

Last week, Northern dressed cattle traded anywhere from $392 to $405, but mostly at $400, which is $14.00 higher than the previous week's weighted average, and Southern live cattle traded anywhere from $250 to $256, but mostly at $255 to $256, which is $9.00 to $10.00 higher than the previous week's weighted average. The new weighted averages for both regions mark new all-time highs in the fed cash cattle market, as packers were extremely aggressive in last week's market. Last week's negotiated fed cash cattle trade totaled 91,765 head, of which 80% (73,104 head) were committed to the market's nearby delivery, but the remaining 20% (18,661 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.45 ($391.56) and select up $3.55 ($390.60) with a movement of 104 loads (72.77 loads of choice, 7.45 loads of select, 8.57 loads of trim and 15.39 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers now have more supply available to them, it's likely that prices trade steady at best this week.

FEEDER CATTLE:

The feeder cattle complex also closed lower as the market fell lower upon seeing the live cattle contracts track lower, upon seeing demand be mixed in the countryside, and in keeping with the downward trend stated late last week. May feeders closed $4.80 lower at $366.60, August feeders closed $5.57 lower at $366.60 and September feeders closed $5.90 lower at $364.80. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers were trading steady to $4.00 higher, while feeder heifers were trading steady to $2.00 lower. Demand was called moderate to good amid a day in which the futures market closed lower. Steer calves under 500 pounds sold $5.00 to $10.00 higher and steer calves over 500 pounds traded $5.00 to $10.00 lower. Heifer calves under 500 pounds traded $10.00 to $20.00 higher, and heifers over 500 pounds sold steady. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 5/1/2026: up $1.51, $375.54.

LEAN HOGS:

The lean hog complex ended the day lower as well, as traders simply don't possess the support needed to keep the market from trading in any other direction aside from lower. June lean hogs closed $1.52 lower at $99.75, July lean hogs closed $1.55 lower at $101.82 and August lean hogs closed $1.45 lower at $102.40. Until some substantial fundamental support develops, this choppy sideways/lower trend could remain the market's theme. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.90 with a weighted average price of $94.44 on 657 head. Pork cutouts totaled 296.93 loads with 271.28 loads of pork cuts and 25.65 loads of trim. Pork cutout values: down $0.23, $97.36. Monday's slaughter is estimated at 490,000 head, 6,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index 4/30/2026: down $0.11, $91.30.

TUESDAY'S HOG CALL: Steady. With pork demand not showing much enthusiasm, packers may not be overly aggressive in this week's market.