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.
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