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.
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