GENERAL COMMENTS:
Following the long weekend, livestock contracts ended a mixed Tuesday afternoon, with traders continuing to look for direction as they head into the new week. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. July corn is down 5 3/4 cents per bushel and July soybean meal is down $3.30. The Dow Jones Industrial Average is down 91.08 points and the NASDAQ is up 312.06 points.
LIVE CATTLE:
The live cattle complex ended the day mostly higher, although a few of the nearby contracts remained cautious and lower through Monday's close. June live cattle closed $1.07 lower at $248.22, August live cattle closed $0.45 lower at $239.15 and October live cattle closed $0.22 higher at $230.95. Today's trade was evidence that sometimes the market can react to reports/or happenings before they even happen, as Friday's Cattle on Feed report was reacted to before the report was released, and thankfully, the market didn't trade much lower on Tuesday. No cash cattle trade developed throughout the day. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas.
Tuesday's slaughter is estimated at 111,000 head -- 1,000 head more than a week ago and 6,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.63 ($392.90) and select up $5.30 ($390.30) with a movement of 67 loads (47.52 loads of choice, 7.77 loads of select, 3.54 loads of select, 8.19 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Even though Memorial Day has passed, packers could remain aggressive buyers in the market as demand could remain strong for the next week or two, as it historically has.
FEEDER CATTLE:
Following last week's massive erosion, the feeder cattle contract was able to close mostly higher Tuesday afternoon, now that the Cattle on Feed report has come and gone, and the scare surrounding the report has faded into the background. August feeders closed $0.40 lower at $349.45, September feeders closed $0.12 higher at $347.02 and October feeders closed $0.27 higher at $343.90. Most feeder cattle sales were cancelled for the early part of this week, given the Memorial Day Holiday and the fact that supplies are so short. The CME feeder cattle index 5/25/2026: up $1.36, $371.49.
LEAN HOGS:
The same song and dance that the lean hog complex has grown accustomed to continued through Tuesday's close as once again, the market closed lower. June lean hogs closed $0.37 higher at $96.12, July lean hogs closed $0.27 lower at $100.12 and August live cattle closed $1.02 lower at $99.05. And until fundamental support strengthens, a mundane, sideways to somewhat lower trend will likely continue. Hog prices on the Daily Direct Afternoon Hog Report remained unavailable due to confidentiality. However, we can see that only 2,155 head traded throughout the day and that the market's five-day rolling average now sits at $93.57. Pork cutouts totaled 350.77 loads with 328.93 loads of pork cuts and 21.84 loads of trim. Pork cutout values: up $2.59, $98.85.
Tuesday's slaughter is estimated at 468,000 head -- 17,000 head less than a week ago and 12,000 head less than a year ago. The CME lean hog index 5/21/2026: down $0.19, $90.88.
WEDNESDAY'S HOG CALL: Higher. Packers showed the market little attention last week, and so at some point, they're going to need to secure more supply.
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