GENERAL COMMENTS:
The livestock complex closed mixed with the cattle contracts, finding mild support, while the hog complex ended the day lower. Still no cash cattle trade has developed, but a bid of $400 was offered throughout the day in Nebraska. July corn is down 11 1/2 cents per bushel and July soybean meal is down $3.10. The Dow Jones Industrial Average is up 612.34 points and the NASDAQ is up 512.81 points.
LIVE CATTLE:
The live cattle contracts ended the day mostly higher, as traders continued to help support the complex through the day's end. More than anything, traders were willing to mildly support the contracts even though no substantial cash cattle trade has developed, as the bullish sentiment of the market remains alive and well, and given that the complex is not up against immediate fear of resistance pressure. June live cattle closed $0.25 higher at $253.47, August live cattle closed $0.55 higher at $248.90 and October live cattle closed $0.50 higher at $243.72. A single bid of $400 was offered throughout the day in Nebraska, but no cattle traded.
Wednesday's slaughter is estimated at 108,000 head, 1,000 head less than a week ago and 9,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.72 ($389.62) and select down $2.61 ($389.63) with a movement of 107 loads (79.26 loads of choice, 5.64 loads of select, zero loads of trim and 21.90 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady. Given that prices advanced aggressively last week (up $9.00 to $14.00 higher), it's likely that unless packers are still short bought, prices will trade steady at best.
FEEDER CATTLE:
Although the feeder cattle complex is nearing resistance, the market continued to trade higher through Wednesday's close as traders were pleased to see the live cattle contracts trading higher and opted to let the worry of resistance pressure be a problem for Thursday to solve. May feeders closed $0.57 higher at 372.40, August feeders closed $0.75 higher at $373.05 and September feeders closed $0.92 higher at $371.30. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week, feeder steers over 800 pounds sold steady to $3.00 higher and steers under 800 pounds traded $2.00 to $8.00 lower. Feeder heifers traded steady to $5.00 lower. Steer and heifer calves sold steady on a light test. Feeder cattle supply over 600 pounds was 90%. The CME feeder cattle index 5/5/2026: down $0.14, $375.19.
LEAN HOGS:
And the same old story remains true in the lean hog complex, without enough support arising, traders continue to let the contracts trade lower. June lean hogs closed $1.72 lower at $99.70, July lean hogs closed $1.27 lower at $102.25 and August lean hogs closed $0.90 lower at $103.30. Unfortunately, the market could pressure its support plane as no substantial fundamental support has developed this week. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.86 with a weighted average price of $94.59 on 4,987 head. Pork cutouts totaled 313.66 loads with 263.68 loads of pork cuts and 49.98 loads of trim. Pork cutout values: down $0.87, $95.10. Wednesday's slaughter is estimated at 488,000 head, 1,000 head less than a week ago and 19,000 head more than a year ago. The CME lean hog index 5/4/2026: up $0.07, $91.10.
THURSDAY'S HOG CALL: Lower. Without strengthening demand, it's unlikely that packers will show the cash market much interest later this week.
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