GENERAL COMMENTS:
The livestock complex ended Wednesday higher as traders supported the contracts all the way through the close. But what was most thrilling to note was the jump in fed cash cattle prices as some Northern cattle traded for $410 -- which is $7.00 higher than last week's weighted average. July corn is up 3/4 cent per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is down 67.36 points and NASDAQ is up 314.14 points.
LIVE CATTLE:
After a painful start to the week, the live cattle contracts regained their momentum on Wednesday. After the future's closing bell, the excitement continued as cash sales began to be reported in the North sharply higher than last week's weighted average. June live cattle closed $5.10 higher at $252.80, August live cattle closed $5.40 higher at $246.47 and October live cattle closed $4.72 higher at $238.60. But taking the cake for the market's most exciting news of the day were the developments in the cash market as another round of trade has been noted in the North at $410, which is $7.00 higher than last week's weighted average. At the time of this writing, it's been noted that a major packer in eastern Nebraska has offered to call-in at $415! Some new bids are surfacing in Kansas at $265, but no new trade has been noted in the south just yet. On Monday and Tuesday, Southern live cattle were trading at $260, which is $3.00 higher than last week's weighted average. Northern dressed cattle were trading at $400, which is $2.00 to $3.00 higher than last week's weighted average.
Wednesday's slaughter is estimated at 108,000 head -- steady with a week ago but 11,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.05 ($388.68) and select down $2.69 ($388.58) with a movement of 118 loads (84.76 loads of choice, 10.64 load of select, 11.43 loads of trim and 10.95 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. The week's trend is higher and the latest developments in the cash market prove packers still need more cattle and feedlot managers know they can still push prices higher.
FEEDER CATTLE:
The feeder cattle complex continued to follow the same direction as the live cattle complex. May feeders closed $1.42 higher at $367.32, August feeders closed $4.37 higher at $360.92 and September feeders closed $4.10 higher at $357.97. At Kingsville Livestock Auction in Kingsville, Missouri, compared to last week steer and heifers sold steady to $5.00 lower with spots $10.00 lower on some calves, most those under 450 pounds are the ones that traded sharply lower. Feeder cattle supply over 600 pounds was 39%. The CME Feeder Cattle Index 5/12/2026: not available at this time.
LEAN HOGS:
Lean hog futures closed higher Wednesday afternoon as traders were pleased to see demand hold strong throughout the entire day. June lean hogs closed $2.45 higher at $100.87, July lean hogs closed $2.92 higher at $105.87 and August lean hogs closed $2.55 higher at $106.52. In order for traders to continue to support the complex and keep prices trading higher they need to see stable consumer support, which has been tough for the market lately. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.32 with a weighted average price of $95.51 on 5,686 head. Pork cutouts totaled 311.69 loads with 274.68 loads of pork cuts and 37.00 loads of trim. Pork cutout values: up $0.51, $96.03. Wednesday's slaughter is estimated at 484,000 head -- 7,000 head more than a week ago and 2,000 head more than a year ago. The CME Lean Hog Index 5/11/2026: up $0.07, $90.48.
THURSDAY'S HOG CALL: Lower. At this point packers are likely done with the vast majority of their buying in this week's market.
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