GENERAL COMMENTS:
The livestock complex ended the day mostly higher as the cattle contracts rallied throughout the day, but the lean hog complex was also able to strengthen its position ahead of the day's close. Still no cash cattle trade has developed. July corn is down 5 cents per bushel and July soybean meal is up $2.00. The Dow Jones Industrial Average is up 199.67 points and the NASDAQ is up 11.12 points.
LIVE CATTLE:
All in all, it ended up being a positive day for the live cattle complex as the contracts rallied moderately through Wednesday's end. More than anything, traders were pleased to see the uptick in boxed beef prices (higher at midday, mixed at closing) and hope that will correlate to stronger fed cash cattle prices later this week when trade develops. June live cattle closed $3.20 higher at $251.42, August live cattle closed $3.35 higher at $242.50 and October live cattle closed $3.02 higher at $233.97. There's yet to be any substantial trade in the fed cash cattle market, and the week's trade will likely be delayed until the week's end as feedlot managers want more money, but packers are hoping to work the market in the opposite direction.
Wednesday's slaughter is estimated at 110,000 head -- 5,000 head more than a week ago and 12,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.82 ($394.72) and select down $1.01 ($389.29) with a movement of 144 loads (108.82 loads of choice, 11.63 loads of select, 9.27 loads of trim and 14.35 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady to somewhat higher. With boxed beef prices higher, feedlot managers may be able to push the market higher later this week if they're patient.
FEEDER CATTLE:
With the support of the live cattle contracts' higher trend, the feeder cattle contracts wasted no time rallying throughout Wednesday's trading session. August feeders closed $5.17 higher at $354.62, September feeders closed $4.77 higher at $351.80 and October feeders closed $4.57 higher at $348.47. At the Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, the best test on steers was on those weighing 950 to 999 pounds, which traded $6.00 to $8.00 higher with instances up to $10.00 higher, those weighing 1,000 to 1,049 pounds traded $3.00 to $4.00 lower, and those weighing 1,050 to 1,099 pounds traded steady to $1.00 higher. The best gest on heifers was on those weighing 650 to 699 pounds, which traded mostly $3.00 higher. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle 5/26/2026: down $4.23, $367.26.
LEAN HOGS:
Although the contracts traded lower earlier in the day, the lean hog complex was able to end the day on a stronger note thanks to trader support. Fundamental support was mixed today as it was nice to see a greater volume traded in the cash market, but again this afternoon, pork cutout values ended the day lower. June lean hogs closed $1.47 higher at $97.60, July lean hogs closed $2.00 higher at $102.12 and August lean hogs closed $1.80 higher at $100.85. Hog prices averaged $94.64 on the Daily Direct Afternoon Hog Report, with 5,008 head trading and the market's five-day rolling average now sitting at $94.21. Pork cutouts totaled 350.43 loads with 302.98 loads of pork cuts and 47.44 loads of trim. Pork cutout values: down $0.50, $98.35. Wednesday's slaughter is estimated at 475,000 head -- 7,000 head less than a week ago and 2,000 head less than a year ago. The CME lean hog index 5/22/2026: down $0.18, $90.70.
THURSDAY'S HOG CALL: Steady to somewhat lower. With a modest movement in Wednesday's market, packers may not have to buy many more hogs later this week.
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