GENERAL COMMENTS:
After a tough start to the week, the livestock complex is trading higher again. Bids have surfaced in the cash cattle market, but no new sales have been noted yet Wednesday. July corn is up 1 1/4 cents per bushel and July soybean meal is up $8.70. The Dow Jones Industrial Average is down 127.79 points and NASDAQ is up 285.79 points.
LIVE CATTLE:
After an emotionally charged last couple of days, where volatility and headline trading became the market's main focus, the market seems to be breathing again as it's trading higher into the noon hour. June live cattle are up $4.45 at $252.15, August live cattle are up $5.20 at $246.27 and October live cattle are up $4.20 at $238.07. Bids have been renewed in the cash market, but at this point no new trade has developed following the light business that happened earlier in the week, but more is expected later in the week. So far this week, Southern live cattle have traded at $260, which is $3.00 higher than last week's weighted average, and Northern dressed cattle have traded at mostly $400, which is $2.00 to $3.00 lower than last week's weighted average.
Boxed beef prices are lower: choice down $0.75 ($389.98) and select down $1.41 ($389.86) with a movement of 68 loads (42.47 loads of choice, 6.01 loads of select, 11.27 loads of trim and 8.23 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also trading higher, which is a sign of technical relief as the market is now moving further away from its 100-day moving average. May feeders are up $1.80 at $367.70, August feeders are up $4.40 at $360.95 and September feeders are up $4.32 at $358.20. The market is still below its 40-day moving average, but as long as the live cattle complex continues to trade higher, feeders will likely continue to trade in the same higher manner through the afternoon and though the close.
LEAN HOGS:
Believe it or not, even the lean hog complex is higher! Traders are pleased to see the uptick in demand as the morning pork cutout value is higher. June lean hogs are up $3.32 at $101.75, July lean hogs are up $3.25 at $106.20 and August lean hogs are up $2.90 at $106.87. What's most encouraging to note about the midday cutout value is it's being supported by the majority of the cuts and the only cut lower Wednesday morning is the picnic.
The projected CME Lean Hog Index for 5/12/2026 is up $0.26 at $90.74, and the actual index for 5/11/2026 is up $0.06 is $90.48. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.24 with a weighted average price of $95.17, ranging from $91.00 to $96.00 on 2,866 head and a five-day rolling average of $95.04. Pork cutouts total 193.38 loads with 165.60 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $1.40, $96.92.
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