Tuesday Closing Livestock Market Summary - Cattle Futures Soften to End June

GENERAL COMMENTS:

Feeder cattle futures were the main focus through most of Tuesday's trading session, with active triple-digit losses seen through the entire trading day. Although feeder cattle contracts recovered slightly from session lows seen during the morning trade, the swift shift from last week's highs continues to add uncertainty not only to the feeder cattle complex but to the entire cattle market. Live cattle futures followed the feeder cattle market lower, although losses were much more subdued in most contract months. Although spot month June contracts closed higher on the last day of June, most of this price support developed from position squaring ahead of the end of the month and quarter in the expiring contracts. Limited activity is also expected in the next couple of trading sessions across all livestock markets, with trade closed Friday for the Fourth of July Holiday, leaving general trade activity limited throughout the week. Hog prices closed higher on the Daily Direct Afternoon hog report, up $4.14 with a weighted average of $97.58 on 9,679 hogs. September corn closed up 6 1/2 at $4.168 and July soybean meal closed steady. The Dow Jones Industrial Average is up 135.07 at 52,317.81.

LIVE CATTLE:

Live cattle futures followed the feeder cattle complex lower in all contract months except the front month June contract, which is expiring. August futures led the market lower with a $1.15 per cwt loss, moving to $2.42 per cwt for the day. This move pushed prices below the 40-day moving average for the first time in 2 weeks, adding to underlying technical market concern across the entire complex. Despite the strong support in beef cutout values in the morning report, traders still seem cautious at best to actively step back into the market. June contracts closed at $258.20 per cwt, nearly $16 per cwt above the upcoming front month August contracts. This contract roll will adjust chart levels, creating additional chart uncertainty for those strictly focused on technical and chart direction when entering or exiting the market. End-of-the-month and quarter trade adjustments and positioning were likely the main order of business Tuesday, while overall trade volume was already extremely subdued due to holiday week absences.

Cash markets remain at a near standstill, with asking prices and bids still unavailable in all areas of cattle country. It is likely that interest is expected to develop sooner rather than later, ahead of markets remaining closed Friday and the upcoming Fourth of July Holiday. But for now, both sides continue to wait for a move from the other side. June live cattle closed $0.80 higher at $258.2, August live cattle closed $1.15 lower at $242.425 and October live cattle closed $0.73 lower at $236.65. 

Tuesday's slaughter is estimated at 110,000 head, steady with a week ago and 7,000 head less than a year ago. 

Boxed beef prices closed mixed: choice up $1.72 ($393.16) and select down $2.50 ($371.68) with a movement of 102.20 loads (67.52 loads of choice, 18.78 loads of select, 5.56 loads of trim and 10.34 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady, Limited activity is expected early Wednesday morning, although interest from both sides is likely to develop sometime during the day Wednesday based on the desire to wrap up business before the Fourth of July Holiday Weekend.

FEEDER CATTLE:

Feeder cattle futures turned lower once again Tuesday. The good news in the market, if there was any throughout the session, is that prices were able to bounce off of session lows seen early in the Tuesday trading session. But this still continues to add uncertainty through the entire complex as prices have quickly eroded from last week's highs, and the aggressive nature of the recent pressure could leave room for additional market weakness. Even with the recent market pullback, prices are still firmly above both the 40-day and 100-day moving averages, which is keeping many traders positive about potential market support. But the strong move higher in prices over the past several months is still keeping prices focused on just how much additional support may develop despite the extremely tight cattle and beef supplies. Traders are now expected to step back into the complex Wednesday morning with a new month and quarter on the books. This could help to create some additional optimism through the market, but the limited holiday trade seen this week could limit significant market activity and price support. August feeders closed $2.88 lower at $364.6, September feeders closed $3.23 lower at $362.525 and October feeders closed $3.28 lower at $359.65. The CME Feeder Cattle Index for June 26: down $0.59, $379.92.

LEAN HOGS:

Lean hog futures ended the trading session similar to where traders entered the Tuesday trading day, mixed with very little sense of significant market shifts. In July through October contracts posted moderate end-of-the-month gains, while deferred futures still posted additional pressure based on concerns that long-term demand for pork may not easily develop. Given that prices are at or near yearlong market lows, traders seemed to be more focused on end-of-the-month and quarter position adjustments, rather than any fundamental or long-term technical trade direction. This allowed prices to still hover well below the 40-day moving average, with concerns that global demand for pork and export markets may remain uncertain at best through the rest of the summer. July lean hogs closed $0.50 higher at $94.325, August lean hogs closed $0.93 higher at $98.2 and October lean hogs closed $0.48 higher at $82.00. Tuesday's hog slaughter is estimated at 479,000 head, 7,000 head fewer than a week ago and 11,000 head more than a year ago. Pork Cutouts totaled 248.73 loads with 222.09 loads of pork cuts and 26.64 loads of trim. Pork cutout values are down $2.17 at $95.49. The CME Lean Hog Index for June 26: down $0.14, $91.41.

WEDNESDAY'S HOG CALL: Steady. Limited long-term direction or aggressive cash buying is expected with the end-of-week holiday break approaching. Packers will likely focus on immediate needs, pushing off longer-term buying activity until early next week.

Tuesday Morning Livestock Market Update - Cash Cattle May Trade Early

GENERAL COMMENTS:

Cattle futures followed through on Friday's weakness. The reaction might have come from the weakness in boxed beef on Friday or that Southern live cattle traded $1.00 lower last week. There is also the possibility that the market is tired, and without continued new bullish news, a period of liquidation might take place. However, fundamentals remain supportive, and a retracement may be short-lived. Today is the last day for the June live cattle contract, with August taking over as the lead month and carrying a substantial discount to the expiring June contract. Boxed beef prices were higher, with choice up $0.41 and select up $2.60.

Hog futures were under pressure from the start, but found buying interest at the lows, resulting in the July and August contracts posting gains while later contracts closed lower, but well off their lows. Trader buying interest surfaced as contracts bounced from support. The indication is that cash may have been stronger, as quite a few hogs traded on the negotiated market. However, prices were not released due to packer submission issues. Packers are expected to be aggressive again today as they intend to purchase hogs earlier rather than later due to the upcoming holiday weekend. Pork cutout values increased $2.29 from the previous day, which may provide support to the market today.

	BULL SIDE		BEAR SIDE
1)	The August live cattle contract takes over as the lead month later today and is carrying a substantial discount to the June contract. This discount may be reduced.	1)	The cattle market has been unable to revisit and move to new highs. Price resistance may be building with little new bullish news.
2)	Lower fuel prices with crude oil trading down to pre-war levels leave more disposable income for consumers, which may keep beef consumption strong.	2)	Early indications are that cash cattle may trade lower this week, resulting in further liquidation of futures.
3)	Hog futures held support and rebounded, providing the indication the market may have found a bottom.	3)	Hog futures remain sideways, and a break below the lows could trigger further selling pressure.
4)	Packers were aggressive with purchases on Monday and may be that way again today. This may provide further support to futures.	4)	The hog market lacks solid support, which may leave the market floundering in a sideways pattern.

Monday Closing Livestock Market Update - Lower Tones Kept With the Complex

GENERAL COMMENTS:

It was a lackadaisical Monday for the livestock complex, with little trader interest trickling into the sector. New showlists appear to be higher in Kansas, slightly lower in Nebraska/Colorado, and lower in Texas. July corn is down 10 3/4 cents per bushel and July soybean meal is down $2.30. The Dow Jones Industrial Average is up 306.63 points and the NASDAQ is up 522.52 points.

LIVE CATTLE:

The live cattle complex ended the day lower as trader support never developed for the market. This week's trade could likely be rather uneventful as traders may already be checked out for the long Fourth of July holiday weekend. August live cattle closed $2.25 lower at $243.57, October live cattle closed $1.82 lower at $237.37 and December live cattle closed $1.55 lower at $236.95. New showlists appear to be higher in Kansas, slightly lower in Nebraska/Colorado, and lower in Texas. Monday's slaughter is estimated at 107,000 head -- 1,000 head more than a week ago and 9,000 head less than a year ago.

Last week, Northern dressed cattle traded at mostly $408 to $410, which is $1.00 to $3.00 higher than the previous week's weighted average, and Southern live cattle traded at mostly $258, which is $1.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $0.41 ($391.44) and select up $2.60 ($374.18) with a movement of 74 loads (44.56 loads of choice, 12.75 loads of select, 7.73 loads of trim and 9.10 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. It's tough telling what this week's trade will amount to, as it will really all depend on how short bought packers are. If they feel comfortable with their inventory, then prices will likely be softer, but if they're still in need of more cattle, prices could be higher as they don't want to forgo being able to market beef to retailers when demand is high.

FEEDER CATTLE:

And in keeping with the live cattle complex, the feeder cattle contracts ended the day lower, too. August feeders closed $2.37 lower at $367.47, September feeders closed $1.92 lower at $365.75 and October feeders closed $1.67 lower at $362.92. Most feeder cattle sales have been canceled this week for the Fourth of July holiday. The CME feeder cattle index 6/26/2026: not available at this time.

LEAN HOGS:

The lean hog complex ended the day mixed, with a couple of the nearby contracts ending the day higher while the rest of the deferred contracts ended the day lower. July lean hogs closed $0.90 higher at $93.82, August lean hogs closed $0.70 higher at $97.27 and October lean hogs closed $0.42 lower at $81.52. Today's action seems to be a flip-flop of the moves made last week, as the deferred contracts were stronger following Thursday's Quarterly Hogs and Pigs report, but today, traders simply weren't willing to advance the nearby contracts with pork cutout values weaker at the day's end. Hog prices were not available on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that 5,703 head traded throughout the day and that the market's five-day rolling average now sits at $96.59. Pork cutouts totaled 247.29 loads with 211.72 loads of pork cuts and 35.57 loads of trim. Pork cutout values: up $2.29, $97.66. Monday's slaughter is estimated at 485,000 head -- 29,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 6/25/2026: down $0.23, $91.55.

TUESDAY'S HOG CALL: Higher. Given that packers will likely be more aggressive earlier this week as opposed to later in the week, prices could be a touch higher on Tuesday.

Monday Midday Livestock Market Update - Lower Trends Dominate the Complex

GENERAL COMMENTS:

With it being a holiday-shortened week, and everyone anxiously awaiting the celebration of America's 250th birthday, the livestock complex is trading lower at the week's start, as, frankly, there may not be much trader interest in the complex this week. Consumer demand is strong; however, at the week's start, both boxed beef prices and pork cutout values are higher in today's morning reports. July corn is down 12 1/2 cents per bushel and July soybean meal is down $1.80. The Dow Jones Industrial Average is up 242.55 points and the NASDAQ is up 342.43 points.

LIVE CATTLE:

The live cattle contracts are trading lower into midday Monday as the market simply isn't seeing the level of trader support it needs in order to trade higher. And while yes, midday boxed beef prices may be higher, the market could be short of the technical support it needs this week as traders may not participate as aggressively this week given that it's a big holiday week, and given that the contracts are up against resistance levels. June live cattle are down $0.67 at $256.77, August live cattle are down $2.55 at $243.27 and October live cattle are down $2.65 at $236.55.

Last week, Northern dressed cattle traded at mostly $408 to $410, which is $1.00 to $3.00 higher than the previous week's weighted average, and Southern live cattle traded at mostly $258, which is $1.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.53 ($392.56) and select up $4.71 ($376.29) with a movement of 32 loads (18.48 loads of choice, 5.41 loads of select, 3.04 loads of trim and 4.79 loads of ground beef).

FEEDER CATTLE:

With much ambition or excitement being seen in the live cattle complex, the feeder cattle contracts are consequently trading lower at the week's start. August feeders are down $2.67 at $367.17, September feeders are down $2.45 at $365.22 and October feeders are down $2.12 at $362.47. And do note that with the markets being closed on Friday for the Fourth of July holiday, trader interest and participation in the complex this week could be minimal.

LEAN HOGS:

The lean hog complex is also trading lower into Monday's noon hour as traders don't want to get ahead of themselves and be too bullish if fundamental support isn't going to be sizeable. But it is worth noting that the morning's carcass price is higher, but the big push is stemming from the huge rally in the belly, which is up $12.16 this morning. July lean hogs are up $0.17 at $93.10, August lean hogs are up $0.05 at $96.62 and October lean hogs are down $0.97 at $80.97. The projected lean hog index for 6/26/2026 is down $0.14 at $91.41 and the actual index for 6/25/2026 is down $0.23 at $91.55. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 25 head have traded and that the market's five-day rolling average now sits at $97.47. Pork cutouts total 143.30 loads with 114.39 loads of pork cuts and 28.91 loads of trim. Pork cutout values: up $3.26, $98.63.

Monday Morning Livestock Market Update - Hog Futures May Show Further Short-Covering

GENERAL COMMENTS:

There had been hope that feedlots would again gain the upper hand and hold for higher cash. That was true for Northern dressed cattle as cash was $1.00 higher; however, Southern live cattle traded $1.00 lower. We will know the full impact of cash trade today, as the final number and prices will be released, with more cattle likely trading later in the day on Friday. But it usually does not change as early trade, even if it is light, usually sets the stage for the rest of the trade. Feeder cattle backed away from potentially reaching contract highs. Boxed beef prices took a large hit, with choice down $5.29 and select down $3.16. The May Livestock Slaughter report showed cattle slaughter at 2.184 million head. This is the lowest May slaughter since 1960. The Commitment of Traders report showed fund traders adding 2,778 long futures positions, increasing the net-long live cattle position to 125,583. There were 2,339 positions added to feeder cattle, bringing the net-long position to 15,695.

Hog futures reacted positively to the Quarterly Hogs and Pigs report in the deferred contracts. October and later contracts posted triple-digit gains. The July and August contracts held their own, but could not find sufficient support to keep pace. Packers were not aggressive in the cash market, with the National Daily Direct Afternoon Hog report declining $1.85 with very light trade. Packers may be aggressive at the start of the week, purchasing early due to the upcoming July 4th weekend. Pork cutout values gained $0.15. The Commitment of Traders report showed the fund traders increasing their net-short position to 33,652 contracts, up 5,012 from the previous week.

	BULL SIDE		BEAR SIDE
1)	The cattle market remains bullish, and price declines may remain temporary.	1)	Feeder cattle futures have not been able to revisit and penetrate contract highs. This may be an area of strong technical resistance.
2)	The fund traders continue to add to their long positions as the market remains supported and supplies tight.	2)	The large decline in boxed beef on Friday may put further pressure on the market today.
3)	Hog futures rebounded in response to the Hogs and Pigs report. This could carry over today as further short-covering could take place.	3)	The bounce in hog futures on Friday may be short-lived unless there is greater fundamental support.
4)	Stronger futures prices on Friday could be the catalyst to fuel the correction of the oversold market.	4)	Pork cutout values continue to flounder, being unable to find solid support and trend higher. Pork supplies remain plentiful.

Friday Closing Livestock Market Update - Cattle Drift Lower While Hogs Inch Higher

GENERAL COMMENTS:

By Friday's close, the livestock complex had successfully kept with its mixed trend through the week's very end as cattle closed lower, but the lean hog contracts saw some mild support. At the time of this writing, only a small trade had developed in the cash cattle market, but prices were mixed, with Southern cattle trading $1.00 lower and Northern cattle trading $1.00 higher. July corn is down 2 cents per bushel and July soybean meal is down $1.20. The Dow Jones Industrial Average is down 44.51 points and the NASDAQ is down 60.98 points.

From Thursday to Friday, the livestock futures scored the following changes: June live cattle up $2.65, August live cattle down $0.80; August feeder cattle up $3.25, September feeder cattle up $3.00; July lean hogs down $2.10, August lean hogs down $0.15; July corn down $0.05, September corn down $0.04.

LIVE CATTLE:

The live cattle contracts ended the day lower as traders were not willing to be overly supportive or overly bullish over the futures contracts without clear evidence that the market's fundamentals were going to be strong. And with the cash cattle market trading late on Friday, unfortunately, traders didn't have any indication as to what the cash market was going to do at the day's closing bell. June live cattle closed $0.05 higher at $257.45, August live cattle closed $1.40 lower at $245.82 and October live cattle closed $1.42 lower at $239.20. Only some light cash cattle trade has been reported at this point, but Southern live cattle were trading at $258 in Texas, which is $1.00 lower than last week's weighted average, while Northern dressed cattle were traded at $408, which is $1.00 stronger than last week's weighted average. 

Friday's slaughter is estimated at 100,000 head -- 5,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated at 537,000 head -- 11,000 head more than a week ago and 24,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.29 ($391.03) and select down $3.16 ($371.58) with a movement of 94 loads (72.95 loads of choice, 6.90 loads of select, 6.41 loads of trim and 7.52 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat lower. With boxed beef prices seeing some pushback, packers may not be as aggressive in next week's market.

FEEDER CATTLE:

Traders remained skeptical through Friday's close as they simply weren't willing to advance the feeder cattle contracts without the support of the live cattle contracts or without knowing what was going to become of this week's fed cash cattle market. August feeder cattle closed $3.45 lower at $369.85, September feeder cattle closed $3.70 lower at $367.67 and October feeders closed $3.75 lower at $364.60. The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers and heifers traded $5.00 to $10.00 stronger, while steer and heifer calves traded $10.000 to $20.00 higher. Slaughter cows sold steady to $2.00 higher and slaughter bulls traded $1.00 stronger. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 6/25/2026: not available at this time.

LEAN HOGS:

The lean hog contracts kept their momentum through the day's close, and luckily, most of the contracts were able to close over $1.00 higher. July lean hogs closed $0.22 higher at $92.92, August lean hogs closed $0.02 lower at $96.57 and October lean hogs closed $1.00 higher at $81.95. It was also supportive to note that afternoon pork cutout values closed higher, which hopefully will help the market continue to trade higher into next week. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.85 with a weighted average price of $93.44 on 778 head. Pork cutouts totaled 273.73 loads with 252.76 loads of pork cuts and 20.97 loads of trim. Pork cutout values: up $0.15, $95.37. Friday's slaughter is estimated at 445,000 head -- 26,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 52,000 head. The CME lean hog index 6/24/2026: down $0.07, $91.78.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash market on Mondays.

Friday Midday Livestock Market Update - Waiting Game in the Cash Cattle Market Continues

GENERAL COMMENTS:

The livestock complex is trading mixed as the cattle contracts are trading lower as traders wait for trade to develop in the cash market, but the lean hog complex is trading higher. Given that virtually no trade has developed yet this week in the cash market, packers will need to get aggressive soon. July corn is up 1 1/2 cents per bushel and July soybean meal is down $1.60. The Dow Jones Industrial Average is down 47.38 points and NASDAQ is up 0.57 points.

LIVE CATTLE:

With lower prices seen in boxed beef prices at midday, and no sales noted yet in the cash market, the live cattle contracts are trading lower into Friday's noon hour. Bids are on the table across most of the major feeding states. Again this week, it's a sit and wait scenario as feedlot managers want the market to trade higher and packers want the market to obviously trade lower. This week's trend will likely be determined by whether or not packers feel confident in the supply they have secured around them. If they have enough inventory for the weeks ahead, then prices will likely be softer, but if they're short-bought, prices could scale higher. June live cattle are down $0.25 at $257.15, August live cattle are down $1.12 at $246.10 and October live cattle are down $1.47 at $239.15.

Boxed beef prices are lower: choice down $4.22 ($392.10) and select down $2.33 ($372.41) with a movement of 74 loads (58.70 loads of choice, 5.08 loads of select, 4.34 loads of trim and 5.42 loads of ground beef).

FEEDER CATTLE:

And although feeder cattle demand has been red hot this week, the feeder cattle contracts are trading lower into Friday's noon hour. The market is up against resistance levels and needs the continued support of the fed cash market and live cattle contracts in order to trade any higher. August feeders are down $4.17 at $369.12, September feeders are down $4.42 at $366.95 and October feeders are down $4.05 at $364.30. Although the board is lower, feeder cattle sales will likely remain strong this afternoon as supplies are limited and the trend this week in the countryside has been higher.

LEAN HOGS:

Thursday's neutral Hogs and Pigs report seems to have a slightly positive effect on the lean hog complex as the contracts are trading higher into Friday's noon hour. The slight decrease in the total number of hogs and pigs is sitting well with traders as they hope that demand will increase and the decrease in supply could positively affect prices. July lean hogs are up $0.32 at $93.02, August lean hogs are up $0.37 at $96.97 and October lean hogs are up $1.22 at $82.17.

The projected lean hog index for 6/25/2026 is down $0.23 at $91.55 and the actual index for 6/24/2026 is down $0.07 at $91.78. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 218 head have traded and that the market's five-day rolling average now sits at $97.47. Pork cutouts total 185.12 loads with 172.86 loads of pork cuts and 12.26 loads of trim. Pork cutout values: up $2.60, $97.82.

Friday Morning Livestock Market Update - Higher Cash Cattle Trade Expected

GENERAL COMMENTS:

The June live cattle contract set a new contract high as it needs to move closer in line with cash. Tuesday is the last trading day for the contract. The rest of the live cattle contracts were slightly higher but well off their daily high. The market continues to hold a discount in later contracts. Feeder cattle futures are in better posture, with contracts moving very close to the contract highs. There is a strong appetite for feeder cattle in the country. The cash cattle trade has been nearly nonexistent this week, but will erupt today as packers are expected to increase bids to obtain cattle. Boxed beef prices were lower on Thursday, with choice down $2.62 and select down $3.40.

The Quarterly Hogs and Pigs report showed all hogs on June 1 were at 100% of a year ago. This was 1% below the trade estimate. Hogs kept for breeding were at 99% compared to the estimate of 99.3%. Hogs kept for marketing were at 100% versus the estimate of 101.1%. The various weight categories were all at 100% of a year ago. Farrowing intentions were at 99% with the March-May pig crop at 100%. Pigs per litter were 11.87, up 1% from June 2025. This is considered to be a neutral report, but it could support the market at the current level. The National Daily Direct Afternoon Hog report showed a decline of $0.27. Packers may be more aggressive today to finish up purchases for the week. Pork cutout values on Thursday were up $1.36.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle futures are very near to making new contract highs. A break above that level could generate further buying interest.	1)	Live cattle futures have just not been able to move to and through contract highs. This may be a level of resistance.
2)	Higher cash cattle trade is expected as feedlots hold out. Packers seem to be short of cattle.	2)	Deferred live cattle contracts hold a substantial discount to cash as traders anticipate prices to decline.
3)	The Hogs and Pigs report was not bearish to the market but neutral to slightly supportive. This may support the market.	3)	The neutral Hogs and Pigs report may not provide a catalyst to generate strong buying interest in futures.
4)	The recent pattern has been that packers were more aggressive in the cash market on Friday. The same may be true again today.	4)	There has been no interest for technical traders to purchase hog futures to correct the oversold market. Fundamental support for higher prices remains elusive.

Thursday Closing Livestock Market Update - Feedlot Managers Aim to See the Cash Market Rally Again This Week

GENERAL COMMENTS:

The livestock complex ended the day mixed as the cattle contracts rallied onward, although no cash cattle trade has developed yet; the lean hog contracts closed mixed. Keep your eyes on the cash cattle market on Friday as packers will need to get aggressive. July corn is up 7 3/4 cents per bushel and July soybean meal is up $4.60. The Dow Jones Industrial Average is up 71.72 points and the NASDAQ is down 118.04 points.

Thursday's export report shared that pork next sales of 26,200 mt for 2026 were up 63% from the previous week but down 6% from the prior 4-week average. The three largest buyers were Mexico with 9,700 mt, Japan with 3,700 mt and South Korea with 2,800 mt. Beef net sales of 21,300 mt for 2026 were up noticeably from the previous week and up 88% from the prior 4-week average. The three largest buyers were South Korea with 7,100 mt, Japan with 3,400 mt and Taiwan with 3,400 mt.

LIVE CATTLE:

The live cattle contracts decided to continue to rally through Thursday's close, even though the market has yet to see what's going to be accomplished in this week's cash cattle trade. June live cattle closed $1.40 higher at $257.40, August live cattle closed $0.70 higher at $247.22 and October live cattle closed $0.25 higher at $240.62. Bids were offered throughout the day in Kansas and Nebraska, but with feedlot managers hoping to see the market scale higher again this week, they're not in a rush to trade cattle and would rather wait the week out and see prices increase before cattle begin to trade hands. 

Thursday's slaughter is estimated at 109,000 head -- steady with a week ago and 2,000 head more than a year ago.

Boxed beef prices closed lower: choice down $2.62 ($396.32) and select down $3.40 ($374.74) with a movement of 97 loads (67.98 loads of choice, 13.77 loads of select, 9.63 loads of trim and 6.02 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. With the board's higher trend, the cash cattle complex could likely see another $1.00 or $2.00 added to the market this week.

FEEDER CATTLE:

Feeder cattle prices also closed higher as traders were grateful not only to see the live cattle contracts scaling higher, but were also pleased to see the continued demand in the countryside for feeders this week. Sale receipts may be lighter than a week ago, but the CME feeder cattle index continues to prove that demand is strong. August feeders closed $0.37 higher at $373.30, September feeders closed $0.75 higher at $371.37 and October feeders closed $0.80 higher at $368.35. Sale barn receipts were lighter this week, making it difficult to note an accurate market trend compared to last week's sales. Most sale barns will be closed next week for the Fourth of July holiday. The CME feeder cattle index 6/24/2026: up $6.03, $381.86.

LEAN HOGS:

The lean hog complex ended the day mixed as the nearby contracts likely fell lower as traders awaited to see what was going to develop from Thursday's Quarterly Hogs and Pigs report, but the deferred contracts maintained their mild rally through the day's end. July lean hogs closed $1.15 lower at $92.70, August lean hogs closed $0.10 lower at $96.60 and October lean hogs closed $0.05 higher at $80.95. Thursday's Quarterly Hogs and Pigs report will mostly be absorbed as a neutral report, although the total inventory of hogs and pigs is down slightly from a year ago and from last quarter's report, the slight increase in the March-May pig crop could put some supply pressure on the market in the near term. 

Hog prices closed lower on the Daily Direct Afternoon report, down $0.27 with a weighted average price of $95.29 on 683 head. Pork cutouts totaled 200.65 loads with 170.44 loads of pork cuts and 30.21 loads of trim. Pork cutout values: up $1.36, $95.22. Thursday's slaughter is estimated at 479,000 head -- 4,000 head less than a week ago and 8,000 head more than a year ago. The CME lean hog index 6/23/2026: up $0.38, $91.85.

FRIDAY'S HOG CALL: Lower. Packers have likely bought all the hogs they need in the market already this week.

Thursday Midday Livestock Market Summary - Mixed Tones Take Over the Cattle Complex

GENERAL COMMENTS:

The livestock complex continues to trade mixed as the cattle contracts are trading lower while they wait for the cash market to develop, and the lean hog complex is waiting to see what's unveiled in the afternoon's Quarterly Hogs and Pigs report. Although bids are on the table in the cash market, it's likely that trade could be delayed until Friday still. July corn is up 3 3/4 cents per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is up 321.98 points and NASDAQ is down 103.26 points.

Thursday's export report shared that pork next sales of 26,200 mt for 2026 were up 63% from the previous week but down 6% from the prior 4-week average. The three largest buyers were Mexico 9,700 mt, Japan 3,700 mt and South Korea 2,800 mt. Beef net sales of 21,300 mt for 2026 were up noticeably from the previous week and up 88% from the prior 4-week average. The three largest buyers were South Korea 7,100 mt, Japan 3,400 mt and Taiwan 3,400 mt.

LIVE CATTLE:

The live cattle complex is trading mostly lower into Thursday's noon hour as traders remain on edge waiting to see what's going to develop in this week's fed cash cattle market. Bids are currently on the table in Kansas and Nebraska, but no trade has developed yet. Asking prices of $415 are being reported in eastern Nebraska, but again, no sales have been reported just yet. August live cattle are down $0.05 at $246.47, October live cattle are down $0.25 at $240.12 and December live cattle are down $0.40 at $239.45.

Boxed beef prices are lower: choice down $1.80 ($397.14) and select down $1.73 ($376.41) with a movement of 53 loads (36.92 loads of choice, 7.76 loads of select, 3.52 loads of trim and 4.59 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower as traders simply don't feel comfortable advancing the contracts without the support of the live cattle market. It's been a stellar week in terms of demand for feeder cattle in the countryside. However, today's pullback stems from technical fear that traders may have advanced the contracts too much without first seeing what was going to develop in the fed cash cattle complex. August feeders are down $0.25 at $372.67, September feeders are up $0.02 at 370.65 and October feeders are down $0.20 at $367.35.

LEAN HOGS:

The lean hog complex is trading mixed as the market anxiously awaits what this afternoon's Quarterly Hogs and Pigs report is going to unveil. July lean hogs are down $0.70 at $93.15, August lean hogs are down $0.20 at $96.50 and October lean hogs are up $0.05 at $80.95. It appears as though traders are more confident in the market's demand/supply situation later in the year than they are for the meantime, as the deferred contracts are trading mildly higher. The projected lean hog index is delayed from the source. Pork cutouts total 148.27 loads with 128.23 loads of pork cuts and 20.04 loads of trim. Pork cutout values: up $2.20, $96.06. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 160 head have traded and that the market's five-day rolling average now sits at $96.58.

Thursday Morning Livestock Market Update - Quarterly Hogs and Pigs Report To Be Released Today

GENERAL COMMENTS:

Cattle futures closed higher across the board. However, contracts could not hold the highs, trimming the gains. Feeder cattle have been stronger with new highs again on Wednesday as futures move closer to the contract highs. Cash cattle look to be stronger as some light activity took place in the North at $260 live and $408 dressed. Some feedlots have passed on those bids in expectation that packers will raise bids due to limited purchases last week. The New World screwworm cases have risen to 19, with Texas expanding quarantines. Boxed beef prices declined on Wednesday, with choice down $1.37 and select down $2.92.

Hog futures closed mixed as some of the earlier spread activity of buying the nearby contracts and selling the deferred were unwound. Nearby contracts were lower, with later contracts higher. The Quarterly Hogs and Pigs report will be released after the close. This may keep trading activity mixed, as positioning may be limited ahead of the report. The estimates are for all hogs and pigs on June 1 at 101.0% of a year ago. The range of estimates is from 100.6% to 101.6%. Hogs kept for breeding at 99.3% with estimates ranging from 98.7% to 99.8%. Hog kept for marketing at 101.1% with estimates ranging from 100.8% to 101.8%. This report is generally not a big market mover, but who knows. The Daily Direct Afternoon Report showed cash down $1.70. Pork cutout values declined by $1.39.

	BULL SIDE		BEAR SIDE
1)	Light cash cattle trading took place on Wednesday at higher prices. This may set the stage for cash for the rest of the week.	1)	Increasing cases of the New World screwworm may become a greater concern for consumers, even though it does not impact the safety of beef.
2)	Feedlots passed on higher bids as packers were not aggressive last week and may be short-bought. They may need to raise bids to obtain the cattle they need.	2)	Cattle futures have yet to break through technical resistance. Sellers may be more aggressive near the highs.
3)	Weekly hog weights declined 1.1 pounds last week to average 286.1 pounds. More hogs will be required to maintain pork tonnage.	3)	Weekly hog weights are 0.8 pounds higher than a year ago at 286.1 pounds.
4)	Hog futures continue to hold support, suggesting traders may not want to press the market lower.	4)	Hog futures have been holding support, but have been unable to develop an uptrend. The lack of strong fundamental support leaves the market sideways.

Wednesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

All in all, it was a mixed, lackadaisical day for the livestock complex as little action developed. No cash cattle trade has developed yet. July corn is down 2 3/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 182.06 points and the NASDAQ is down 110.40 points.

LIVE CATTLE:

The live cattle complex ended the day higher as traders were willing to mildly support the contracts through the day's end, as they're hopeful the cash market will lend support later this week when trade develops. No cash cattle trade has developed yet, and trade will likely be delayed until Friday as feedlot managers hope to see the cash market gain another $1.00 or $2.00. June live cattle closed $0.85 higher at $256.00, August live cattle closed $0.52 higher at $246.52 and October live cattle closed $0.62 higher at $240.37. 

Wednesday's slaughter is estimated at 108,000 head -- 1,000 head less than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.37 ($398.94) and select down $2.92 ($378.14) with a movement of 98 loads (64.94 loads of choice, 17.87 loads of select, 4.99 loads of trim and 10.02 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With feedlot managers aiming to see the market advance again this week, it's likely that trade will be delayed until Friday.

FEEDER CATTLE:

The combination of stronger feeder cattle demand in the countryside, mixed with the technical support of the higher trend in the live cattle contracts, has helped propel the feeder cattle contracts higher. August feeders closed $4.77 higher at $372.92, September feeders closed $3.65 higher at $370.62 and October feeders closed $2.95 higher at $367.55. At the Torrington Livestock Auction in Torrington, Wyoming, compared to two weeks ago, feeder steers and heifers traded $10.00 to $18.00 higher. Feeder cattle supply over 600 pounds was 89%. The CME feeder cattle index 6/23/2026: up $2.83, $375.83.

LEAN HOGS:

The lean hog complex ended the day mixed as the nearby contracts remain cautious as demand isn't as strong as traders would like, but the deferred contracts continued to trade higher. July lean hogs closed $0.37 lower at $93.85, August lean hogs closed $0.52 lower at $96.70 and October lean hogs closed $0.30 lower at $80.90. Do note that tomorrow afternoon the Quarterly Hogs and Pigs report is set to be released. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.70 with a weighted average price of $95.56 on 700 head. Pork cutouts totaled 269.94 loads with 231.75 loads of pork cuts and 38.19 loads of trim. Pork cutout values: down $1.39, $93.86. Wednesday's slaughter is estimated at 487,000 head -- 35,000 head more than a week ago and 15,000 head more than a year ago. The CME lean hog index 6/22/2026: down $0.17, $91.47.

THURSDAY'S HOG CALL: Lower. At this point, packers have seemed to show this week that they don't need many hogs, and they won't be participating in the cash market much this week.

Wednesday Midday Livestock Market Update - Cattle Trade Higher While Hogs Drift Sideways

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as the cattle contracts are trading higher while the lean hog contracts continue to trade mixed. No bids are currently on the table in the cash market, and trade will likely be delayed until Friday. July corn is down 3/4 cent per bushel and July soybean meal is up $1.90. The Dow Jones Industrial Average is up 436.05 points and NASDAQ is up 71.03 points.

LIVE CATTLE:

Although the market has yet to see any trade in the cash cattle complex and boxed beef prices are mixed, the live cattle contracts are trading higher as traders are willing to mildly support the complex in the meantime. August live cattle are up $1.12 at $247.12, October live cattle are up $1.02 at $240.77 and December live cattle are up $1.02 at $240.77. No cash cattle trade has developed yet and bids and asking prices are both elusive at this point. It's most likely that trade will be delayed until Friday again as feedlot managers will try to hold out in hopes that packers will up their bids when bidding does start.

Boxed beef prices are mixed: choice up $0.63 ($400.94) and select down $1.20 ($379.86) with a movement of 48 loads (31.31 loads of choice, 6.19 loads of select, 4.99 loads of trim and 5.69 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex trading higher, the feeder cattle contracts are also now trading higher into Wednesday's noon hour. August feeders are up $4.55 at $372.70, September feeders are up $3.92 at $370.90 and October feeders are up $3.72 at $368.32. Not only are traders willing to advance the board because of the live cattle contract's support, but with the increased demand in the countryside for feeder cattle, fundamental support is also encouraging the complex.

LEAN HOGS:

The lean hog complex is trading mixed into Wednesday's noon hour as the market desires to see greater fundamental support and with both midday pork cutout values and cash prices lower, traders are leery. July lean hogs are down $0.32 at $93.90, August lean hogs are down $0.57 at $96.67 and October lean hogs are up $0.07 at $81.27. Do remember that tomorrow (Thursday) the Quarterly Hogs and Pigs report is set to be released.

The projected lean hog index for 6/23/2026 is up $0.38 at $91.85 and the actual index for 6/22/2026 is down $0.30 at $91.47. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 30 head have traded and that the market's five-day rolling average now sits at $96.73. Pork cutouts total 121.22 loads with 103.68 loads of pork cuts and 17.54 loads of trim. Pork cutout values: down $0.41, $94.84.

Wednesday Morning Livestock Market Update - Choppy Trading Activity Is Expected

GENERAL COMMENTS:

It was a bit surprising that cattle could not extend their gains on Tuesday. The fundamentals support remains positive, but traders seemed more interested in taking some profit on long positions rather than guessing if the market will move to new highs. As I mentioned before, these higher levels may be an area of strong resistance. Higher cash trade last week may provide confidence for feedlots to hold for higher cash again this week, but so far, no bids or offers have been posted. Boxed beef prices were strong on Tuesday, with choice up $4.25 and select up $5.47. Choice has now moved back above $400.00 to $400.31 on Tuesday. It has been a while since choice boxed beef moved above that level.

Hog futures again tried to maintain positive trade, but only the August and October contracts closed higher. Futures continue to struggle at these lower levels, with bullish traders unable to find any solid fundamental reason to buy into the market aggressively. Cash was lower, with the National Daily Direct Afternoon report showing a decline of $0.51. Lower cash is again expected today. Pork cutout values could not find support, posting a decline of $0.85. The Quarterly Hogs and Pigs report will be released on Thursday. The estimates are for all hogs and pigs on June 1 at 101.0% of a year ago. Hogs kept for breeding at 99.3%. Hog kept for marketing at 101.1%.

	BULL SIDE		BEAR SIDE
1)	Strong boxed beef prices should support the market as demand remains strong.	1)	Cattle futures may have established a level of price resistance. Traders may be unwilling to push the market higher.
2)	New cases of the New World screwworm are being taken in stride and have not been a bearish influence on the market.	2)	At these loft price levels, business is being done with little reason to hold out for higher cash cattle prices. Feedlots may increase the sale of heavyweight cattle.
3)	Hog futures have been maintaining support and may eventually generate buying interest as traders may feel downside risk is limited.	3)	Hog futures have not been able to retrace after the large price decline in May and June. Traders are not bullish for the long term.
4)	Hog futures remain oversold. Fund traders could cover their net-short positions at any time.	4)	The upcoming Quarterly Hogs and Pigs report may keep futures rangebound today and Thursday.

Tuesday Closing Livestock Market Update - Lower Tones Found the Livestock Contracts

GENERAL COMMENTS:

With not a lot of strong fundamental support arising throughout the day, the livestock contracts closed mostly lower. No cash cattle trade developed throughout the day. July corn is down 1 3/4 cents per bushel and July soybean meal is up $3.10. The Dow Jones Industrial Average is down 45.87 points and the NASDAQ is down 579.56 points.

LIVE CATTLE:

Although boxed beef prices still ended the day stronger, the live cattle contracts ran out of momentum through the day's afternoon and by closing time all the contracts were found to be lower. June live cattle closed $0.67 lower at $255.15, August live cattle closed $1.35 lower at $246.00 and October live cattle closed $1.25 lower at $239.75. And until traders see what this week's fed cash cattle market is doing to accomplish, it's unlikely that the contracts will trade much higher. No bids or asking prices were noted throughout the day. 

Tuesday's slaughter is estimated at 110,000 head -- 1,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed higher: choice up $4.25 ($400.31) and select up $5.47 ($381.06) with a movement of 93 loads (53.96 loads of choice, 11.55 loads of select, 13.60 loads of trim and 13.97 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat higher. With packer having to pay more money last week in the cash market, it's likely that they're still short bought and could be aggressive in this week's market too.

FEEDER CATTLE:

The feeder cattle contracts also ended the day lower as traders weren't willing to come up any closer to resistance levels without having full support of the live cattle contracts. August feeder cattle closed $2.27 lower at $368.15, September feeders closed $1.85 lower at $366.97 and October feeders closed $1.42 lower at $364.60. At Joplin Regional Stockyards in Carthage, Missouri compared to last week feeder steers under 600 pounds sold steady to $10.00 lower, while feeder steers over 600 pounds sold $5.00 to $20.00 higher with the most gain on the weights over 800 pounds. Feeder heifers sold $5.00 lower to $5.00 higher, with the exception of six weight heifers which traded $15.00 to $25.00 stronger. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 6/22/2026: up $2.44, $373.00.

LEAN HOGS:

The lean hog complex ended the day mostly lower, although a couple of the nearby contracts closed slightly higher. July lean hogs closed $0.42 lower at $94.22, August lean hogs closed $0.50 higher at $97.22 and October lean hogs closed $0.35 higher at $81.20. Until traders see greater consumer demand, it's likely that the contracts will remain cautious. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.51 with a weighted average price of $97.26 on 6,055 head. Pork cutouts totaled 306.73 loads with 271.30 loads of pork cuts and 35.42 loads of trim. Pork cutout values: down $0.85, $95.23. Tuesday's slaughter is estimated at 486,000 head -- 1,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 6/19/2026 down $0.53, $91.64.

WEDNESDAY'S HOG CALL: Lower. With pork cutout values lower, it's unlikely that the cash market will jump too aggressively.

Tuesday Midday Livestock Market Summary - Mixed Tones Hold the Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour as the market looks for continued fundamental support. At this point, no cash cattle trade has developed yet. July corn is down 2 1/4 cents per bushel and July soybean meal is up $2.70. The Dow Jones Industrial Average is up 109.80 points and NASDAQ is down 383.87 points.

LIVE CATTLE:

The live cattle complex is trading mixed into Tuesday's noon hour as the market would love to continue with its brave upward climb, but before the nearby contracts will advance any further, traders want to see continued fundamental support. Luckily, midday boxed beef prices are higher, which is helping keep the deferred contracts trading strong, but until the nearby contracts see what's going to become of this week's fed cash cattle market, they'll likely remain in a lower state. June live cattle are down $0.30 at $255.52, August live cattle are down $0.52 at $246.82 and October live cattle are down $0.25 at $240.75. No bids or asking prices are noted in the fed cash cattle market yet.

Boxed beef prices are higher: choice up $4.20 ($400.26) and select up $7.18 ($382.77) with a movement of 59 loads (32.00 loads of choice, 7.20 loads of select, 8.22 loads of trim and 11.69 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is in the same boat as the live cattle complex as its nearby contracts are hesitant to trade higher, but at least the deferred contracts are trading stronger. August feeders are down $0.97 at $369.45, September feeders are down $0.62 at $368.20 and October feeders are down $0.17 at $365.85. Luckily the demand in the countryside has remained red hot over the last week, and hopefully, even though the board is trading mixed, that level of support from buyers will remain strong.

LEAN HOGS:

The lean hog contracts are trading mostly higher into Tuesday's noon hour as the market has seemed to attract more trader interest. Unfortunately, today's support isn't multifaceted as fundamental support is lagging as midday pork cutout values are a tick lower. July lean hogs are down $0.35 at $94.30, August lean hogs are up $0.87 at $97.60 and October lean hogs are up $0.70 at $81.55. Do remember that this Thursday, the Quarterly Hogs and Pigs report is set to be released.

The projected lean hog index for 6/22/2026 is down $0.30 at $91.47 and the actual index for 6/19/2026 is down $0.67 at $91.77. Hog prices average $97.47 on the Daily Direct Morning Hog Report, ranging from $94.00 to $98.00 on 2,340 head and a five-day rolling average of $97.09. Pork cutouts total 186.48 loads with 166.13 loads of pork cuts and 20.35 loads of trim. Pork cutout values: down $0.54, $95.54.

Tuesday Morning Livestock Market Update - Cattle Futures Should Find Continued Support

GENERAL COMMENTS:

The higher cash cattle trade last week was not enough to move cattle futures to new highs. There was an expected reaction to the Cattle on Feed report, but futures could not hold the early highs of the day. The question now is whether futures can retest and break through contract highs. The current fundamentals would suggest that it will be the case. However, will demand continue to support the market? With fuel prices declining, there is good potential that demand will remain strong despite high beef prices. Boxed beef closed higher on Monday, with choice up $1.69 and select up $3.51. Feeder cattle continue to see strong demand at auctions, with premiums being paid in some cases. The Commitment of Traders report showed fund traders adding 13,733 long positions in live cattle, bringing their net long to 122,805 contracts. They added 1,964 long positions to feeder cattle, bringing their net long to 13,356.

Hog futures tried to maintain the gains from Thursday, but succumbed to selling pressure. Futures remained in the recent sideways pattern, but could not find sufficient buying interest to turn the market higher. The fundamentals do not paint a strong picture of support, much less a change in trend. Packers began the week aggressively, with the National Daily Direct Afternoon Hog report up $3.86. Cash is expected to be higher again today. However, pork cutout values declined by $0.69. Traders continue to have difficulty being bullish with variable demand. The Commitment of Traders report showed the fund traders as net sellers of 4,179 futures contracts, moving their net-short position to 28,640.

	BULL SIDE		BEAR SIDE
1)	Fund traders added to their long positions on the Commitment of Traders report. Liquidation is short lived.	1)	Cattle futures were not able to maintain strength on Monday, closing well off their highs. There seems to be price resistance at these levels.
2)	Packers need to maintain slaughter to meet demand. They cannot afford to hold for lower cash and risk being short bought.	2)	Consumers may have reached a threshold of how much they are willing to pay for beef. Further strength may be difficult to achieve.
3)	Hog futures have been able to maintain the recent sideways pattern and may be building support.	3)	Hogs have maintained recent support, but have not been able to retrace the losses seen in May. Fundamental support has been difficult to develop.
4)	Hog slaughter has been higher than a year ago, and now weights are decreasing. The market may begin pulling hogs forward.	4)	Hog futures are at risk of moving below support if consistent fundamental support does not develop.

Monday Closing Livestock Market Update - Cattle Markets Rally

GENERAL COMMENTS:

With more than enough support pouring into the cattle complex, both the live cattle and feeder cattle contracts were able to end the day stronger. New showlists appear to be higher in all major feeding states. July corn is down 6 cents per bushel and July soybean meal is down $1.50. The Dow Jones Industrial Average is up 148.01 points and the NASDAQ is down 351.33 points.

LIVE CATTLE:

With traders willing to look past last week's Cattle on Feed report, and willing to pay more attention to the uptick of last week's fed cash cattle trade and the strength currently being seen in the equity markets, the live cattle contracts successfully ended the day higher. June live cattle closed $1.02 higher at $255.82, August live cattle closed $0.72 higher at $247.35 and October live cattle closed $1.02 higher at $241.00. Monday's slaughter is estimated at 106,000 head -- 7,000 head more than a week ago and 4,000 head less than a year ago. New showlists appear to be higher in all major feeding states.

Last week, both live and dressed deals waited to develop until Friday, but Southern live cattle traded at mostly $258 to $260, which is $2.00 to $5.00 higher than the previous week's weighted average. Northern dressed cattle traded anywhere from $408 to $410, but mostly at $408, which is $3.00 higher than the previous week's weighted average.

Boxed beef prices closed lower: choice up $1.69 ($396.06) and select up $3.51 ($375.59) with a movement of 79 loads (55.80 loads of choice, 4.77 loads of select, 8.58 loads of trim and 10.07 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers seem short bought, it's likely they'll be active again in this week's market.

FEEDER CATTLE:

The feeder cattle complex had a splendid day, when the contracts rallied anywhere from $2.00 to $4.00 higher, thanks to the added support that the market is currently seeing. But with the technical support of the board's uptick, to the fundamental support currently being seen as fed cattle trade higher, and as feeder cattle demand sees a renewal, the market is chock-full of support right now. August feeder cattle closed $3.82 higher at $370.42, September feeders closed $4.15 higher at $358.82 and October feeders closed $4.27 higher at $366.02. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers over 800 pounds traded $5.00 to $15.00 higher, while those under 800 pounds traded $1.00 to $3.00 higher. Feeder heifers sold $5.00 to $15.00 higher. Steer calves sold $8.00 to $15.00 higher. Heifer calves traded $10.00 to $20.00 stronger. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 6/19/2026: up $1.88, $370.56.

LEAN HOGS:

Without enough support, the lean hog contracts stalled out ahead of Monday's close. July lean hogs closed $0.37 lower at $94.65, August lean hogs closed steady at $96.72 and October lean hogs closed $0.47 lower at $80.85. Unfortunately, until pork demand improves, it's unlikely that traders are going to break through the market's current trading range. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.86 with a weighted average price of $97.77 on 2,026 head. Pork cutouts total 232.17 loads with 208.95 loads of pork cuts and 23.22 loads of trim. Pork cutout values: down $0.69, $96.08. Monday's slaughter is estimated at 468,000 head -- 10,000 head less than a week ago and 12,000 head more than a year ago. The CME lean hog index 6/18/2026: down $0.27, $92.17.

TUESDAY'S HOG CALL: Steady. With pork cutout values lower at Monday's end, the cash market may not see much of an improvement on Tuesday.

Monday Midday Livestock Market Summary - Cattle Run Higher at the Week's Start

GENERAL COMMENTS:

With the help of strong equity markets, and the fact that last week's fed cash cattle market traded higher, the cattle contracts are trading higher into Monday's noon hour. New showlists appear to be higher in all major feeding states. July corn is down 4 3/4 cents per bushel and July soybean meal is down $1.20. The Dow Jones Industrial Average is up 154.78 points and NASDAQ is down 329.69 points.

LIVE CATTLE:

I personally was worried that Friday's Cattle on Feed report was going to be absorbed in a bearish manner by the market, given the fact that we currently sit with a greater number of cattle on feed than compared to a year ago, and our marketings continue to dwindle. But thankfully on Friday (when the markets were closed), packers and feedlot managers hashed out last week's fed cash cattle trade and lo and behold, prices ended up being anywhere from $2.00 to $5.00 higher. Couple the cash cattle market's recent success with the fact that the equity markets are trading higher, and traders have been willing to look beyond last week's COF report and allow the live cattle contracts to trade higher. June live cattle are up $0.92 at $255.72, August live cattle are up $0.42 at $247.05 and October live cattle are up $0.65 at $240.62. New showlists appear to be higher in all major feeding states.

Last week, both live and dressed deals waited to develop until Friday, but Southern live cattle traded at mostly $258 to $260, which is $2.00 to $5.00 higher than the previous week's weighted average. Northern dressed cattle traded anywhere from $408 to $410, but mostly at $408, which is $3.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.24 ($395.61) and select up $1.86 ($373.94) with a movement of 42 loads (28.42 loads of choice, 2.35 loads of select, 6.24 loads of trim and 5.18 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are continuing to trade higher as the market feels well supported by a number of different fronts right now. August feeder cattle are up $3.27 at $369.87, September feeders are up $3.60 at $368.27 and October feeders are up $3.75 at $365.50. And as long as the live cattle contracts continue to rally through the day's end, it's likely that the feeder cattle contracts will do the same.

LEAN HOGS:

The lean hog contracts, meanwhile, are trading mixed as traders would like to think with midday pork cutout values higher that the contracts should be able to scale higher too, but with the contracts at resistance levels, traders are remaining cautious. Not to mention, demand has been fickle in recent weeks and traders want to see more than one single day's worth of higher prices before they become too bullish. July lean hogs are down $0.07 at $94.90, August lean hogs are up $0.47 at $97.20 and October lean hogs are up $0.27 at $81.60. The projected lean hog index for 6/19/2026 is down $0.67 at $91.77 and the actual index for 6/17/2026 is up $0.01 at $92.44. Hog prices on the Daily Direct Morning Hog Report are not available because of confidentiality. However, we can see that only 195 head have traded and that the market's five-day rolling average now sits at $96.65. Pork cutouts total 133.55 loads with 116.00 loads of pork cuts and 17.55 loads of trim. Pork cutout values: up $0.21, $96.98.

Monday Morning Livestock Market Update - Cattle Futures Expected to Trade Higher

GENERAL COMMENTS:

Cattle traders thought it was best to take some profit off the table ahead of the Cattle on Feed report and the extended weekend. There was really little to be concerned over with the Cattle on Feed report, as most of the reports may show a knee-jerk reaction if the report is negative, only to regain support in time. Without the herd rebuilding, it is unlikely there is much downside to the market. But anything can happen over a three-day weekend, and taking a profit to reduce exposure was prudent. The news concerning the New World screwworm has been taken in stride and has not impacted the market as had been feared. The Cattle on Feed report was released and is neutral to slightly bullish. On feed on June 1 was 102% and slightly below the average estimate of 102.3%. Placements in May were at 90% and below the trade estimate of 92.8%. This would be considered bullish. However, marketings totaled 88% and was below the average estimate of 89.0%. This is considered slightly bearish and balanced the report. Boxed beef was mixed on Friday, with choice up $0.45 and select down $2.67. Live cattle sales on Friday ranged from $258 to $260.

Hog traders found little direction on Thursday, resulting in a mixed market at the close. The National Daily Direct Afternoon Hog report on Friday showed cash down $3.28 as packers pulled back to finish purchases for the week. Pork cutouts provided some offset to cash weakness, posting a gain of $3.06. Pork butts jumped $13.64, with bellies gaining $6.81. Futures are struggling to maintain support, but traders are having a difficult time finding it, much less enough to turn the trend higher.

	BULL SIDE		BEAR SIDE
1)	Cattle placements in May were below the trade estimates and may provide support to the market.	1)	Cattle marketings in May were below the trade estimates. Packers have been reducing slaughter, resulting in heavier-weight cattle.
2)	The cash cattle trade was supportive to the market, indicating that demand is not slowing and packers remain aggressive.	2)	Cattle futures may find resistance at the highs. This may be a level at which selling interest will be strong.
3)	Hog futures seem to be building technical support. Futures have been trading sideways for the past week as traders do not want to press the market lower.	3)	Traders seem to be supporting hog futures at the low, but have little reason to buy aggressively into the market.
4)	Pork demand remains strong as increased slaughter has been readily absorbed.	4)	Even with higher slaughter rates, packers continue to have sufficient hog supplies. This leaves them less aggressive in the cash market.

Thursday Closing Livestock Market Update - Traders Let Livestock Contracts Drift Lower Into the Long Weekend

GENERAL COMMENTS:

The livestock complex ended the day mixed, with most contracts unwilling to advance in price without stronger fundamental support. At the time of this writing, no cash cattle trade had developed yet. July corn is down 3 1/2 cents per bushel and July soybean meal is down $3.50. The Dow Jones Industrial Average is up 72.15 points and the NASDAQ is up 496.27 points.

Thursday's export report shared that beef net sales of 10,400 metric tons (mt) for 2026 were down 45% from the previous week and 8% from the prior four-week average. The three largest buyers were Japan (2,900 mt), South Korea (2,400 mt) and Mexico (1,500 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 31% from the previous week and 50% from the prior 4-week average. The three largest buyers were China (4,100 mt), Mexico (4,100 mt) and Canada (2,300 mt).

**The markets are closed on June 19 for the Juneteenth holiday. Regular DTN market commentary will resume on Monday, June 22.**

LIVE CATTLE:

All in all it was a sit and wait kind of day for the live cattle complex as traders waited hopeful for better fundamental support, but with boxed beef prices closing lower, no developments yet in the fed cash cattle market and in waiting to see what was going to come of the Cattle on Feed report, you could safely say that there simply wasn't enough immediate support in the market to keep prices elevated. June live cattle closed $0.92 lower at $254.80, August live cattle closed $2.22 lower at $246.62 and October live cattle closed $1.87 lower at $239.97. At the time of this writing, no cash cattle trade had developed. Bids were offered throughout the day in Nebraska and Kansas, but feedlot managers wanted more money. 

Thursday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.58 ($393.92) and select down $2.51 ($374.75) with a movement of 73 loads (48.45 loads of choice, 11.69 loads of select, 5.85 loads of trim and 6.68 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Until we know how this week's trade pans out, it's challenging to determine what next week's market may set out to accomplish.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders simply weren't willing to take any risks ahead of the day's Cattle on Feed report. And although placements were down 10% compared to a year ago, the fact that the total number of cattle on feed was up 2% compared to a year ago, and that marketings were down 12% compared to a year ago, made the report neutral at best.

August feeder cattle closed $0.82 lower at $366.60, September feeders closed $0.97 lower at $364.67 and October feeders closed $1.10 lower at $361.75. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 350 pounds and those weighing 500 to 550 pounds traded higher, but the steer calves weighing 400 to 500 pounds sold lower. Feeder steers traded higher. Heifer calves weighing 350 to 450 pounds and those weighing 500 to 550 pounds sold steady to higher, while the groups of heifers weighing 450 to 500 pounds and those weighing 550 to 600 pounds both traded lower. Slaughter cows sold steady to $5.00 lower and slaughter bulls traded steady. Feeder cattle supply over 600 pounds was 28%. The CME feeder cattle index 6/17/2026: up $3.04, $367.06.

LEAN HOGS:

The lean hog complex ended the day mostly lower (other than in the nearby months, which ended the day slightly higher) as traders continue to be frustrated by the lack of fundamental support and aren't willing to challenge resistance levels until support improves. July lean hogs closed $0.37 higher at $95.02, August lean hogs closed $0.22 higher at $96.72 and October lean hogs closed $0.05 higher at $81.32. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.56 with a weighted average price of $97.19 on 2,935 head. Pork cutouts total 278.29 loads with 243.38 loads of pork cuts and 34.91 loads of trim. Pork cutout values: down $1.06, $93.71. Thursday's slaughter is estimated at 483,000 head -- 6,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 6/16/2026: up $0.50, $92.43.

MONDAY'S HOG CALL: Steady. Packers rarely buy aggressively in the cash hog markets on Monday.

Thursday Midday Livestock Market Summary - Caution Dominates Cattle Complex

GENERAL COMMENTS:

The livestock complex is trading mixed ahead of Thursday afternoon's busy schedule. Before the day is over the fed cash cattle market needs to trade cattle and the monthly Cattle on Feed report is set to be released. July corn is down 6 cents per bushel and July soybean meal is down $5.10.

The Dow Jones Industrial Average is up 171.99 points and NASDAQ is up 387.88 points.

Thursday's export report shared that beef net sales of 10,400 metric tons (mt) for 2026 were down 45% from the previous week and 8% from the prior four-week average. The three largest buyers were Japan (2,900 mt), South Korea (2,400 mt) and Mexico (1,500 mt). Pork net sales of 16,100 mt for 2026 -- a marketing year low -- were down 31% from the previous week and 50% from the prior 4-week average. The three largest buyers were China (4,100 mt), Mexico (4,100 mt) and Canada (2,300 mt).

LIVE CATTLE:

In anticipation of Thursday afternoon's Cattle on Feed report -- and upon seeing no trade yet in the fed cash cattle market -- the live cattle contracts are trading lower into the noon hour. Not to mention, midday boxed beef prices are also lower, which doesn't help matters either. June live cattle are down $1.07 at $254.65, August live cattle are down $1.72 at $247.10 and October live cattle are down $1.47 at $240.37. Bids are on the table in parts of Kansas and Nebraska, but no trade has developed yet. Asking prices are noted in Nebraska at $260. But with Thursday being the last trading day of the week because Friday the markets are closed for the Juneteenth holiday, packers need to get more aggressive.

Boxed beef prices are lower: choice down $1.23 ($393.27) and select down $2.28 ($374.98) with a movement of 42 loads (26.26 loads of choice, 7.94 loads of select, 4.70 loads of trim and 3.46 loads of ground beef).

FEEDER CATTLE:

Cautious ahead of Thursday afternoon's Cattle on Feed report, the feeder cattle contracts are also trading lower. August feeder cattle are down $0.32 at $367.10, September feeders are down $0.75 at $364.90 and October feeders are down $0.70 at $362.15. Placements will likely be a wild card in the Cattle on Feed report with pre-report estimates ranging anywhere from 89% to 104% compared to a year ago.

LEAN HOGS:

The lean hog complex is lower as traders aren't willing to advance the contracts any further until fundamental support improves. July lean hogs are up $0.15 at $94.80, August lean hogs are down $0.22 at $96.27 and October lean hogs are down $0.27 at $81.00. The projected CME Lean Hog Index for 6/17/2026 is up $0.01 at $92.44 and the actual index for 6/16/2026 is up $0.49 at $92.43. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.18 with a weighted average price of $97.32, ranging from $94.00 to $98.00 on 795 head and a five-day rolling average of $96.64. Pork cutouts total 192.15 loads with 164.64 loads of pork cuts and 27.51 loads of trim. Pork cutout values: down $1.30, $93.47.