All in all, it was a quiet day for the livestock complex as the cattle contracts continued to scale higher while the lean hog contract fell sharply lower ahead of the week's end. A few more sales were noted in the cash cattle market, but the trade volume today was minimal. July corn is down 7 cents per bushel and July soybean meal is down $5.20. The Dow Jones Industrial Average is down 695.15 points and the NASDAQ is down 1,121.53 points.
From Friday to Friday, livestock futures scored the following changes: June live cattle up $1.83, August live cattle up $2.60; August feeder cattle up $5.48, September feeder cattle up $5.47; June lean hogs down $1.55, July lean hogs down $0.70; July corn down $0.29, September corn down $0.29.
LIVE CATTLE:What a wild week this was. From trading on one polar opposite to another, the live cattle complex initially was trading lower as concerns of the possibility of New World screwworm were weighing heavily on the complex, but once news broke late Wednesday night that there had indeed been a confirmed case in the United States, the market skyrocketed on Thursday at the first chance that traders had of trading the news. Needless to say, it was a highly chaotic week where the market bounced back and forth and was fueled by many external factors. June live cattle closed $0.90 higher at $250.07, August live cattle closed $0.12 higher at $241.65 and October live cattle closed $0.32 higher at $234.12. Throughout the week, Southern live cattle traded at $256 to $258, which is $1.00 lower to $1.00 higher than last week's weighted average. Northern dressed cattle traded at mostly $405, which is steady with the previous week's weighted average.
Friday's slaughter is estimated at 100,000 head -- 5,000 head less than a week ago and 2,000 head less than a year ago. Saturday's slaughter is projected to be around 5,000 head. The week's total slaughter is estimated at 533,000 head -- incomparable to last week but 48,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.04 ($392.70) and select down $0.35 ($382.69) with a movement of 91 loads (68.12 loads of choice, 10.89 loads of select, 4.03 loads of trim and 7.97 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Next week's trade could be steady again if packers don't have enough cattle committed to them.
FEEDER CATTLE:And with the help of the live cattle market's support, the feeder cattle contracts were also able to close the day fully higher. August feeder cattle closed $0.52 higher at $353.90, September feeders closed $0.75 higher at $350.82 and October feeders closed $0.57 higher at $347.22. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $10.00 to $20.00 lower and feeder heifers sold $5.00 to $10.00 lower. Steer calves traded mostly $25.00 to $30.00 lower, and heifer calves traded $20.00 to $25.00 lower. Slaughter cows traded steady to $3.00 lower, and slaughter bulls traded $3.00 higher. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 6/4/2026: up $2.17, $361.38.
LEAN HOGS:Unfortunately, without any major support coming to save the lean hog complex ahead of the week's close, the lean hog contracts ended the day fully lower and gave up most of the territory in which the complex had earned earlier in the week. More than anything, the market is struggling to summon enough fundamental support to break through the market's resistance at $102, which will again be the goal next week. June lean hogs closed $1.00 lower at $94.30, July lean hogs closed $2.80 lower at $98.80 and August lean hogs closed $2.05 lower at $97.22. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.81 with a weighted average price of $93.85 on 1,400 head. Pork cutouts totaled 301.43 loads with 269.93 loads of pork cuts and 31.50 loads of trim. Pork cutout values: up $3.05, $101.18. Friday's slaughter is estimated at 473,000 head -- 1,000 head more than a week ago and 36,000 head more than a year ago. Saturday's slaughter is projected to be around 43,000 head. The CME lean hog index 6/3/2026: up $0.26, $92.51.
MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash market on Mondays.
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