GENERAL COMMENTS:
The livestock complex closed mixed, with the lean hog contracts still needing greater support, but the cattle contracts were able to close mildly higher. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, and lower in Kansas. July corn is down 2 3/4 cents per bushel and July soybean meal is down $3.30. The Dow Jones Industrial Average is up 46.42 points and the NASDAQ is up 114.19 points.
LIVE CATTLE:
Following last Friday's weaker close, the live cattle contracts were able to close mildly higher as traders felt as though they weren't up against immediate resistance pressure. June live cattle closed $0.75 higher at $249.00, August live cattle closed $1.55 higher at $240.60 and October live cattle closed $1.90 higher at $232.32. More than anything at this point, traders need/want to see greater fundamental support, and if the contracts are to trade higher late in the week, it will be vital that fundamental support arises in the form of stronger cash cattle trade and strong beef demand. If that support doesn't surface, it's likely that the contracts will continue to trade mixed or fall lower. It is also worth noting that over the weekend there was another case of New World screwworm found just 31 miles away from the U.S./Mexico border in sheep. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, and lower in Kansas. Monday's slaughter is estimated at 104,000 head -- incomparable to last week but 10,000 head less than a year ago.
Last week Southern live cattle traded at mostly $256 to $257, which is $4.00 to $5.00 lower than the previous week's weighted average, and Northern dressed cattle traded at $405 to $408, which is $2.00 to $5.00 lower than the previous week's weighted average.
Boxed beef prices closed mixed: choice up $1.36 ($392.83) and select down $0.09 ($383.09) with a movement of 79 loads (51.10 loads of choice, 8.76 loads of select, 7.71 loads of trim and 11.90 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. Given that packers were able to buy cattle cheaper last week, it's likely that they'll try to keep with that trend again this week.
FEEDER CATTLE:
With the help and encouragement of the live cattle contracts, the feeder cattle contracts were also able to end the day on a higher note. August feeder cattle closed $3.12 higher at $351.55, September feeders closed $3.32 higher at $348.67 and October feeders closed $3.27 higher at $345.30. And again, this week it's most likely that the feeder cattle contracts will mimic the direction and behavior of the live cattle contracts, only trading higher when the live cattle contracts do. At the Joplin Regional Stockyards in Carthage, Missouri, at their mid-session point and when compared to their last sale two weeks ago, feeder steers were trading $5.00 to $10.00 lower, except the heavy five weights were trading $3.00 higher. Feeder heifers were selling $5.00 to $25.00 lower. The CME feeder cattle index 5/29/2026: down $6.26, $367.14.
LEAN HOGS:
The lean hog contracts ended the day lower as not enough support has surfaced in the market to justify trading the contracts higher just yet. June lean hogs closed $0.82 lower at $95.02, July lean hogs closed $0.35 higher at $99.85 and August lean hogs closed $0.75 lower at $97.60. Late last week, consumer support improved, and it's positive to see mild support again in Monday's market. Hopefully, the trend continues, and the contracts can finally find the support they need to trade higher confidently. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.63 with a weighted average price of $93.86 on 2,093 head. Pork cutouts totaled 342.81 loads with 310.12 loads of pork cuts and 32.70 loads of trim. Pork cutout values: up $0.30, $99.75. Monday's slaughter is estimated at 476,000 head -- incomparable to last week but 13,000 head more than a year ago. The CME lean hog index 5/28/2026: up $0.48, $91.40.
TUESDAY'S HOG CALL: Steady. Packers may show the cash market a tick more support on Tuesday as consumer demand has shown some slight improvement in recent days.
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