GENERAL COMMENTS:
With plenty of reason to be cautious in the marketplace, traders felt as though their safest decision was to trade the contracts lower through Monday's end. New showlists appear to be mixed to higher in Kansas, somewhat lower in Texas, and lower in Nebraska/Colorado. July corn is up 1 1/4 cents per bushel and July soybean meal is down $5.80. The Dow Jones Industrial Average is down 80.77 points and the NASDAQ is up 220.23 points.
LIVE CATTLE:
Throughout the day, the live cattle contracts traded mixed, as at the day's start, the contracts were trading higher, but by the day's end, the market had fallen lower upon not seeing the fundamental support it desperately needed. It is worth mentioning that over the weekend, two additional cases of New World screwworm were detected, bringing the total number of confirmed cases in the US to four. June live cattle closed $3.55 lower at $246.52, August live cattle closed $4.92 lower at $236.72 and October live cattle closed $4.77 lower at $229.35. New showlists appear to be mixed, higher in Kansas, somewhat lower in Texas, and lower in Nebraska/Colorado. Monday's slaughter is estimated at 102,000 head -- 2,000 head less than a week ago and 9,000 head less than a year ago.
Last week Northern dressed cattle traded at mostly $405, which is fully steady with the previous week's weighted average. Southern live cattle traded at mostly $256 to $258, which is $1.00 lower to $1.00 higher than the previous week's weighted average. Last week, 78,391 head traded in the negotiated cash cattle market, of which 67% (52,892 head) were committed to the market's nearby delivery, while the remaining 33% (25,499 head) were committed to the market's deferred delivery option.
Boxed beef prices closed lower: choice down $0.38 ($392.32) and select down $4.48 ($378.21) with a movement of 116 loads (77.64 loads of choice, 21.28 loads of select, 4.09 loads of trim and 13.01 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady to somewhat lower. With packers able to slowly build up more supply around themselves, they'll likely try to keep prices from trading higher.
FEEDER CATTLE:
And in keeping with the market's recent norm, the feeder cattle contracts also closed lower as the complex continues to closely mirror the action of the live cattle contracts, and as the market's resistance at the 100-day moving average is simply too big a barrier for traders to challenge at this point. August feeders closed $3.20 lower at $350.70, September feeders closed $3.37 lower at $347.45 and October feeders closed $3.45 lower at $343.77. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers were trading steady to $5.00 higher, with instances up to $10.00 higher on the heavier weights. Feeder heifers were trading $2.00 to $8.00 higher. Steer calves were selling $10.00 to $20.00 lower and heifer calves were trading mostly $2.00 to $8.00 lower. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 6/5/2026: not available at this time.
LEAN HOGS:
It was a rough day for the lean hog complex, as the spot July contract fell to its lowest position since last December. But with traders uncomfortable without knowing what type of support is going to develop this week, traders found that the path of least resistance was going to be in trading the contracts lower today. July lean hogs closed $1.42 lower at $97.37, August lean hogs closed $1.07 lower at $96.15 and October lean hogs closed $1.10 lower at $82.35. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $2.26 with a weighted average price of $96.11 on 1,638 head. Pork cutouts totaled 289.55 loads with 256.62 loads of pork cuts and 32.93 loads of trim. Pork cutout values: down $2.72, $98.46. Monday's slaughter is estimated at 470,000 head -- 1,000 head less than a week ago and 6,000 head less than a year ago. The CME lean hog index 6/4/2026: up $0.09, $92.60.
TUESDAY'S HOG CALL: Steady. With pork demand up slightly at Monday's close, it wouldn't be surprising to see packers active again in Tuesday's market.
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