GENERAL COMMENTS:
The livestock complex ended the day mostly higher as traders were willing to mildly support the contracts through the end of the day. Bids were offered throughout the day in the cash market, but no cattle have traded yet. July corn is down 7 1/4 cents per bushel and July soybean meal is down $0.20. The Dow Jones Industrial Average is up 929.97 points and the NASDAQ is up 640.16 points.
LIVE CATTLE:
It was a quiet and mixed day for the live cattle complex, as although the contracts were able to rally through the day's end, unfortunately, boxed beef prices closed lower. And given that the market is sitting in the second week of June, at any point in time, the market could begin to soften as retailers are likely close to having their coolers refilled after the holiday rush around Memorial Day. June live cattle closed $1.37 higher at $251.47, August live cattle closed $1.17 higher at $242.67 and October live cattle closed $1.70 higher at $235.40. No cash cattle trade developed throughout the day, but bids were offered. Asking prices in the South are firm around $258, but are still not established in the North.
Thursday's slaughter is estimated at 105,000 head -- 3,000 head less than a week ago and 12,000 head less than a year ago.
Thursday's WASDE report shared that beef production for 2026 was decreased by 109 million pounds as both fed and non-fed slaughter speeds have declined. However, it is worth noting that the decline in slaughter is partially offset by heavier carcass weights. The quarterly steer price projections didn't show much of a change from May's report. The only quarter that saw an increase from last month was second quarter steers averaged $255 -- up $2.00 from last month. Steers in the third quarter are expected to average $252 and steers in the third quarter are expected to average $255, both of which are unchanged from a month ago. Beef imports for 2026 were steady at 6,109 million pounds, but beef exports for 2026 fell by 20 million pounds.
Boxed beef prices closed lower: choice down $0.08 ($393.21) and select down $2.46 ($373.25) with a movement of 110 loads (83.93 loads of choice, 13.53 loads of select, 7.62 loads of trim and 4.67 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that feedlot managers haven't been in a rush to trade cattle, it feels as though feedlot managers may be holding out to push packers into paying more.
FEEDER CATTLE:
Feeder cattle demand has been a tick stronger this week, and with the live cattle contract's higher trend, the feeder cattle contracts were able to end the day higher. August feeders closed $5.27 higher at $359.65, September feeders closed $5.15 higher at $356.52 and October feeders closed $5.07 higher at $352.80. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 800 to 1,000 pounds traded $5.00 to $6.00 lower. Feeder heifers weighing 700 to 900 pounds traded $5.00 higher to $5.00 lower. Slaughter cows sold steady, but slaughter bulls sold cheaper. Feeder cattle supply over 600 pounds was 95%. The CME feeder cattle index 6/10/2026: up $2.04, $370.10.
LEAN HOGS:
The lean hog complex ended the day mostly higher, although the nearby contracts did end a tick softer. June lean hogs closed $0.40 lower at $92.77, July lean hogs closed $0.22 lower at $96.62 and August lean hogs closed $0.47 higher at $95.90. Following the steep regression endured earlier in the week, hopefully, the complex is beginning to find some sort of technical bottom. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.26 with a weighted average price of $97.26 on 3,545 head. Pork cutouts totaled 267.86 loads with 248.52 loads of pork cuts and 19.35 loads of trim. Pork cutout values: down $1.49, $94.47. Thursday's slaughter is estimated at 485,000 head -- 9,000 head more than a week ago and 6,000 head more than a year ago. The CME lean hog index 6/9/2026: up $0.16, $92.92.
Thursday's WASDE report shared that pork production for 2026 was increased by 10 million pounds as heavier carcass weights are more than offsetting the slight decline in production. Meanwhile, quarterly hog prices saw a decrease from last month's report as hogs in the second quarter remained steady at $64.50, but hogs in the third quarter are now expected to average $69 (down $2.00), and hogs in the fourth quarter are now expected to average $74 (down $3.00). Pork imports for 2026 grew by 10 million pounds, and pork exports for 2026 grew by 20 million pounds.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs in the cash market.
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