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.
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