GENERAL COMMENTS:
The cattle contracts ended the day lower as traders remain on edge amid looming concerns of New World screwworm. Some light cash cattle trade developed in the North at $405, which is steady with last week's weighted average. July corn is down 9 cents per bushel and July soybean meal is down $5.40. The Dow Jones Industrial Average is down 620.72 points and the NASDAQ is down 239.92 points.
LIVE CATTLE:
With fear hovering above the cattle complex as everyone holds their breath regarding the New World screwworm situation, the live cattle contracts ended the day lower. Unfortunately, this news regarding NWS is surfacing now because earlier this afternoon, some trade developed in Nebraska at $405, which is steady with last week's weighted average. June live cattle closed $1.05 lower at $246.62, August live cattle closed $1.80 lower at $237.85 and October live cattle closed $1.87 lower at $229.00. Bids were offered throughout the day in Kansas and Texas, but no sales were noted.
Wednesday's slaughter is estimated at 109,000 head -- 2,000 head more than a week ago and 14,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.79 ($395.86) and select down $0.38 ($384.43) with a movement of 91 loads (50.88 loads of choice, 8.65 loads of select, 20.34 loads of trim and 11.17 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady. With some light trade developing in the North at steady money, there's a chance that the week's weighted average may be able to hold steady so long as no outside news breaks.
FEEDER CATTLE:
With the live cattle contracts closing lower and there being ample pressure plaguing the cattle contracts, it surprised no one that the feeder cattle contracts closed sharply lower. August feeder cattle closed $5.80 lower at $342.62, September feeder cattle closed $5.80 lower at $339.32 and October feeder cattle closed $5.85 lower at $335.90. At the Bloomfield Livestock Auction in Bloomfield, Iowa, compared to their last sale two weeks ago, steers traded mostly $2.00 to $12.00 lower. Heifer prices were mixed, with heifers under 500 pounds trading substantially lower, while heifers over 500 pounds sold $15.00 to $18.00 higher. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 6/2/2026: down $0.12, $364.14.
LEAN HOGS:
Although the cattle contracts ended the day lower, thankfully, the lean hog contracts were able to maintain their mild rally through Wednesday's close. June lean hogs closed $0.35 higher at $96.05, July lean hogs closed $0.35 higher at $102.00 and August lean hogs closed $0.60 higher at $99.57. Pork cutout values didn't close higher, but traders continued to support the contracts even though they're nearing resistance. Pork cutouts totaled 327.83 loads with 279.59 loads of pork cuts and 48.24 loads of trim. Pork cutout values: down $2.08, $98.51. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.21 with a weighted average price of $94.36 on 1,848 head. Wednesday's slaughter is estimated at 485,000 head -- 17,000 head more than a week ago and 5,000 head more than a week ago. The CME lean hog index 6/3/2026: up $0.14, $91.65.
THURSDAY'S HOG CALL: Lower. At this point packers are probably done with the vast majority of their buying.
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