GENERAL COMMENTS:
The livestock complex ended the day mixed, with the live cattle contracts slightly more cautious, while both the lean hog and feeder cattle contracts closed higher. Still no cash cattle trade has developed. July corn is up 7 1/4 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is down 507.12 points and the NASDAQ is down 354.68 points.
LIVE CATTLE:
The live cattle complex eased its bullish tone through Wednesday's trade as traders weren't willing to challenge the market's all-time high scored last April, even though the contracts came extremely close to touching that threshold on Tuesday. But without knowing exactly what Thursday's Cattle on Feed report will amount to and without knowing what's going to come of this week's fed cash cattle market, traders pulled back the reins today, and the contracts closed slightly lower. June live cattle closed $0.42 higher at $255.72, August live cattle closed $0.35 lower at $248.85 and October live cattle closed $0.15 lower at $241.85. Still no trade has developed in the cash market, as feedlot managers desperately want the market to scale higher, but packers obviously sit in the opposite boat. Asking prices are noted at $260 to $262 in Texas.
Wednesday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $5.08 ($394.50) and select up $0.41 ($377.26) with a movement of 149 loads (104.60 loads of choice, 10.16 loads of select, 22.05 loads of trim and 11.91 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady to somewhat higher. With the board being mostly supportive this week and boxed beef prices trending higher, one would think that feedlot managers would be able to hold the market at least steady, if not advance it another $1.00 or $2.00.
FEEDER CATTLE:
Although the live cattle contracts closed lower as traders remain cautious market participants, the feeder cattle complex was still able to maintain its higher trend, and its furthest deferred contracts closed with the highest advancement. August feeders closed $0.55 higher at $367.42, September feeders closed $0.37 higher at $365.65 and October feeders closed $0.42 higher at $362.85. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers traded $10.00 to $20.00 higher and feeder heifers sold $15.00 to $25.00 higher. Steer calves sold $10.00 to $20.00 stronger and heifer calves traded $5.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 6/16/2026: up $0.02, $264.02.
LEAN HOGS:
The lean hog complex closed mostly higher as traders were willing to advance the contracts up to the market's nearby resistance, which happens to be at the upper echelon of its current trading range. The cash market has lent a sizeable amount of support this week as packer demand has been strong and prices have been higher. Unfortunately, pork demand remains a tough subject. July lean hogs closed $0.15 lower at $94.65, August lean hogs closed $1.45 higher at $96.50 and October lean hogs closed $1.35 higher at $81.27. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.18 with a weighted average price of $97.75, ranging from $86.00 to $98.00 on 10,525 head. Pork cutouts totaled 320.95 loads with 287.14 loads of pork cuts and 33.81 loads of trim. Pork cutout values: down $0.80, $94.77. Wednesday's slaughter is estimated at 476,000 head -- 15,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 6/15/2026: down $0.16, $91.93.
THURSDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured the vast majority of their needs from the market this week.
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