GENERAL COMMENTS:
It was yet another day for the livestock complex, where the cattle contracts rallied mildly while the hog contracts struggled to gain support. No cash cattle trade developed throughout the day. Do note that the monthly WASDE report is scheduled for release on Thursday. July corn is down 1/2 cent per bushel and July soybean meal is up $0.80. The Dow Jones Industrial Average is down 881.97 points and the NASDAQ is down 464.74 points.
LIVE CATTLE:
The livestock contracts ended the day stronger as traders were willing to advance the contracts mildly but weren't quite confident enough in the market's position to rival its resistance at the 40-day moving average threshold. June live cattle closed $2.07 higher at $250.10, August live cattle closed $1.80 higher at $241.50 and October live cattle closed $1.57 higher at $233.70. No cash cattle trade developed throughout the day, and no bids were offered either. Asking prices are noted at $258 to $260 in Texas, but are not established in other regions.
Wednesday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.38 ($393.28) and select up $1.23 ($375.70) with a movement of 107 loads (68.19 loads of choice, 13.93 loads of select, 9.55 loads of trim and 15.44 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady. Given that feedlot managers didn't jump at the early bids offered in Nebraska on Wednesday, I'm led to believe that feedlot managers believe that packers are still in need of more cattle and that they should be able to successfully hold the market steady, if not even advance it mildly.
FEEDER CATTLE:
And again today, with the support of the live cattle contracts higher trend and a tick more interest in the countryside for feeders and calves, the feeder cattle contracts were also able to end the day stronger. August feeders closed $0.22 higher at $354.37, September feeders closed $0.67 higher at $351.37 and October feeders closed $0.82 higher at $347.72. At the OKC West Livestock Auction in EL Reno, Oklahoma, compared to last week, feeder steers over 750 pounds sold $6.00 to $12.00 higher, but steers under 750 pounds traded $15.00 to $20.00 higher. Feeder heifers sold $5.00 to $10.00 higher. Steer calves traded $5.00 to $15.00 stronger, and heifer calves sold steady to $5.00 stronger. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 6/9/2026: down $0.14, $368.06.
LEAN HOGS:
Try as it might, the lean hog complex just wasn't able to muster up enough support to push all the contracts higher by Wednesday's end. The spot July contract and nearby August contract closed higher, but without enough concrete fundamental support in the complex, the rest of the contracts fell lower through the day's close. July lean hogs closed $0.70 higher at $96.85, August lean hogs closed $0.72 higher at $95.42 and October lean hogs closed $0.17 lower at $80.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.04 with a weighted average price of $97.52 on 4,693 head. Pork cutouts totaled 353.00 loads with 306.02 loads of pork cuts and 46.97 loads of trim. Pork cutout values: unchanged, $95.96. Wednesday's slaughter is estimated at 477,000 head -- 1,000 head less than a week and a year ago. The CME lean hog index 6/8/2026: up $0.13, $92.76.
THURSDAY'S HOG CALL: Steady. Packers have been more aggressive in this week's cash market, which likely means that they were short bought coming into the week. Now, whether or not they need more hogs on what they've already purchased remains unknown.
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