GENERAL COMMENTS:
After a mixed start to the week, the livestock contracts are higher heading into Wednesday's noon hour as traders pour extra support into the marketplace. NO new cash cattle trade has developed and currently no bids are on the table. July corn is steady and July soybean meal is up $0.40. The Dow Jones Industrial Average is down 568.88 points and NASDAQ is down 284.22 points.
LIVE CATTLE:
Live cattle futures are rallying modestly into Wednesday's noon hour as the market is hopeful fundamental support is going to arise later in the week. It will be interesting to see how traders handle this afternoon -- along with Thursday's open -- as the contracts are nearing resistance and could grow weary of pushing higher if fundamental support doesn't develop immediately. June live cattle are up $1.95 at $249.97, August live cattle are up $1.85 at $241.55 and October live cattle are up $1.82 at $233.95. The cash cattle market is quiet at this point with no bids currently on the table. On Tuesday some bids were offered in Nebraska at $403 -- but no cattle traded. Asking prices are noted in Texas at $258 to $260.
Boxed beef prices are higher: choice up $1.91 ($394.81) and select up $0.92 ($377.85) with a movement of 63 loads (36.82 loads of choice, 6.29 loads of select, 8.37 loads of trim and 11.20 loads of ground beef).
FEEDER CATTLE:
Feeder cattle future's upward movement Wednesday is somewhat expected given the live cattle contracts are trading higher. August feeders are up $0.87 at $355.02, September feeders are up $1.30 at $352.00 and October feeders are up $1.35 at $348.25. Unlike the live cattle contracts, the feeder cattle contracts are further away from their resistance which means the market should be able to trade higher with ease if traders continue to believe that's the way the market should go.
LEAN HOGS:
After trading lower for four days in a row, the lean hog complex may have found some support as currently its contracts are higher. July lean hogs are up $1.20 at $97.35, August lean hogs are up $1.15 at $95.85 and October lean hogs are up $0.52 at $81.52. It is worth noting that, along with finding technical support this morning, the contracts are also pleased to see a slight uptick in pork demand.
The projected CME Lean Hog Index for 6/9/2026 is up $0.16 at $92.92, and the actual index for 6/8/2026 is up $0.13 at $92.76. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.18 with a weighted average price of $97.35, ranging from $90.00 to $98.00 on 1,768 head and a five-day rolling average of $96.38. Pork cutouts total 185.12 loads with 159.64 loads of pork cuts and 25.48 loads of trim. Pork cutout values: up $0.69, $96.65.
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