Monday Midday Livestock Market Summary - Cattle Run Higher at the Week's Start

GENERAL COMMENTS:

With the help of strong equity markets, and the fact that last week's fed cash cattle market traded higher, the cattle contracts are trading higher into Monday's noon hour. New showlists appear to be higher in all major feeding states. July corn is down 4 3/4 cents per bushel and July soybean meal is down $1.20. The Dow Jones Industrial Average is up 154.78 points and NASDAQ is down 329.69 points.

LIVE CATTLE:

I personally was worried that Friday's Cattle on Feed report was going to be absorbed in a bearish manner by the market, given the fact that we currently sit with a greater number of cattle on feed than compared to a year ago, and our marketings continue to dwindle. But thankfully on Friday (when the markets were closed), packers and feedlot managers hashed out last week's fed cash cattle trade and lo and behold, prices ended up being anywhere from $2.00 to $5.00 higher. Couple the cash cattle market's recent success with the fact that the equity markets are trading higher, and traders have been willing to look beyond last week's COF report and allow the live cattle contracts to trade higher. June live cattle are up $0.92 at $255.72, August live cattle are up $0.42 at $247.05 and October live cattle are up $0.65 at $240.62. New showlists appear to be higher in all major feeding states.

Last week, both live and dressed deals waited to develop until Friday, but Southern live cattle traded at mostly $258 to $260, which is $2.00 to $5.00 higher than the previous week's weighted average. Northern dressed cattle traded anywhere from $408 to $410, but mostly at $408, which is $3.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.24 ($395.61) and select up $1.86 ($373.94) with a movement of 42 loads (28.42 loads of choice, 2.35 loads of select, 6.24 loads of trim and 5.18 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are continuing to trade higher as the market feels well supported by a number of different fronts right now. August feeder cattle are up $3.27 at $369.87, September feeders are up $3.60 at $368.27 and October feeders are up $3.75 at $365.50. And as long as the live cattle contracts continue to rally through the day's end, it's likely that the feeder cattle contracts will do the same.

LEAN HOGS:

The lean hog contracts, meanwhile, are trading mixed as traders would like to think with midday pork cutout values higher that the contracts should be able to scale higher too, but with the contracts at resistance levels, traders are remaining cautious. Not to mention, demand has been fickle in recent weeks and traders want to see more than one single day's worth of higher prices before they become too bullish. July lean hogs are down $0.07 at $94.90, August lean hogs are up $0.47 at $97.20 and October lean hogs are up $0.27 at $81.60. The projected lean hog index for 6/19/2026 is down $0.67 at $91.77 and the actual index for 6/17/2026 is up $0.01 at $92.44. Hog prices on the Daily Direct Morning Hog Report are not available because of confidentiality. However, we can see that only 195 head have traded and that the market's five-day rolling average now sits at $96.65. Pork cutouts total 133.55 loads with 116.00 loads of pork cuts and 17.55 loads of trim. Pork cutout values: up $0.21, $96.98.

Monday Morning Livestock Market Update - Cattle Futures Expected to Trade Higher

GENERAL COMMENTS:

Cattle traders thought it was best to take some profit off the table ahead of the Cattle on Feed report and the extended weekend. There was really little to be concerned over with the Cattle on Feed report, as most of the reports may show a knee-jerk reaction if the report is negative, only to regain support in time. Without the herd rebuilding, it is unlikely there is much downside to the market. But anything can happen over a three-day weekend, and taking a profit to reduce exposure was prudent. The news concerning the New World screwworm has been taken in stride and has not impacted the market as had been feared. The Cattle on Feed report was released and is neutral to slightly bullish. On feed on June 1 was 102% and slightly below the average estimate of 102.3%. Placements in May were at 90% and below the trade estimate of 92.8%. This would be considered bullish. However, marketings totaled 88% and was below the average estimate of 89.0%. This is considered slightly bearish and balanced the report. Boxed beef was mixed on Friday, with choice up $0.45 and select down $2.67. Live cattle sales on Friday ranged from $258 to $260.

Hog traders found little direction on Thursday, resulting in a mixed market at the close. The National Daily Direct Afternoon Hog report on Friday showed cash down $3.28 as packers pulled back to finish purchases for the week. Pork cutouts provided some offset to cash weakness, posting a gain of $3.06. Pork butts jumped $13.64, with bellies gaining $6.81. Futures are struggling to maintain support, but traders are having a difficult time finding it, much less enough to turn the trend higher.

	BULL SIDE		BEAR SIDE
1)	Cattle placements in May were below the trade estimates and may provide support to the market.	1)	Cattle marketings in May were below the trade estimates. Packers have been reducing slaughter, resulting in heavier-weight cattle.
2)	The cash cattle trade was supportive to the market, indicating that demand is not slowing and packers remain aggressive.	2)	Cattle futures may find resistance at the highs. This may be a level at which selling interest will be strong.
3)	Hog futures seem to be building technical support. Futures have been trading sideways for the past week as traders do not want to press the market lower.	3)	Traders seem to be supporting hog futures at the low, but have little reason to buy aggressively into the market.
4)	Pork demand remains strong as increased slaughter has been readily absorbed.	4)	Even with higher slaughter rates, packers continue to have sufficient hog supplies. This leaves them less aggressive in the cash market.

Thursday Closing Livestock Market Update - Traders Let Livestock Contracts Drift Lower Into the Long Weekend

GENERAL COMMENTS:

The livestock complex ended the day mixed, with most contracts unwilling to advance in price without stronger fundamental support. At the time of this writing, no cash cattle trade had developed yet. July corn is down 3 1/2 cents per bushel and July soybean meal is down $3.50. The Dow Jones Industrial Average is up 72.15 points and the NASDAQ is up 496.27 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).

**The markets are closed on June 19 for the Juneteenth holiday. Regular DTN market commentary will resume on Monday, June 22.**

LIVE CATTLE:

All in all it was a sit and wait kind of day for the live cattle complex as traders waited hopeful for better fundamental support, but with boxed beef prices closing lower, no developments yet in the fed cash cattle market and in waiting to see what was going to come of the Cattle on Feed report, you could safely say that there simply wasn't enough immediate support in the market to keep prices elevated. June live cattle closed $0.92 lower at $254.80, August live cattle closed $2.22 lower at $246.62 and October live cattle closed $1.87 lower at $239.97. At the time of this writing, no cash cattle trade had developed. Bids were offered throughout the day in Nebraska and Kansas, but feedlot managers wanted more money. 

Thursday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.58 ($393.92) and select down $2.51 ($374.75) with a movement of 73 loads (48.45 loads of choice, 11.69 loads of select, 5.85 loads of trim and 6.68 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Until we know how this week's trade pans out, it's challenging to determine what next week's market may set out to accomplish.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders simply weren't willing to take any risks ahead of the day's Cattle on Feed report. And although placements were down 10% compared to a year ago, the fact that the total number of cattle on feed was up 2% compared to a year ago, and that marketings were down 12% compared to a year ago, made the report neutral at best.

August feeder cattle closed $0.82 lower at $366.60, September feeders closed $0.97 lower at $364.67 and October feeders closed $1.10 lower at $361.75. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 350 pounds and those weighing 500 to 550 pounds traded higher, but the steer calves weighing 400 to 500 pounds sold lower. Feeder steers traded higher. Heifer calves weighing 350 to 450 pounds and those weighing 500 to 550 pounds sold steady to higher, while the groups of heifers weighing 450 to 500 pounds and those weighing 550 to 600 pounds both traded lower. Slaughter cows sold steady to $5.00 lower and slaughter bulls traded steady. Feeder cattle supply over 600 pounds was 28%. The CME feeder cattle index 6/17/2026: up $3.04, $367.06.

LEAN HOGS:

The lean hog complex ended the day mostly lower (other than in the nearby months, which ended the day slightly higher) as traders continue to be frustrated by the lack of fundamental support and aren't willing to challenge resistance levels until support improves. July lean hogs closed $0.37 higher at $95.02, August lean hogs closed $0.22 higher at $96.72 and October lean hogs closed $0.05 higher at $81.32. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.56 with a weighted average price of $97.19 on 2,935 head. Pork cutouts total 278.29 loads with 243.38 loads of pork cuts and 34.91 loads of trim. Pork cutout values: down $1.06, $93.71. Thursday's slaughter is estimated at 483,000 head -- 6,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 6/16/2026: up $0.50, $92.43.

MONDAY'S HOG CALL: Steady. Packers rarely buy aggressively in the cash hog markets on Monday.

Thursday Midday Livestock Market Summary - Caution Dominates Cattle Complex

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.