Cattle Dip Lower Friday, While Hogs Run Higher

GENERAL COMMENTS:

Mixed tones continue to follow the livestock complex as now the cattle contracts are trading lower but the lean hog contracts are scaling higher. Bids are on the table for the cash market, but no cattle have traded just yet. July corn is up 3 1/4 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is up 368.96 points and NASDAQ is up 62.96 points.

LIVE CATTLE:

Once again, the market’s resistance at its 40-day moving average becomes too much for traders to bear, which is mainly why the complex is trading lower into Friday’s noon hour. But it also isn’t helpful that the market has yet to see any cash cattle trade develop. At this point, even if the fed cash cattle market is able to trade cattle higher, it won’t likely have much of a positive effect on the complex ahead of the close. June live cattle are down $2.25 at $249.22, August live cattle are down $2.75 at $239.92 and October live cattle are down $2.75 at $232.65. A few bids are currently being offered in the cash cattle market (in both regions) but at this point feedlot managers are passing on them. Live asking prices are noted at $260 in Nebraska.

Boxed beef prices are mixed: choice down $0.10 ($393.11) and select up $0.73 ($373.98) with a movement of 58 loads (41.80 loads of choice, 5.41 loads of select, 4.38 loads of trim and 5.92 loads of ground beef).

FEEDER CATTLE:

Like the live cattle complex, the feeder cattle contracts are trading lower into Friday’s noon hour as the market isn’t seeing the technical or fundamental support it needs right now to push the contracts any higher. August feeder cattle are down $3.92 at $355.72, September feeders are down $3.62 at $352.90 and October feeders are down $3.52 at $349.27. Aside from the lack of technical support from the live cattle contracts, the feeder cattle contracts are currently under pressure from the market’s resistance at its 40-day moving average.

LEAN HOGS:

The lean hog complex has thankfully found some technical support which is helping it trade higher into Friday’s noon hour. Luckily the market has been able to chop merely sideways in recent trading days; which leads one to believe some sort of a technical bottom is forming for this current move. Plus, it’s also helpful that pork cutouts are more than $3.00 higher on Friday’s midday report. July lean hogs are up $0.67 at $97.30, August lean hogs are up $0.25 at $96.15 and October lean hogs are up $0.22 at $81.30. The projected CME Lean Hog Index for 6/11/2026 is down $0.15 at $92.75 and the actual index for 6/10/2026 is down $0.02 at $92.90. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.34 with a weighted average price of $94.26, ranging from $91.00 to $97.00 on 933 head and a five-day rolling average of $96.73. Pork cutouts total 161.29 loads with 152.99 loads of pork cuts and 8.29 loads of trim. Pork cutout values: up $3.31, $97.78.

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NOTE: The cattle complex has seen record-high prices in the last year. But it’s also been saddled with record-high risk and volatility, among many other challenges. To better understand these cattle market challenges, join DTN Livestock Analyst ShayLe Stewart for the inaugural Beef Industry Exchange webinar hosted by Senior Livestock Editor Jennifer Carrico at 9 a.m. CDT on June 24.  

In addition to ShayLe’s cattle market update, DTN Ag Meteorologist John Baranick shares how variability and a building Super El Nino might save or doom U.S. pastures. Due to widespread drought conditions across the U.S., cow-calf producers may be considering a reduction of the herd. To prepare for this, University of Nebraska Lincoln Beef Systems Extension Educator Aaron Berger shares different strategies to set up cow herd rebuilding when it rains again. Register for the free webinar today: https://dtn.link/BeefIndustryExchange

ShayLe Stewart can be reached shayle.stewart@dtn.com