DTN Midday Livestock Comments          05/20 11:38

   Minimal Fundamental Support Has Livestock Contracts Trading Lower 

   With no substantial support to keep the futures contracts trading higher, 
traders have opted that their safest bet is to let the contracts trade mildly 
lower. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock contracts are trading lower into Wednesday's noon hour. Still 
no cash cattle trade has developed and asking prices remain elusive too. July 
corn is down 10 3/4 cents per bushel and July soybean meal is down $1.70. The 
Dow Jones Industrial Average is up 481.37 points and NASDAQ is up 285.84 points.

LIVE CATTLE:

   With boxed beef prices mixed, no developments in the fed cash cattle market, 
and the futures up against resistance levels, the live cattle contracts are 
back to trading lower. June live cattle are down $2.57 at $251.97, August live 
cattle are down $4.10 at $243.10 and October live cattle are down $4.80 at 
$234.50. Bids and asking prices still remain unknown in the cash market; at 
this point it's looking like the week's trade could be delayed until the bitter 
end as everyone awaits to see what Friday's Cattle on Feed report could unveil. 
But with placements anticipated to be higher than a year ago, there's a level 
of hesitancy laced throughout the marketplace.

   Boxed beef prices are mixed: choice down $1.54 ($394.21) and select up $1.28 
($394.86) with a movement of 73 loads (48.80 loads of choice, 5.84 loads of 
select, 10.18 loads of trim and 8.05 loads of ground beef).

FEEDER CATTLE

   The feeder cattle contracts are also trading lower as the market continues 
to closely follow the lead of the live cattle contracts. August feeders are 
down $4.50 at $359.15, September feeders are down $4.67 at $356.32 and October 
feeders are down $4.57 at $353.07. Unless the live cattle market changes its 
direction, the feeder cattle contracts will likely keep with their lower trend.

LEAN HOGS:

   The lean hog complex continues to slide lower as the market is simply 
displeased with the lack of support. Without stronger consumer demand and with 
very minimal interest from packers in the cash market, the market simply 
doesn't have the support it needs to find stability. June lean hogs are down 
$0.67 at $97.25, July lean hogs are down $0.55 at $101.60 and August lean hogs 
are down $0.95 at $101.15. The projected CME Lean Hog Index for 5/19/2026 is up 
$0.44 at $91.00 and the actual index for 5/18/2026 is up $0.05 at $90.55. Hog 
prices are lower on the Daily Direct Morning Hog Report, down $0.73 with a 
weighted average price of $93.62, ranging from $88.00 to $95.00 on 2,204 head 
and a five-day rolling average of $93.10. Pork cutouts total 170.14 loads with 
135.76 loads of pork cuts and 34.38 loads of trim. Pork cutout values: down 
$0.70, $96.18.

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




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