Chicago Mercantile Exchange cattle futures recovered from early weakness to post gains of $1.50 to $2.97 most contracts on Tuesday, reversing Monday's decline when US officials confirmed three additional cases of New World screwworm, raising fears of waning consumer demand for beef. According to Reuters, CME August live cattle settled down 4.925 cents, or 2%, at 236.725 cents per pound on Monday, while August feeder cattle ended down 3.200 cents, or 0.9%, at 350.700 cents per pound. The new screwworm findings raised the total number of cases to five since the first domestic infestation in six decades was found in a Texas calf last week. As reported by Reuters, analyst Don Roose of Iowa-based US Commodities noted that "it's obvious we don't have it under control yet."
Live Cattle futures rose to 247.80 US dollars per pound on June 9, 2026, up 0.78% from the previous day, according to Trading Economics data. The commodity has shown mixed performance over the past month, falling 0.64% but remaining 9.15% higher than a year ago. The latest trading data indicates continued market resilience despite earlier concerns about the New World screwworm outbreak. Market-ready cattle traded in the cash market last week at around $256 to $258 per hundredweight, with Tuesday's action showing mainly $256-258 levels as reported by Reuters. The price differential between cash and futures markets created buying interest among traders who view the futures as underpriced relative to current cash market levels.
The USDA's weekly Crop Progress report showed pasture rating at 31% good/excellent, up 1% from the previous week, indicating improving grazing conditions. The Brugler500 index was up 6 points to 278, reflecting positive market sentiment. However, traders continued monitoring outbreaks of New World screwworm parasite after the first domestic infestation since the 1960s was found in a Texas calf last week. The USDA confirmed a total of six U.S. screwworm cases as of Monday, though Oklahoma State University specialist Derrell Peel noted the pest does not affect meat and will not affect cattle supply or beef production. Beef demand has remained robust despite historically high prices, but it remains unclear if consumer behaviour would change if cases of screwworm within US borders increase.
Wholesale boxed beef prices showed mixed trends in Tuesday's AM report, with Choice boxes down 34 cents to $391.86 while Select boxes were 41 cents higher at $378.50. The Chc/Sel spread stood at $13.36. USDA's federally inspected cattle slaughter on Monday was estimated at 102,000 head, down 2,000 from the previous Monday and 9,939 head below the same week last year. The CME Feeder Cattle Index was up another $5.63 on June 5 to $367.01, while feeder cattle futures held higher with gains of $1.70 to $1.90 in front months. Some attributed Monday's market slide to selling by speculators, with managed funds holding a sizable net long position in CME live cattle futures, leaving the market prone to bouts of long liquidation.
CME lean hog futures posted losses of 45 cents to $1.45 on Tuesday, extending weakness from Monday's session. The US Department of Agriculture priced pork carcasses late on Monday at $98.46 per hundredweight, down $2.72 from Friday. The continued decline in hog futures reflects broader market concerns about pork demand amid rising production costs. USDA's national base hog price was reported at $97.48 on Tuesday afternoon, up $1.37 from the day prior, while the CME Lean Hog Index was up 3 cents on June 4 at $92.63. The pork carcass cutout value showed mixed trends, with USDA reporting varied regional pricing across different market segments.
