Wednesday Closing Livestock Market Update - Cattle Rally Aggressively While Hogs Weaken

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts able to secure a strong advancement, but meanwhile the lean hog contracts fell lower. Some light cash cattle trade was noted in the North at $350 but not enough cattle have sold to say that an accurate trend has developed yet this week. December corn is down 7 3/4 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 352.10 points and the NASDAQ is down 308.24 points.

LIVE CATTLE:

It ended up being a fruitful day for the live cattle complex as the market secured another $2.00 to $3.00 rally by Wednesday's close. October live cattle closed $2.15 higher at $220.92, December live cattle closed $2.90 higher at $222.35 and February live cattle closed $3.10 higher at $223.65. Thankfully with today's rally the market was able to maintain its position above its 40-day moving average. Some light dressed cattle sales were noted in Nebraska at $350 which is steady with last week's weighted average but not enough cattle have traded to say that any sort of a trend has been established yet for the week. Packer demand should improve more on Thursday, but with feedlot managers hoping to advance the market again this week -- trade could be delayed until Friday. 

Wednesday's slaughter is estimated at 94,000 head -- 8,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.58 ($377.31) and select down $5.51 ($352.34) with a movement of 98 loads (54.12 loads of choice, 14.37 loads of select, 12.26 loads of trim and 17.22 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. It's fully assumed that this week's market will trade at least steady, but if the board continues to trade higher there's a chance that prices could also scale higher.

FEEDER CATTLE:

The feeder cattle complex had a robust day with a $6.00 advancement looking almost easy for the market. But between the board's support and stronger demand in the countryside for feeder cattle -- traders had more than enough support to help push the contracts higher. October feeders closed $5.30 higher at $333.32, November feeders closed $6.30 higher at $329.50 and January feeders closed $6.92 higher at $321.67. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week feeder steers and heifers traded $10.00 to $15.00 higher on better quality. Steer and heifer calves sold $8.00 to $15.00 higher. Demand was strong and quality was good on the day's offering. Feeder cattle supply over 600 pounds was 47%. The CME Feeder Cattle Index 9/22/2026: down $1.76, $336.98.

LEAN HOGS:

The lean hog complex ended the day lower as traders weren't willing to advance the contracts any higher without improved demand. And, with the Quarterly Hogs and Pigs report set to be released on Thursday, that could have pressured the market as well. October lean hogs closed $0.60 higher at $79.87, December lean hogs closed $0.67 lower at $70.32 and February lean hogs closed $0.52 lower at $72.02. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.25 with a weighted average price of $79.65 on 3,843 head. Pork cutouts totaled 322.64 loads with 287.31 loads of pork cuts and 35.34 loads of trim. Pork cutout values: down $1.17, $86.82. Wednesday's slaughter is estimated at 486,000 head -- 2,000 head less than a week ago and steady with a year ago. The CME lean hog index 9/21/2026: down $0.50, $82.92.

THURSDAY'S HOG CALL: Lower. Without seeing an improvement in demand, and with Tuesday's purchase being large in volume, it's likely that packers are mostly done buying in this week's cash market.

Wednesday Midday Livestock Market Summary - Bids are on the table in Nebraska but no cattle have traded yet

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour with the cattle contracts seeing excellent support -- but the hog contracts are back to trading lower. Bids are currently on the table in Nebraska but no trade has been noted yet. December corn is down 8 1/2 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 points and the NASDAQ is down 299.72 points.

LIVE CATTLE:

The live cattle complex may have started the day in question, but as the market nears Wednesday's noon hour, the bullish attitude is alive and well in the complex. October live cattle are up $1.57 at $220.32, December live cattle are up $2.42 at $221.87 and February live cattle are up $2.60 at $223.15. Thankfully today's uptick on the board has the spot December contracts still trading above their 40-day moving average -- which remains a critical threshold to continue to monitor. The cash cattle market remains quiet heading into Wednesday's noon hour, with still no trade having developed. There are currently bids of $223 live and $350 dressed being offered in Nebraska, but with the board trading higher, it's likely that feedlot managers will elect to allow some time to pass in hopes that interest could drive prices even higher. Asking prices remain unestablished still.

Boxed beef prices are lower: choice down $0.39 ($378.50) and select down $4.58 ($353.27) with a movement of 57 loads (30.14 loads of choice, 7.64 loads of select, 9.00 loads of trim and 10.13 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts trading boldly ahead of Wednesday's noon hour, the feeder cattle contracts have jumped into action too -- pushing mostly a $4.00 to $6.00 rally into the day's afternoon. October feeder cattle are up $4.82 at $332.90, November feeders are up $5.85 at $329.05 and January feeders are up $5.95 at $320.70. The strong uptick in the futures market will hopefully keep feeder cattle prices strong in the countryside as well today.

LEAN HOGS :

And unfortunately the same luck in which the cattle contracts are seeing isn't the same for the lean hog complex as its contracts are trading lower. October lean hogs are down $0.12 at $79.40, December lean hogs are down $0.90 at $70.10 and February lean hogs are down $0.57 at $71.97. Some of the market's decline likely stems from the fact that midday pork cutout values are lower, but also from the fact that on Thursday the Quarterly Hogs and Pigs report is set to be released. The projected lean hog index is delayed from the source.

Hog prices are lower on the Daily Direct Morning Hog Report, down $0.59 with a weighted average price of $79.33, ranging from $73.00 to $85.50 on 2,603 head and a five-day rolling average of $79.98. Pork cutouts total 169.23 loads with 150.78 loads of pork cuts and 18.45 loads of trim. Pork cutout values: down $0.81, $87.18.

Wednesday Morning Livestock Market Update - Hog Futures May See Further Strength

GENERAL COMMENTS:

Cattle futures were unable to follow through on Tuesday. This gives the idea that the chart gaps below the market from last week may be closed quickly. Boxed beef prices have been strong the past two days, with choice up $2.54 and select up $2.08. We may be finding support for the time being. The general feeling of the market is that cash will be steady this week, but if higher boxed beef prices result in higher futures, stronger cash is possible. However, the slaughter pace continues to run substantially lower than a year ago, leaving packers in the driver's seat for purchasing cattle.

Hog futures gapped higher in the December and February contracts. It will be interesting to see whether the lower or upper gap is filled first. Chances are it will be the lower one, as both cash and cutouts did not perform well on Tuesday. The National Daily Direct Afternoon Hog report showed a decline of $0.45 with a large volume of hogs purchased. This may leave them less aggressive the rest of the week. Pork cutout values declined $0.92. Hog and cutout prices are low because of the large volume available to the market. The volume exceeds strong demand as hog slaughter continues to run higher than a year ago. It does not appear this will change anytime soon.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have absorbed quite a bit of bearish news and seem to have found support.	1)	Cattle futures could not follow through on the bullish reaction to the Cattle on Feed report. This may limit further gains.
2)	If cash cattle trade steady, futures should find support as they carry a discount to cash.	2)	Heavier cattle continue to remain available to the market, leaving the packers needing fewer cattle to meet demand.
3)	Hog futures have increased over the past two days, likely on aggressive short covering. This may continue today as the market corrects from being oversold.	3)	The December and February hog contracts left a chart gap on Tuesday that will be filled at some time.
4)	A chart gap remains in hog futures above the market that will be filled at some time.	4)	The packers have little reason to be aggressive in the cash market due to the supply of market-ready hogs available.

Tuesday Closing Livestock Market Update - Cattle Lower While Hogs Hold Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts closing lower all while the lean hog contracts were able to end the day higher still thanks to trader support. Still no cash cattle trade has developed. December corn is down 6 1/4 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is down 185.14 points and NASDAQ is up 122.19 points.

LIVE CATTLE:

All in all it was a quiet and mundane day for the live cattle complex as the contracts gave up most of what Monday's market secured -- unable to keep the market elevated thanks to a lack of immediate fundamental support. October live cattle closed $2.17 lower at $218.77, December live cattle closed $2.55 lower at $219.45 and February live cattle closed $2.55 lower at $220.55. No cash cattle trade developed throughout the day and both bids and asking remains remain elusive at this point as well. It's likely that trade will again be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 105,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices ended the day higher: choice up $2.54 ($378.89) and select up $2.08 ($357.85) with a movement of 106 loads (83.56 loads of choice, 6.35 loads of select, 4.96 loads of trim and 11.40 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Steady to somewhat higher. It's assumed that again this week prices will trade at least steady if not a tick higher.

FEEDER CATTLE:

And as to be expected, given that the live cattle contracts closed the day lower, so did the feeder cattle contracts. September feeders closed $0.20 lower at $337.27, October feeders closed $2.22 lower at $328.02 and November feeders closed $2.90 lower at $323.02. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers over 800 pounds sold steady to $4.00 higher but steers under 800 pounds traded steady to $4.00 lower. Feeder heifers sold mostly $1.00 to $5.00 lower. Steer calves over 500 pounds sold steady to $5.00 higher but those under 500 pounds were too lightly tested for an accurate report but weaker tones were noted. Heifer calves over 500 pounds sold steady, but heifers under 500 pounds traded $5.00 to $10.00 lower. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 9/21/2026: down $0.71, $338.74.

LEAN HOGS:

And even with afternoon pork cutout values closing lower, the lean hog contracts still ended the day higher thanks to continued trader support. October lean hogs closed $1.12 higher at $79.27, December lean hogs closed $1.20 higher at $71.00 and February lean hogs closed $1.20 higher at $72.55. Hog prices ended the day lower on the Daily Direct Afternoon Hog Report, down $0.45 with a weighted average price of $79.90 on 14,607 head. Pork cutouts total 298.53 loads with 265.36 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $0.92, $87.99. Tuesday's slaughter is estimated at 491,000 head -- 3,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 9/18/2026: down $0.60, $83.42.

WEDNESDAY'S HOG CALL: Lower. Packers were far more aggressive in Tuesday's market than they were earlier in the week, which could mean that they don't have to be as aggressive later this week.