Friday Midday Livestock Market Summary - Cattle Futures Move Lower While Waiting for Cash Cattle to Trade

GENERAL COMMENTS:

The livestock complex is trading lower into Friday's noon hour as the lean hog market simply doesn't have the support it needs fundamentally or technically and the cattle complex is waiting for cash cattle to trade. A single bid is currently on the table in Nebraska, but otherwise nothing has surfaced in the cash sector. March corn is up 1/2 cent per bushel and March soybean meal is down $0.50. The Dow Jones Industrial Average is up 210.80 points and NASDAQ is up 128.04 points.

LIVE CATTLE:

The live cattle complex has drifted slightly lower as traders try to remain patient, waiting for cash cattle to trade. It's fully assumed prices will be higher later Friday when trade develops, but the real question is: How much higher? February live cattle are steady at $242.50, April live cattle are down $0.67 at $239.97 and June live cattle are down $0.45 at $235.90. A single bid is currently on the table in Nebraska at $238, but otherwise no news has developed. Asking prices remain firm in Texas at $245 to $247, but aren't clearly established elsewhere.

Boxed beef prices are mixed: choice down $0.45 ($364.39) and select up $0.26 ($363.29) with a movement of 30 loads (24.05 loads of choice, 2.18 loads of select, zero loads of trim and 3.48 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle contracts, the feeder cattle complex is trading slightly lower as well. March feeders are down $0.02 at $365.70, April feeders are down $0.72 at $362.90 and May feeders are down $0.95 at $358.95. Demand has mostly higher this week in the countryside for both feeders and calves, but there has been notable interest in the heavier weight feeders that will make grass cattle in a few months.

LEAN HOGS:

In keeping with its lower trend, the lean hog complex continues to lose position as the market anticipates more supply to be working its way into the system, which causes traders some fear that pork cutout values could weaken. Not to mention, just a little over a week ago the market did reach new all-time highs in the futures complex which put heavy pressure on the market's technical side. April lean hogs are down $0.30 at $91.52, June lean hogs are down $0.75 at $104.80 and July lean hogs are down $0.87 at $106.47.

The projected CME Lean Hog Index for 2/12/2026 is up $0.04 at $86.93 and the actual index for 2/11/2026 is up $0.37 at $86.89. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 409 head have traded this morning, and that the market's five-day rolling average sits at $86.91. Pork cutouts total 174.97 loads with 140.53 loads of pork cuts and 34.44 loads of trim. Pork cutout values: down $0.78, $94.87.

Friday Morning Livestock Market Update - Higher Cash Cattle Prices Expected

GENERAL COMMENTS:

Live cattle closed mixed and near the middle of the trading range for the day. Futures have a higher cash cattle trade factored in, with traders waiting to see just where it will land. The general feeling is that cash will be higher. Boxed beef prices were mixed, with choice down $1.08 and select up $0.45. The announcement of Cargill closing its ground beef plant in Milwaukee, Wisconsin, had some impact on the market, but it was limited. It is unfortunate as the beef will now be processed at a different facility, with transportation adding to the cost. Strong beef demand continues amidst tightening cattle supplies. Carcass weights are at record highs as packers require heavier cattle to make up for lower cattle numbers. The markets will be closed on Monday for President's Day.

Hog futures have fallen the entire week, with the weakness exceeding the usual 2- to 3-day liquidation phase of an overbought market. Contracts closed at the lowest level in a month. This inability of cash hogs to find support and trend higher has become disappointing to bullish traders. The National Daily Direct Afternoon Hog Report showed cash down $1.22. Pork cutout values posted a gain of $1.88, but that may have little impact on the market. Futures may find some stability today as the selling may subside ahead of the 3-day weekend.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are expected to trade higher as little has changed fundamentally. Cattle supplies are tight and may remain that way.	1)	Higher cash is already factored in and may keep further gains in cattle futures even if higher cash prices develop.
2)	Fund traders have been adding to their long cattle positions with confidence due to the current fundamental environment. The Commitment of Traders report should show this trend.	2)	Record beef carcass weights have offset lower cattle supplies to some extent. It may be enough to limit the upside price potential.
3)	Hog futures are likely to run out of selling ahead of the weekend as liquation may have run its course.	3)	The weakness in hog futures may be a larger market correction rather than just correcting from being overbought.
4)	High beef prices have increased pork demand. This should continue as the beef supplies are not expected to increase anytime soon.	4)	Packers are not expected to be aggressive today as they have most of their hogs purchased for the week.

Thursday Closing Livestock Market Update - Without Enough Immediate Fundamental Support, Contracts Close Lower

GENERAL COMMENTS:

The livestock complex closed mostly lower as traders simply weren't seeing the fundamental support they needed to push the contracts higher. Still no cash cattle trade has developed. March corn is up 3 3/4 cents per bushel and March soybean meal is up $4.90. The Dow Jones Industrial Average is down 669.42 points and the NASDAQ is down 469.32 points.

LIVE CATTLE:

The live cattle complex closed mixed as traders were inpatient in having to wait for the fed cash cattle market to trade. February live cattle closed $0.15 higher at $242.50, April live cattle closed $0.32 lower at $240.65 and June live cattle closed $0.32 lower at $236.25. Still no trade has developed, but asking prices are noted at $245 to $247 in Texas. It's assumed that trade will be higher on Friday in the cash market, but it's anyone's guess on how much higher the market will actually trade. Thursday's slaughter is estimated at 115,000 head, 1,000 head more than a week ago and 1,000 head less than a year ago.

There is a chance that the market could turn lower on Friday as news broke this afternoon that Cargill will close their Milwaukee, Wisconsin ground-beef plant, with playoffs beginning April 11, until the plant closes on May 31. The plant employs 221 workers. This is unfortunate news for the industry as the loss of shackle space is always a concern for the cow-calf sector and comes at an ill-fated time for the consumer, as the market needs more ground beef, not less.

Boxed beef prices closed mixed: choice down $1.08 ($364.84) and select up $0.45 ($363.03) with a movement of 101 loads (70.76 loads of choice, 5.88 loads of select, 10.31 loads of trim and 14.32 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. So long as the market isn't entirely derailed by the news of the Cargill ground-beef plant closure in Milwaukee, prices should still trade higher as market-ready supplies of fed cattle are thin and will be well through the first quarter.

FEEDER CATTLE:

Without robust support from the live cattle contacts, the feeder cattle contracts felt it was safest to end the day slightly lower, as technical support is simply lagging. March feeders closed $1.72 lower at $365.72, April feeders closed $0.97 lower at $363.62 and May feeders closed $0.52 lower at $359.90. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers and heifers over 625 pounds sold $5.00 lower to $5.00 higher. Steer and heifer calves didn't have enough of a test to establish any sort of trend. Slaughter cows sold steady to $2.00 higher. Feeder cattle supply over 600 pounds was 85%. The CME feeder cattle index 2/11/2026: down $0.49, $373.87.

LEAN HOGS:

Although pork demand improved this afternoon as the afternoon's carcass price jumped $1.88, traders still continued to push the lean hog contracts lower in fear of surplus supply. April lean hogs closed $2.02 lower at $91.82, June lean hogs closed $1.92 lower at $105.55 and July lean hogs closed $2.02 lower at $107.35. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.22 with a weighted average price of $86.95 on 2,833 head. Pork cutouts totaled 287.86 loads with 260.60 loads of pork cuts and 27.26 loads of trim. Pork cutout values: up $1.88, $95.65. Thursday's slaughter is estimated at 456,000 head, 30,000 head less than a week ago and 29,000 head less than a year ago. The CME lean hog index 2/10/2026: up $0.20, $86.52.

FRIDAY'S HOG CALL: Lower. Packers are likely done buying in the cash hog market for the week.

Thursday Midday Livestock Market Summary - Contracts Trade Lower

GENERAL COMMENTS:

The livestock complex is trading lower into Thursday's noon hour as the market is short of fundamental support. More than anything the market would like to see some developments in the fed cash cattle market as noting higher prices would reassure traders that the cattle futures can indeed trade higher. March corn is up 2 1/4 cents per bushel and March soybean meal is up $4.50. The Dow Jones Industrial Average is down 553.58 points and NASDAQ is down 331.77 points.

Thursday's export report shared that beef net sales of 15,700 mt for 2026 were down 21% from the previous week and 1% from the prior 4-week average. The three largest buyers were South Korea (7,800 mt), Japan (1,900 mt) and Mexico (1,800 mt). Pork net sales of 28,600 mt for 2026 were down 18% from the previous week and 24% from the prior 4-week average. The three largest buyers were Mexico (12,000 mt), Japan (7,100 mt) and Colombia (1,700 mt).

LIVE CATTLE:

Following Wednesday's sizeable rally, the live cattle complex is back to trading slightly lower as the market tries to patiently wait to see what's going to develop in the fed cash cattle market this week. With boxed beef prices declining -- as they seasonally do during this time -- traders need to see additional fundamental support, which will likely come from the cash market when trade develops at some point this week. But in the lightning fast world we live in, waiting until the very bitter end of the week to see what's going to develop fundamentally for the market is a painful waiting lesson traders aren't necessarily fond of. February live cattle are down $0.25 at $242.10, April live cattle are down $0.90 at $240.07 and June live cattle are down $1.02 at $235.55. Asking prices have surfaced in parts of Texas at $245 to $247 -- but otherwise the market remains quiet and trade could be delayed until Friday.

Boxed beef prices are lower: choice down $0.39 ($365.53) and select down $0.59 ($361.99) with a movement of 46 loads (24.40 loads of choice, 3.08 loads of select, 7.95 loads of trim and 10.72 loads of ground beef).

FEEDER CATTLE:

And as one would logically assume in this market, with the live cattle contracts trading lower, the feeder cattle contracts are following suit. March feeders are down $2.50 at $364.95, April feeders are down $1.90 at $362.70 and May feeders are down $1.32 at $359.10. Demand has been mostly strong this week in the countryside for both feeder cattle and calves -- and especially for cattle that will make yearlings this upcoming summer.

LEAN HOGS:

The lean hog complex continues to tumble lower as the market anticipates a wall of supply that's likely going to hit the market at any point in time now. The latest Quarterly Hogs and Pigs report showed market-ready supplies were larger than originally assumed, and the market is bracing itself for that supply to hit. April lean hogs are down $2.37 at $91.47, June lean hogs are down $2.07 at $105.40 and July lean hogs are down $2.05 at $107.32.

The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.28 with a weighted average price of $87.00, ranging from $80.00 to $88.50 on 2,621 head and a five-day rolling average of $86.72. Pork cutouts total 166.32 loads with 148.49 loads of pork cuts and 17.83 loads of trim. Pork cutout values: up $2.12, $95.89.