Wednesday Closing Livestock Market Update - Traders Lend Cattle Contracts Additional Support

GENERAL COMMENTS:

The livestock complex ended the day higher as traders lent the cattle and lean hog contracts additional support ahead of Wednesday's close. No new cash cattle trade developed throughout the day, but bids were offered in both regions. December corn is up 13 cents per bushel and December soybean meal is up $10.10. The Dow Jones Industrial Average is down 113.52 points and the NASDAQ is down 21.10 points.

LIVE CATTLE:

The live cattle complex ended the day mostly higher, aside from the spot October contract, which closed just mildly lower. Nothing fundamentally changed for the better in the complex, but instead, traders lent the contracts a little bit more support ahead of the afternoon's close, which helped change their position from red to green before closing. October live cattle closed $0.17 lower at $210.77, December live cattle closed $0.45 higher at $212.57 and February live cattle closed $0.57 higher at $214.07. Following Tuesday's light business, packers offered bids in the cash market on Wednesday, but trade sat mostly idle as packers don't want to see prices advance, and obviously feedlot managers would like to see the market move higher. Bids were offered throughout the day in the South at $218 to $220, but Southern cattle are priced at mostly $223 to $225, and northern bids were offered throughout the day in Nebraska at $218 to $245. More trade will need to develop in the South, especially before the week is over. On Tuesday, Northern cattle traded at mostly $345, which is $10.00 lower than the previous week's weighted average. 

Wednesday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.40 ($385.13) and select down $6.30 ($362.68) with a movement of 119 loads (69.37 loads of choice, 19.95 loads of select, 7.69 loads of trim and 22.07 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. The market's trend this week is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day mostly higher, aside from its two nearby contracts which closed just mildly lower. Just like the live cattle complex, traders were willing to throw the market a bone ahead of closing, which helped the contracts end the day mostly higher. Nothing has changed with the market's fundamentals, making the outlook bullish for the immediate future. September feeders closed $0.27 lower at $319.00, October live cattle closed $0.92 higher at $314.25 and November feeders closed $1.80 higher at $307.50. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 800 pounds traded $5.00 to $10.00 lower and heifers over 700 pounds traded $5.00 to $10.00 lower as well. Stocker steer and heifer calves traded sharply lower. Boning utility slaughter cows traded $10.00 lower, while lean utility slaughter cows sold $5.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 8/25/2026: down $1.19, $334.27.

LEAN HOGS:

And like the cattle contracts, the lean hog contracts finally found some technical support in Wednesday's market, which helped the contracts close higher, even with both pork cutout values ending the day lower and cash prices too. October lean hogs closed $0.45 higher at $80.90, December lean hogs closed $0.62 higher at $70.97 and February lean hogs closed $0.55 higher at $73.72. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $90.75 on 11,391 head. Pork cutouts totaled 273.80 loads, with 236.35 loads of pork cuts and 37.45 loads of trim. Pork cutout values: down $2.12, $95.55. Wednesday's slaughter is estimated at 484,000 head -- 13,000 head more than a week ago and steady with a year ago. The CME lean hog index 8/24/2026: down $0.21, $92.65.

THURSDAY'S HOG CALL: Lower. With pork demand lower, it's unlikely that packers are going to advance the cash market at this point.

Wednesday Midday Livestock Market Update - Lack of Fundamental Support Keeps Contracts Jittery

GENERAL COMMENTS:

The livestock complex is again trading mixed into Wednesday's noon hour as the cattle futures lack support but the lean hog contracts are chopping sideways thanks to trader support. Bids are on the table in Nebraska and Kansas -- but no new trade has developed in the fed cash cattle market. December corn is up 12 1/4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is down 145.92 points and NASDAQ is down 95.22 points.

LIVE CATTLE:

The live cattle complex is mostly trading lower into Wednesday's noon hour as traders are aware it's unlikely fundamental support is going to arise later this week. With packers now possessing the lion's share of the market's leverage, fed cash cattle prices will likely continue to scale lower for the unforeseeable future; uncertainty surrounding the border reopening causes market anxiousness as well. October live cattle are down $0.75 at $210.20, December live cattle are down $0.22 at $211.95 and February live cattle are down $0.10 at $213.40. Following the movement that transpired in the North on Tuesday at mostly $345 (which is $10.00 lower than the previous week's weighted average), no new trade has developed but bids are on the table. Bids are currently being offered in Kansas at $218 live, and in Nebraska at $218 live and $345 dressed. More trade will need to develop in the South before the week is over, and some more light trade could develop in the North as well.

Boxed beef prices are lower: choice down $1.05 ($387.48) and select down $2.69 ($366.29) with a movement of 63 loads (31.90 loads of choice, 11.86 loads of select, 2.97 loads of trim and 15.84 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower into Wednesday's noon hour as the market isn't finding the support and reassurance it needs. Thus far this week feeder cattle prices have been mostly lower in sale barns across the country and the light test we've seen in the fed cash cattle market has been lower too -- both of which pressure the market to trade lower. September feeders are down $2.80 lower at $316.47, October feeders are down $1.45 at $311.87 and November feeders are down $0.77 at $304.92.

LEAN HOGS:

The lean hog contracts are trading slightly higher into Wednesday's noon hour as traders are merely letting the contracts chop sideways. More than anything, a sideways chop should be expected of the contracts as fundamental support isn't stable enough to justify trading the contracts notably higher. October lean hogs are up $0.10 at $80.55, December lean hogs are up $0.45 at $70.80 and February lean hogs are up $0.27 at $73.45. The projected CME Lean Hog Index for 8/25/2026 is down $0.23 at $92.42, and the actual index for 8/24/2026 is down $0.21 at $92.65. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.27 with a weighted average price of $90.88, ranging from $83.00 to $91.50 on 8,483 head and a five-day rolling average of $91.64. Pork cutouts total 157.90 loads with 139.35 loads of pork cuts and 18.55 loads of trim. Pork cutout values: down $0.75, $96.92.

Wednesday Morning Livestock Market Update - Fundamental Support Remains Elusive

GENERAL COMMENTS:

Light cash cattle trade took place on Tuesday, indicating significantly lower prices may be experienced again this week. Packers are taking advantage of the market's bearishness to buy at lower prices, while boxed beef increases, improving margins. Boxed beef prices on Tuesday were higher, with choice up $2.84 and select up $3.96. The cattle market is caught in a downdraft with live cattle futures closing at the lowest level since Dec. 1, 2025. Feeder cattle futures have followed the same pattern and are near closing a chart gap that has remained open since then. However, it is uncertain whether closing the chart gap would turn technical traders into aggressive buyers in the current market environment. Reports are that 700 head of cattle from Mexico moved into the U.S. on the first day the border was reopened. There were no reports as to the age and weight classes of those cattle.

Hog futures cannot catch a break with new contract lows again on Tuesday. Futures breaking below recent support does not bode well for the market. The weakness in pork cutout values indicates reduced demand. Cutout values declined $2.26 on Tuesday. Cutouts were lower in all categories except ribs, which gained $1.06. Bellies fell $6.60. The National Daily Direct Afternoon Hog report showed cash up $1.62 on good volume. Packers may remain somewhat aggressive Wednesday, but likely not as much because of weakness in cutouts.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are oversold and could retrace if the bearishness prevalent in the market subsides.	1)	Light cash cattle trade on Tuesday indicates lower prices again this week as packers take advantage of market weakness.
2)	If feeder cattle close the chart gaps remaining from Dec. 1, short-covering and buying interest may surface.	2)	The path of least resistance is down, and cattle futures are in a downward spiral.
3)	Hog futures are oversold and may be nearing a point where traders are unwilling to push the market lower and cover their short positions.	3)	New contract lows in hog futures do not bode well for the market finding support anytime soon.
4)	The cure for low prices is low prices, as it improves demand. Consumers may increase pork consumption as they stretch their food dollars.	4)	Traders have been unable to find consistent fundamental support for hogs.

Tuesday Closing Livestock Market Update - Traders' Concern about the Market's Trajectory Pushes Contracts Lower

GENERAL COMMENTS:

It was another lackadaisical day for the livestock complex, as all three markets closed lower. Some light cash cattle trade developed in Nebraska at $345 dressed and $218 to $219 live. December corn is up 8 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 160.24 points and the NASDAQ is up 171.11 points.

LIVE CATTLE:

The live cattle complex endured another challenging day, with futures contracts trading lower amid market uncertainty. Traders felt as though they had no other option but to let the contracts drift lower through the day's end, as there isn't enough fundamental support arising in the market to help ease nervousness. And while yes, boxed beef prices did end the day higher, the likelihood that cash prices will trade lower this week, mixed with the border reopening to Mexican cattle imports, has weighed heavily on the market. October live cattle closed $2.65 lower at $210.95, December live cattle closed $2.07 lower at $212.12 and February live cattle closed $2.10 lower at $213.50. Throughout the day, some light cash cattle trade was noted in Nebraska, where dressed cattle were trading at mostly $345, and live sales were marked at $218 to $219. The cattle sold today were mostly committed for delivery for the week of 9/8/2026 and 9/14/2026. Otherwise, no cash cattle trade developed, but asking prices are noted at $228 to $230 in the South. 

Tuesday's slaughter is estimated at 107,000 head -- 1,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.84 ($388.53) and select up $3.96 ($368.98) with a movement of 101 loads (55.42 loads of choice, 19.08 loads of select, 15.54 loads of trim and 10.98 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. The light test that the market's seen thus far has been lower, and given that packers have the lion's share of the market's leverage favoring their position, it's likely that the rest of the trade that develops this week will be lower too.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower too as traders simply weren't comfortable doing anything else with the contracts. September feeders closed $4.95 lower at $319.27, October feeders closed $4.95 lower at $313.32 and November feeders closed $5.27 lower at $305.70. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 750 pounds traded $5.00 to $15.00 lower, but the heavier weights traded from $5.00 lower to $6.00 higher. Feeder heifers under 700 pounds sold $8.00 to $20.00 lower. Heavier weights sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/24/2026: down $3.01, $335.46.

LEAN HOGS:

And although cash prices ended the day slightly higher, that wasn't enough to ease traders' concerns and help the lean hog contracts close higher. October lean hogs closed $0.67 lower at $80.45, December lean hogs closed $1.12 lower at $70.35 and February lean hogs closed $1.25 lower at $73.17.

Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.62 with a weighted average price of $91.02 on 8,883 head. Pork cutouts totaled 290.96 loads, with 264.21 loads of pork cuts and 26.75 loads of trim. Pork cutout values: down $2.26, $97.67. Tuesday's slaughter is estimated at 488,000 head -- 21,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/21/2026: down $0.40, $92.86.

WEDNESDAY'S HOG CALL: Lower. Given that pork cutout values were lower on Tuesday, cash prices could be lower as well.