Monday Midday Livestock Market Summary - Cattle Charge Higher into the New Week

GENERAL COMMENTS:

The livestock complex is starting the week out mixed again as the cattle contracts continue to thrive and rally while the lean hog complex is trading lower. Showlists are higher in all major feeding areas. December corn is up 1 cent per bushel and December soybean meal is up $4.80. The Dow Jones Industrial Average is down 51.00 points and the NASDAQ is down 66.56 points.

LIVE CATTLE:

Thanks to the strong performance in last week's fed cash cattle market and the uptick in boxed beef prices at Monday's start, the live cattle contracts continue to trade boldly above the market's 40-day moving average. All things considered, the market's attitude has turned to one that's moderately bullish, and so long as the supportive factors remain, there's plenty of room for the complex to trade higher. October live cattle are up $2.60 at $222.27, December live cattle are up $2.77 at $225.00 and February live cattle are up $2.22 at $226.22. Showlists are higher in all major feeding areas.

Last week Northern dressed cattle traded for mostly $350, which is $5.00 to $6.00 higher than the previous week's weighted average. And Southern live cattle waited to trade until the week's bitter end, but it was worth it, as Southern live cattle traded for mostly $226, which is $3.00 to $4.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.71 ($378.65) and select up $1.08 ($342.21) with a movement of 48 loads (25.13 loads of choice, 3.07 loads of select, 10.60 loads of trim and 8.94 loads of ground beef).

FEEDER CATTLE:

With plenty of support available in the marketplace, the feeder cattle contracts are also trading higher into Monday's noon hour. September feeders are up $4.95 at $342.77, October feeders are up $4.32 at $336.72 and November feeders are up $3.97 at $332.15. Hopefully the market's robust support will help feeder cattle prices trade higher again this week.

LEAN HOGS :

And while the cattle contracts continue to venture higher, the lean hog complex is in the opposite position, as its market is trending lower. More than anything, it continues to be the struggle of resistance support mixed with unstable consumer demand, which has the complex trading lower. October lean hogs are down $2.05 at $79.47, December lean hogs are down $2.50 at $70.20 and February lean hogs are down $2.30 at $72.90. The projected lean hog index for 9/11/2026 is down $0.71 at $87.23 and the actual index for 9/10/2026 is down $0.85 at $87.94. Hog prices on the Daily Direct Morning Hog Report average $83.83, ranging from $74.00 to $86.00 on 405 head and a five-day rolling average of $87.21. Pork cutouts totaled 143.04 loads, with 130.56 loads of pork cuts and 12.48 loads of trim. Pork cutout values: up $0.25, $90.05.

Monday Morning Livestock Market Update - Traders May Turn More Optimistic

GENERAL COMMENTS:

Cattle futures posted a strong close for the week with feeder cattle leading the charge. Futures have closed at the highest level since Aug.12. Cash cattle traded higher last week, solidifying the recent strength in futures. The bearish news has been digested, with traders feeling the price weakness since July has been overdone. Cash traded higher last week, with Northern dressed cattle averaging $5.00 higher and Southern live cattle seeing bids of $226 late on Friday, with final results to be posted today. There has been no indication that any of the duty-free 300,000 metric tons of beef have been imported to date. The logistics of importing this amount over 90 days are slim, and the likelihood of it reducing beef prices is questionable. Boxed beef prices on Friday were mixed, with choice down $2.43 and select up $1.07. The Commitment of Traders report showed fund traders as net buyers of 54 live cattle contracts, increasing their net long position to 48,905 contracts. Fund traders were net sellers of 988 futures contracts, reducing their net long position to 7,448.

Hog futures took it on the chin on Friday as futures fell below support, triggering increased long liquidation. It will be critical for futures to hold at these levels, or more bullish traders will throw in the towel as support remains elusive. Cash declined $1.48 on the National Daily Direct Afternoon Hog report, and pork cutouts fell $2.01. With bearish fundamentals, traders may not buy futures because it is the beginning of a new week. Hog weights are declining, but sufficient hogs are available for packers without them having to bid higher to obtain them. The Commitment of Traders report showed that fund traders were net buyers of 5,057 futures contracts, reducing their short position to 29,634.

	BULL SIDE		BEAR SIDE
1)	Higher cash provides strong support to the cattle market, with the potential for stronger cash again this week.	1)	Boxed beef prices remain mixed, possibly indicating demand has slowed, and supplies are sufficient.
2)	This is no indication of the status of duty-free beef imports and how much can be imported over a period of 90 days. Actual imports may fall far short of the 300,00 metric tons.	2)	It may take more than the recent uptrend in cattle futures and stronger cash last week to turn traders into aggressive buyers.
3)	Hog traders may buy the weakness on Friday in anticipation of a bounce, providing the opportunity to scalp a profit.	3)	Hog futures are struggling due to the weakness in both cash and cutouts.
4)	Lower hog weights may indicate supplies are being pulled forward. This may eventually tighten the market.	4)	Traders have little confidence to be aggressive long-term buyers in hog futures. Demand needs to improve.

Friday Closing Livestock Market Update - Cattle Rally

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts rallying energetically through the day's close, while the lean hog complex sank lower due to a lack of consumer support. The cash cattle market saw dressed cattle traded at $350, which is $5.00 to $6.00 higher, but no Southern cattle have traded yet. December corn is down 3 1/2 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is up 509.19 points and the NASDAQ is up 251.32 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle up $6.73, December live cattle up $7.50; September feeder cattle up $13.00, October feeder cattle up $12.35; October lean hogs down $0.77.

LIVE CATTLE:

What a week it turned out to be. Spot October and nearby December live cattle contracts successfully closed above the market's 40-day moving average. This is something the October contract hasn't accomplished since early July. Adding to the bullish tone, the limited fed cash cattle market that has been tested has also seen higher prices. October live cattle closed $1.85 higher at $219.67, December live cattle closed $2.62 higher at $222.22 and February live cattle closed $2.85 higher at $224.00. The market has only seen dressed cattle trade in the North so far today, but those cattle have traded at mostly $350, which is $5.00 to $6.00 higher than the previous week's weighted average. Most of the cattle traded today in the North have been committed for delivery on the weeks of 9/21/2026 and 9/28/2026. There have been bids of $224 offered throughout the day in the South, but at this point in time, still no Southern live cattle have traded. 

Friday's slaughter is estimated at 106,000 head -- 9,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 70,000 head. The week's total slaughter is estimated at 505,000 head, incomparable to both a week ago and a year ago.

Boxed beef prices closed mixed: choice down $2.43 ($375.94) and select up $1.07 ($353.13) with a movement of 104 loads (84.91 loads of choice, 6.57 loads of select, 4.16 loads of trim and 8.20 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can accurately get an understanding of where next week's cash trade may go, we need to see where this week's market trades at. But seeing packers this aggressive in the market indicates that they may not be as secure on supply as one initially thought.

FEEDER CATTLE:

The feeder cattle complex ended the day higher too, feeling robustly supported by the live cattle market's higher trend, the strengthened demand in the countryside and the stronger tone that's stemming early from this week's fed cash cattle market. September feeders closed $5.25 higher at $337.82, October feeders closed $4.95 higher at $332.50 and November feeders closed $5.40 higher at $328.17. At the Oklahoma Weekly Cattle Auction Summary, compared to last week, feeder steers over 750 pounds sold $5.00 to $10.00 higher, while those under 750 pounds traded $5.00 to $7.00 lower. Feeder heifers over 700 pounds sold $10.00 to $15.00 higher, and those under 700 pounds sold $3.00 to $8.00 lower. Steer calves were very uneven. Heifer calves over 500 pounds sold $7.00 to $8.00 higher, and those under 500 pounds sold unevenly. Stocker type of cattle continues to trade lower, as there are limited grazing opportunities, which continues to hinder demand. Slaughter cows sold $2.00 to $7.00 lower. Slaughter bulls sold $4.00 lower. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 9/10/2026: up $2.26, $331.22.

LEAN HOGS:

The lean hog complex was the anticlimactic market for both the day and for the week, as it simply unfolded like this: the lean hog complex desired to trade higher, but without steady and secure demand from consumers, traders weren't willing to pressure the market's resistance. October lean hogs closed $1.62 lower at $81.52, December lean hogs closed $1.65 lower at $72.70 and February lean hogs closed $1.62 lower at $75.20.

Pork cutouts totaled 236.29 loads, with 210.33 loads of pork cuts and 25.96 loads of trim. Pork cutout values: down $2.01, $89.80. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.48 with a weighted average price of $85.38 on 580 head. Friday's slaughter is estimated at 486,000 head -- 77,000 head more than a week ago and 16,000 head more than a year ago. Saturday's slaughter is projected to be around 325,000 head. The CME lean hog index 9/9/2026: down $0.57, $88.22.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market aggressively on Mondays.

Friday Midday Livestock Market Update - Feedlot Managers Continue to Hold Out in Hopes of Better Prices

GENERAL COMMENTS:

The livestock complex is once again trading mixed, as the cattle contracts rally on the hope that this week's fed cash cattle market will trade higher, but meanwhile the lean hog contracts are trading lower. Bids are on the table in the cash market, but still no cattle have traded yet. December corn is down 4 cents per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 525.28 points and NASDAQ is up 309.63 points.

LIVE CATTLE:

The tenacious spirit of feedlot managers in this week's fed cash cattle market has been enough to inspire traders to push the December live cattle contract above its 40-day moving average, and the spot October live cattle contract is currently trading just $0.09 below its 40-day moving average. October live cattle are up $1.65 at $219.47, December live cattle are up $2.32 at $221.92 and February live cattle are up $2.27 at $223.42. Bids are on the table in the fed cash cattle market but still no trade has developed as feedlot managers are hoping that packer demand will increase as time passes by. Currently beings of $224 are noted in the South, and bids of $342 in Western Nebraska and bids of $350 in Eastern Nebraska. Trade could shake out at any time now as packers have yet to secure any inventory in this week's trade. Grab your popcorn folks, this week's trade could be good watching!

Friday's WASDE report came as a grim finding for the beef and cattle markets of 2026. Beef production for 2026 is decreased by 90 million pounds as fed cattle marketings are light and so are cow slaughter speeds. Fed cash cattle prices for the remainder of 2026 and into 2027 are disappointing compared to August's estimates as fed cash cattle prices in the third quarter are now expected to average $230 (down $12.00), steers in the fourth quarter are expected to average $225 (down $20.00), steers in the first quarter of 2027 are expected to average $235 (down $10.00) and steers in the second quarter of 2027 are expected to average $235 (down $15.00). Beef exports for 2026 are increased by two million pounds as exports into Asia markets have increased. But the report specially noted that, "With the expansion of quotas allowing for reduced tariffs on beef through November, imports are raised in 2026 on stronger expected shipments from South America, but the import forecast is unchanged for 2027." Beef imports for 2026 increased by 73 million pounds.

Boxed beef prices are mixed: choice down $2.41 ($375.96) and select up $1.61 ($353.67) with a movement of 69 loads (56.76 loads of choice, 4.26 loads of select, 2.62 loads of trim and 5.04 loads of ground beef).

FEEDER CATTLE:

And upon seeing the eagerness of the live cattle complex, the feeder cattle contracts wasted no time trading higher either. It's been a refreshing week where not only have the feeder cattle contracts traded higher, but the countryside has seen an increase in demand as well which has reinvigorated the market's confidence. September feeders are up $3.40 at $335.97, October feeders are up $3.32 at $330.87 and November feeders re up $3.80 at $326.57.

LEAN HOGS :

The lean hog complex is continuing with it's lower trend in Friday's noon hour as traders simply aren't pleased with the market's lagging support. And while yes, midday pork cutout values may be higher, it's too little of support too late to help. October lean hogs are down $1.07 at $82.07, December lean hogs are down $1.25 at $73.10 and February lean hogs are down $1.25 at $75.57. The projected lean hog index for 9/10/2026 is down $0.85 at $87.94, and the actual index for 9/9/2026 is down $0.57 at $88.22. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 463 head have traded and that the market's five-day rolling average now sits at $87.72. Pork cutouts total 140.62 loads with 126.62 loads of pork cuts and 14.00 loads of trim. Pork cutout values: up $0.30, $92.11.

Friday's WASDE report was a mixed report for the pork and hog markets of 2026. Pork production for 2026 was decreased by 105 million pounds as slaughter speeds have been light, and carcass weights have been lighter than expected as well. Quarterly price projects for 2026 and for the first two quarters of 2027 were increased from last month's estimates. Hogs in the third quarter of 2026 are expected to average $70 (up $1.00), hogs in the fourth quarter of 2026 are expected to average $59 (up $1.00), hogs in the first quarter of 2027 are expected to average $62 (up $1.00) and hogs in the second quarter of 2027 are expected to average $68 (up $1.00). Pork imports for 2026 fell by 10 million pounds, and pork exports for 2026 fell by 65 million pounds.