Friday Midday Livestock Market Summary - Cattle Futures Markets Tumble

GENERAL COMMENTS:

Sharp losses in feeder cattle futures are leading the entire live cattle market lower. Initial market weakness seen Thursday across the cattle market led to additional concerns in both live cattle and feeder cattle futures. The overall lack of buyer support seems to be focused not only on outside market moves, but technical and fundamental pressure in both live cattle and feeder cattle markets seems to be building through the end of the week, leaving room for additional end-of-month weakness as traders look to close the books on February. May corn is up 3 at $4.465 and May soybean meal is down $2.00 at $318.9. The Dow Jones Industrial Average is down 579.61 at 48,919.59.

LIVE CATTLE:

Live cattle futures have posted active pressure across all futures contracts, with spot month February contracts trading $2 per cwt lower, while other nearby contracts are trading $3 to $3.60 per cwt lower. Continued strong pressure in outside markets is adding additional pressure to the entire live cattle complex. Cash cattle markets are starting to improve with light trade reported in parts of Kansas at $244, $5 lower than last week's weighted averages. A few live deals are also being reported in parts of Nebraska. Some bids are now on the table in Texas, but so far, they are being passed. Packer inquiries will continue to improve as the day progresses. February live cattle are $2.00 lower at $244.00, April live cattle are $4.30 lower at $232.60 and June live cattle are $4.10 lower at $229.30. 

Boxed beef prices are Higher: choice up $1.08 ($378.97) and select up $3.44 ($374.23) with a movement of 48.35 loads (38.87 loads of choice, 2.46 loads of select, no loads of trim and 7.02 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures are leading the market lower Friday morning as buyer support seemed to crack during the Thursday trading session. The overall lack of buying interest stepping into the market during initial trade Friday in outside markets seemed to leave even more pressure flooding into the complex. Spot month contracts are holding the best at this point with prices over $5 per cwt lower at midday, while other nearby contracts are holding $7 to $7.50 per cwt losses as traders have not only focusing on outside market pressure, but also a lack of market stability through the entire beef complex at the end of the month. March feeders are $6.28 lower at $355.37, April feeders are $7.78 lower at $350.975 and May feeders are $8.53 lower at $346.775.

LEAN HOGS:

Lean hog futures once again are the quiet and more stable livestock market of the complex, with prices mixed within a very narrow trading range despite the aggressive selling pressure flooding into both the cattle trade and outside financial markets. April futures continue to trade higher through the morning and heading into midday, with a 30-cent gain developing. The rest of the complex remains slightly under pressure with losses of 5 to 15 cents per cwt holding in most nearby contracts. The overall lack of direction in both pork market technical trade as well as stability in market fundamental direction through late February seems to be a welcome relief compared to the market pressure across other markets. April lean hogs are $0.35 higher at $96.075, May lean hogs are $0.05 lower at $100.3 and June lean hogs closed steady. Hog Prices are lower on the Daily Direct Morning Hog report, down $0.88 with a weighted average of $90.97, ranging from $86.50 to $91.00 on 2,438 head with a five-day rolling average of $91.03. Pork Cutouts totaled 178.30 loads with 163.99 loads of pork cuts and 14.31 loads of trim. Pork cutout values are down $1.19 at $97.55.

Friday Morning Livestock Market Update - Stage is Set For Lower Cash Trade

GENERAL COMMENTS:

Cattle fututes came under selling pressure at the opening bell as traders did not find support from weekly export sales of 12,900 metric tons (mt), down from the previous week. The strike at the JBS plant is an uncertainty that may have triggered some long liquidation. The three days of registration for workers that took place before the strike were completed Thursday, leaving the potential for the strike to take place at any time. This may have influenced some feedlots to sell some cattle on Thursday $3.00 to $4.00 lower. The impact on the market is uncertain and a choice was made to sell at lower prices rather than take a chance. Trading was light, but likely set the stage for cash trade Friday. Boxed beef prices were mixed, with choice down $1.34 and select up $3.72. Friday is the last day to trade the February live cattle contract.

Hog futures were mixed, with nearby contracts lower and deferred contracts higher. Weekly sales of 42,600 mt were strong, up 56% from the previous week. That failed to provide further support to the market. Futures have been increasing each day this week and traders needed to see further support from cutouts to maintain the trend. Traders turned more cautious in the nearby contracts, likely due to month-end positioning as well. The National Daily Direct Afternoon Hog report showed cash down $0.21. Lower prices are expected again Friday. Pork cutout values declined $0.24 at $97.38.

	BULL SIDE		BEAR SIDE
1)	Cattle supplies are tight and lower cash prices may not last long as packers will need to purchase cattle to meet demand.	1)	Lower cash cattle prices are expected due to some light trade, likely setting the stage for the week.
2)	Even if a strike takes place at the Greeley plant, it would likely be short-lived. A settlement would increase trader buying interest.	2)	The potential strike at the Greely plant continues to cast a cloud over the market.
3)	August and later contracts closed at new highs again, supporting the uptrend and buying interest.	3)	Hog futures have been increasing steadily over the past two weeks, with the potential for liquidation ahead of the end of the month.
4)	Strong weekly export sales keep pork moving to international buyers, adding to the increasing domestic demand.	4)	Hog futures are not overbought, but the steady increase in futures over the past two weeks may trigger some profit-taking.

Thursday Closing Livestock Market Update - Nervousness Steals the Cattle Complex's Momentum

GENERAL COMMENTS:

It was a disappointing day for the livestock complex, as both the futures contracts and the fed cash cattle market traded lower. At this point, only a handful of cattle have been traded in the North, but prices have been roughly $5.00 lower. May corn is up 1 1/2 cents per bushel and May soybean meal is down $0.90. The Dow Jones Industrial Average is up 17.05 points and the NASDAQ is down 273.70 points.

Thursday's export report shared that beef net sales of 12,900 mt for 2026 were down 12% from the previous week and 23% from the prior 4-week average. The three largest buyers were Japan (4,500 mt), Mexico (1,900 mt) and South Korea (1,900 mt). Pork net sales of 42,600 mt for 2026 were up 56% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (25,600 mt), Japan (4,000 mt) and Colombia (2,800 mt).

LIVE CATTLE:

Thursday was a disappointing day for the live cattle complex as the market caved to pressure both from a fundamental and technical standpoint. Throughout the day, the futures contracts traded lower as traders remained anxious without knowing what was going to come of the potential union strike at the JBS plant in Greeley, Colorado, and that, unfortunately, had a negative effect on the fed cash cattle market too. Some light trade was reported in the North at $383, which is $5.00 lower than last week's weighted average. Some asking prices are being noted around $388 to $390 dressed in the North, and $250-plus live in parts of the South. April live cattle closed $3.37 lower at $236.90, June live cattle closed $3.30 lower at $233.40 and August live cattle closed $3.02 lower at $231.57. More than anything, Thursday's trade was a disappointment as anxiety seemed to rob both the market's fundamental and technical facets. 

Thursday's slaughter is estimated at 103,000 head, 9,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.34 ($377.89) and select up $3.72 ($370.79) with a movement of 85 loads (55.98 loads of choice, 8.11 loads of select, 9.69 loads of trim and 10.98 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point, it's looking like the market may not be able to achieve higher prices this week with the doggish undertone weighing heavily against the complex.

FEEDER CATTLE:

The feeder cattle complex also saw a major setback in terms of price as the contracts closed $4.00 to $5.00 lower. More than anything, traders saw the price deterioration in the live cattle complex and simply decided that the market couldn't trade higher without the support of the live cattle contracts. March feeders closed $4.65 lower at $361.65, April feeders closed $5.27 lower at $358.75 and May feeders closed $5.35 lower at $355.30. At the Winter livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 600 to 975 pounds traded $5.00 lower to $8.00 higher. Steer calves weighing 400 to 600 pounds sold $8.00 to $13.00 higher, with places of $30.00 to $40.00 higher at times. Feeder heifers weighing 650 to 925 pounds sold steady to $4.00 lower, and at times $10.00 lower. Heifer calves weighing 425 pounds to 650 pounds sold $10.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 2/25/2026: down $1.62, $373.17.

LEAN HOGS:

The lean hog complex closed mixed Thursday afternoon as the market wasn't able to push its nearby contracts any higher without the support of stronger pork cutout values. April lean hogs closed $0.47 lower at $95.72, June lean hogs closed $0.25 lower at $109.92 and July lean hogs closed steady at $112.05. Unless pork demand improves, it's unlikely that traders will push to really see the contracts scale higher in the near future.

Hog prices closed lower on the Daily Direct Afternoon Hog, down $0.21 with a weighted average price of $91.00 on 2,545 head. Pork cutouts totaled 342.54 loads with 301.00 loads of pork cuts and 41.54 loads of trim. Pork cutout values: down $0.24, $97.38. Thursday's slaughter is estimated at 493,000 head, 8,000 head more than a year ago and 6,000 head more than a year ago. The CME lean hog index 2/24/2026: up $0.36, $88.71.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the inventory they needed for the week already.

Thursday Midday Livestock Market Summary - Mixed Tones Dominate Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour as the cattle contracts would like to see stronger fundamental support because the market's resistance pressure is growing stronger; the lean hog complex also is mixed. Bids are currently being offered in Nebraska and Texas but no cattle have traded yet. May corn is steady and May soybean meal is steady. The Dow Jones Industrial Average is down 164.11 points and NASDAQ is down 381.12 points.

Thursday's export report shared that beef net sales of 12,900 mt for 2026 were down 12% from the previous week and 23% from the prior 4-week average. The three largest buyers were Japan (4,500 mt), Mexico (1,900 mt) and South Korea (1,900 mt). Pork net sales of 42,600 mt for 2026 were up 56% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (25,600 mt), Japan (4,000 mt) and Colombia (2,800 mt).

LIVE CATTLE:

The live cattle complex is trading mostly lower into Thursday's noon hour as the market seems to be holding its breath, unsure what's going to shake out in this week's fed cash cattle market and whether or not a strike is going to happen at JBS's plant in Greeley, Colorado. And with the market nearing resistance pressure, traders are simply unwilling to advance the contracts without further fundamental support. There are bids currently on the table in Nebraska and Texas, but no cattle have traded yet. Asking prices are noted at $388 to $390 in the North and at $250-plus in the South. April live cattle are down $3.47 at $236.80, June live cattle are down $3.42 at $233.27 and August live cattle are down $3.22 at $231.37.

Boxed beef prices are mixed: choice down $0.24 ($378.99) and select up $3.79 ($370.86) with a movement of 49 loads (28.44 loads of choice, 5.69 loads of select, 4.04 loads of trim and 10.55 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is feeling the full effect of the market's underlying uncertainty as its contracts are trading $5.00 to $6.00 lower into Thursday's noon hour. Without seeing the live cattle contracts trading higher -- and still no reassurance as to what's going to come of this week's fed cash cattle trade -- the feeder cattle contracts are left to trade sharply lower. March feeders are down $6.05 at $360.25, April feeders are down $6.57 at $357.45 and May feeders are down $6.57 at $354.07.

LEAN HOGS:

After an impressive seven-day rally, some of the nearby lean hog contracts are trading slightly lower into Thursday's noon hour. April lean hogs are down $0.25 at $95.95, June lean hogs are down $0.12 at 110.05 and July lean hogs are up $0.05 at $112.10. With pork cutout values down again slightly, traders may be opting to reel back their support of the contracts until the market's fundamentals improve.

The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, up $0.88 with a weighted average price of $90.97, ranging from $88.00 to $93.00 on 1,465 head and a five-day rolling average of $90.89. Pork cutouts total 169.03 loads with 145.92 loads of pork cuts and 23.11 loads of trim. Pork cutout values: down $0.32, $97.30.