Friday Closing Livestock Market Update - Traders Push Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts able to end the day mostly higher, but only the lean hog nearby contracts ended the day stronger. Some light cleanup trade was noted throughout the day in the cash market, but prices held steady with the week's weighted average. December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is up 151.83 points and the NASDAQ is up 342.27 points.

From Friday to Friday, livestock futures scored the following changes: August live cattle down $0.05, October live cattle down $1.97; August feeder cattle up $3.63, September feeder cattle up $1.45; August lean hogs down $3.35, October lean hogs down $2.62; September corn down $0.02 December corn down $0.02.

LIVE CATTLE:

The live cattle complex was able to gain more trader support throughout the day and close mostly higher thanks to the help of stronger boxed beef prices and a rallying cash cattle market. August live cattle closed $0.47 higher at $231.70, October live cattle closed $0.35 higher at $225.27 and December live cattle closed $0.22 lower at $224.15. Throughout the week, Northern dressed cattle traded at mostly $370, which is $3.00 higher than last week's weighted average and Southern live cattle traded at mostly $235, which is $2.00 higher than last week's weighted average. 

Friday's slaughter is estimated at 95,000 head -- 3,000 head less than a week ago and 9,000 head more than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is estimated at 509,000 head -- 3,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.50 ($364.36) and select up $2.59 ($352.37) with a movement of 60 loads (37.86 loads of choice, 6.32 loads of select, 7.75 loads of trim and 8.01 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Packers were able to get more cattle bought this week, and with August contracts available now, next week's trade could be a gamble on which way the week's weighted average will land.

FEEDER CATTLE:

As the live cattle contracts closed higher, so did the feeder cattle contracts. August feeder cattle closed $3.60 higher at $351.65, September feeder cattle closed $3.65 higher at $345.22 and October feeder cattle closed $2.97 higher at $334.92. The Oklahoma Weekly Cattle Auction Summary shared that compared to a week ago, feeder steers traded $5.00 to $10.00 higher, except those weighing 600 to 700 pounds, which traded $15.00 to $20.00 higher. Feeder heifers traded $10.00 to $20.00 higher. Steer calves sold steady to $6.00 higher. Heifer calves over 500 pounds sold $20.00 to $25.00 higher, but those under 500 pounds traded unevenly steady. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 8/6/2026: up $4.43, $357.36.

LEAN HOGS:

The lean hog complex ended the day mixed, with the market's nearby contracts able to end the day slightly higher while the deferred contracts closed lower. More than anything, the market was challenged this week by the mixed support of consumers. August lean hogs closed steady at $95.50, October lean hogs closed $0.50 higher at $82.22 and December lean hogs closed $0.35 higher at $73.57. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.63 with a weighted average price of $97.67 on 1,727 head. Pork cutouts totaled 314.47 loads with 287.75 loads of pork cuts and 26.72 loads of trim. Pork cutout values: up $2.24, $101.50. Friday's slaughter is estimated at 395,000 head -- 17,000 head less than a week ago and 74,000 head less than a year ago. Saturday's slaughter is projected to be around 24,000 head. The projected lean hog index for 8/5/2026: down $0.29, $96.66.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash market on Mondays, and with consumer support shaky, it's unlikely that they'll be overly aggressive at next week's start.

Friday Midday Livestock Market Summary - Lackadaisical Tones Take Over the Complex

GENERAL COMMENTS:

The livestock complex is again trading mixed into midday Friday as the lean hog contracts are seeing their nearby contracts trade higher, but the cattle contracts are trading mostly lower. A few more sales have been noted in Kansas at $235, but otherwise the cash market looks to be mostly done trading. December corn is up 2 1/2 cents per bushel and December soybean meal is down $2.30. The Dow Jones Industrial Average is up 14.51 points and the NASDAQ is up 232.99 points.

LIVE CATTLE:

With the live cattle contracts nearing the market's resistance, its 40-day moving average, it comes as no real surprise that the contracts are retreating, as traders aren't confident that they can successfully conquer that threshold just yet. August live cattle are down $1.22 at $230.00, October live cattle are down $1.45 at $223.47 and December live cattle are down $2.02 at $222.35. There's been some light trade noted this morning in the South, but thus far the day's business has been mostly cleanup in its nature, and any trade that develops this afternoon will likely keep with the week's trend. For the most part, Northern dressed cattle have been marked at $370, which is $3.00 higher than last week's weighted average, but a few sales have been as high as $372. Southern live cattle have traded at mostly $235, which is $2.00 higher than last week's weighted average, but a few sales in Iowa were marked as high as $238 to $240.

Boxed beef prices are higher: choice up $0.36 ($364.22) and select up $1.35 ($351.13), with a movement of 31 loads (20.95 loads of choice, 3.86 loads of select, zero loads of trim and 6.29 loads of ground beef).

FEEDER CATTLE:

The nearby contracts are trading higher, but otherwise the rest of the feeder cattle contracts are trading lower as traders continue to move the feeder cattle contracts in the same direction as the live cattle market. August feeders are up $1.17 at $349.22, September feeders are up $0.10 at $341.67 and October feeders are down $0.95 at $331.00. And at this point it's likely that the contracts will keep with this lower trend through the afternoon's close as the live cattle contracts are trading lower too.

LEAN HOGS:

The lean hog complex has found some mild support this morning as traders are willing to moderately support the lean hog contracts thanks to the morning's uptick in consumer demand. August lean hogs are up $0.02 at $95.52, October lean hogs are up $0.47 at $82.20 and December lean hogs are up $0.35 at $73.55. But given the recent decline in the futures complex, the contracts aren't up against any resistance pressure right now. The projected lean hog index for 8/6/2026 is down $0.36 at $96.30 and the actual index for 8/5/2026 is down $0.29 at $96.66. Hog prices on the Daily Direct Morning Hog Report average $97.75, ranging from $92.00 to $99.50 on 1,691 head and a five-day rolling average of $98.90. Pork cutouts total 233.20 loads with 212.96 loads of pork cuts and 20.25 loads of trim. Pork cutout values: up $2.19, $101.45.

Friday Morning Livestock Market Update - Weekend Short-Covering Is a Possibility

GENERAL COMMENTS:

It was surprising to see the selling pressure on cattle futures in the face of stronger cash cattle trade. Southern live cattle traded $2.00 to $3.00 higher on Thursday while Northern dressed cattle sold $3.00 to as much as $5.00 higher than the previous week. So why the sell off? The choice boxed beef price in the morning report was down $5.10, coupled with the inability of futures to push higher even though higher cash cattle trade had been expected. Selling pressure pushed futures low enough to trigger stops, resulting in contracts pancaking lower. Once the selling gains momentum, it can be difficult to stop. Logically, futures should rebound Friday unless traders decide to remain sidelined into the weekend. Afternoon boxed beef prices were mixed, with choice down $4.11 and select up $1.72.

Hog futures followed the same direction as cattle but with less pressure. However, triple-digit losses are not what farmers wanted to see. The concern is that cash and cutouts are not showing the continued strength that traders need to see to turn the market higher. There have been three days of lower highs and lower lows with contracts declining below support on Thursday. There may be a reprieve in selling ahead of the weekend, but not a strong rebound. The National Daily Direct Afternoon Hog report showed cash down $0.71. Pork cutout values declined $1.79. The strong slaughter pace suggests demand remains strong, but pork supplies are plentiful.

	BULL SIDE		BEAR SIDE
1)	The decline in cattle futures on Thursday was not the result of lower cash trade, but technically driven. Futures may rebound Friday.	1)	The pressure on cattle futures, despite a stronger cash cattle trade does not bode well for the market. It will increase caution, with traders less likely to buy back into the market aggressively.
2)	Cash cattle have traded higher and will remain that way to finish out the week. Packers were short bought and needed cattle.	2)	Boxed beef prices have not seen the support anticipated earlier this week. Traders became disappointed.
3)	Hogs are oversold and could bounce as traders may cover short positions ahead of the weekend.	3)	Hog futures have been unable to find a bottom despite the large decline over the past three weeks.
4)	Hog slaughter remains strong, indicating good demand. Hog weights have been declining, indicating supplies are not backing up in the country.	4)	Traders are looking for consistent strength in both cash and cutouts, but have been unable to find it.

Thursday Closing Livestock Market Update - Traders Yearn for More Fundamental Support

GENERAL COMMENTS:

The livestock contracts ended the day lower as traders were concerned whether or not the market possessed enough fundamental support to confidently move higher. Cash cattle trade developed throughout the afternoon at $235, which is $2.00 higher than last week's weighted average. December corn is up 2 cents per bushel and December soybean meal is up $1.00. The Dow Jones Industrial Average is down 464.02 points and the NASDAQ is down 15.09 points.

LIVE CATTLE:

Although there was success in today's fed cash cattle market, overall it was just an "OK" day for the live cattle complex as boxed beef prices closed mixed and the board closed lower. More than anything, it would appear as though the market's pressure at the nearing 40-day moving average was simply too much weight for the market to bear, which is what sent the contracts trading lower. And although yes, the fed cash cattle market did lend some additional fundamental support and trade higher, traders didn't give that development much credence. August live cattle closed $2.95 lower at $231.22, October live cattle closed $4.55 lower at $224.92 and December live cattle closed $4.30 lower at $224.37. It was a busy afternoon for the fed cash cattle market as shortly after the day's noon hour trade began to develop, and prices were notably higher than last week's weighted average. For the most part, Northern dressed cattle have been marked at $370, which is $3.00 higher than last week's weighted average, but a few sales have been as high as $372. Southern live cattle have traded at mostly $235, which is $2.00 higher than last week's weighted average, but a few sales in Iowa were marked as high as $238 to $240. 

Thursday's slaughter is estimated at 107,000 head -- 5,000 head more than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $4.11 ($363.86) and select up $1.72 ($349.78) with a movement of 118 loads (79.94 loads of choice, 19.33 loads of select, 6.99 loads of trim and 12.12 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady with the week's trend. Now that prices have developed in both regions, it's likely that the week's trend will remain steady.

FEEDER CATTLE:

And again today, as the live cattle contracts closed lower, so did the feeder cattle contracts as the market continues to closely follow the direction of the live cattle complex. August feeders closed $5.27 lower at $348.05, September feeders closed $6.80 lower at $341.57 and October feeders closed $7.47 lower at $331.95. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold $10.00 to $20.00 higher except those weighing 550 to 600 pounds, which traded $7.00 lower. Feeder steers were steady to $12.00 lower. Heifer calves and feeder heifers both sold higher. Slaughter cows sold $1.00 to $3.00 higher and slaughter bulls were lower. Feeder cattle supply over 600 pounds was 33%. The CME feeder cattle index 8/5/2026: up $4.28, $352.93.

LEAN HOGS:

The lean hog complex also continued to break lower throughout Thursday's trade as the market simply isn't secure right now as traders yearn for more stability regarding consumer demand. August lean hogs closed $1.10 lower at $95.50, October lean hogs closed $1.30 lower at $81.72 and December lean hogs closed $1.42 lower at $73.22. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.71 with a weighted average price of $98.30 on 4,026 head. Pork cutouts totaled 211.76 loads with 181.72 loads of pork cuts and 30.04 loads of trim. Pork cutout values: down $1.79, $99.26. Thursday's slaughter is estimated at 482,000 head -- 7,000 head more than a week ago and 23,000 head more than a year ago. The CME lean hog index 8/4/2026: down $0.22, $96.95

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs from the cash market.