Friday Closing Livestock Market Update - Weaker Tones Keep With the Complex

GENERAL COMMENTS:

All in all, it was a lackadaisical Friday where little developed in the livestock complex aside from a little more cleanup trade in the South. More than anything, traders simply let the contracts drift lower through the day's end, hoping that better support will develop next week. December corn is down 4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 322.93 points and the NASDAQ is down 92.65 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $6.30, December live cattle up $1.00; September feeder cattle up $3.93, October feeder cattle up $3.63; October lean hogs up $0.40; September corn steady, December corn steady.

**The CME futures market will be closed on Monday, Sept. 7. Regular DTN commentary will resume on Tuesday, Sept. 8.**

LIVE CATTLE:

The livestock complex ended the day mostly lower, although a few of the furthest deferred contracts were able to keep their mildly higher position. October live cattle closed $1.35 lower at $212.95, December live cattle closed $1.40 lower at $214.72 and February live cattle closed $1.15 lower at $216.57. This week's fed cash cattle trade was better than I originally assumed it was going to be, as all in all, prices traded steady. In the North, dressed cash cattle prices were marked at $344 to $345, which is steady to $1.00 lower than the previous week's weighted average, but Southern live cattle prices had a wide range of $219 to $223, which is $3.00 lower to $1.00 higher. It will be imperative to see where USDA reports come out on the exact weighted average for the week.

Friday's slaughter is estimated at 97,000 head -- 6,000 head less than a week ago and 22,000 head less than a year ago. Saturday's slaughter is projected to be around 17,000 head. The week's total slaughter is estimated at 526,000 head -- 16,000 head less than a week ago and incomparable to a year ago.

Boxed beef prices closed mixed: choice down $0.73 ($376.17) and select up $5.15 ($355.87) with a movement of 94 loads (60.50 loads of choice, 9.22 loads of select, 11.37 loads of trim and 13.21 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady-somewhat lower. This week's trade was able to come out mostly steady, but with growing showlists, feedlots will be pressured by packers to sell cattle cheaper.

FEEDER CATTLE:

The feeder cattle complex ended the day mixed as traders simply didn't find enough immediate support in the market to keep the nearby contracts higher, but the deferred contracts were still able to keep their slightly higher position through the day's end. September feeders closed $1.02 lower at $324.82, October feeders closed $0.95 lower at $320.15 and November feeders closed $0.57 lower at $314.72. The Oklahoma Weekly Cattle Auction Summary shared that, compared to a week ago, feeder steers and heifers traded $5.00 to $10.00 lower. Steer and heifer calves sold $5.00 to $10.00 lower. Slaughter cows traded $3.00 to $8.00 weaker, and lean cows sold $13.00 lower. Slaughter bulls traded mostly $8.00 lower. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 9/3/2026: up $0.53, $328.80.

LEAN HOGS:

Without stronger fundamental support, especially in the form of greater consumer demand, the lean hog contracts ended the day lower. October lean hogs closed $1.15 lower at $82.30, December lean hogs closed $1.45 lower at $72.47 and February lean hogs closed $1.37 lower at $75.22. Hog prices weren't available on the Daily Direct Afternoon Hog Report because of confidentiality. However, we were able to see that only 593 head traded and that the market's five-day rolling average now sits at $90.15. Pork cutouts totaled 240.43 loads, with 225.57 loads of pork cuts and 14.86 loads of trim. Pork cutout values: down $1.74, $92.86. Friday's slaughter is estimated at 424,000 head -- 23,000 head less than a week ago and 47,000 head less than a year ago. Saturday's slaughter is projected to be around 19,000 head. The CME lean hog index 9/2/2026: down $0.23, $91.08.

TUESDAY'S HOG CALL: Lower. Packers rarely support the cash market aggressively early in the week.

Friday Midday Livestock Market Summary - Weaker Tones Find the Complex

GENERAL COMMENTS:

The livestock complex is trading fully lower into midday Friday as the market longs for more consistent fundamental support. Bids are on the table in Nebraska and Kansas, but no new cash cattle trade has developed. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is down 278.93 points and the NASDAQ is down 97.86 points.

LIVE CATTLE:

All in all, it's been a quiet, lower-trending day for the live cattle complex as there's yet to be any more cash cattle trade develop and the futures contracts are back to trading lower. October live cattle are down $1.25 at $213.05, December live cattle are down $1.12 at $215.00 and February live cattle are down $1.12 at $216.60. The cash cattle market remains rather uneventful thus far through Friday's trade, as the only developments today are some bids in Kansas at $220 and in Nebraska at $218. Otherwise, no new cash cattle trade has developed. So far this week Southern live cattle have traded at mostly $219 live ($3.00 lower than last week's weighted average and Northern dressed cattle have traded at mostly $344 to $345 (steady to $1.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice down $1.87 ($375.03) and select up $3.51 ($354.23) with a movement of 69 loads (50.53 loads of choice, 6.29 loads of select, 8.35 loads of trim and 3.34 loads of ground beef).

FEEDER CATTLE:

And like normal, if the live cattle complex is trading lower, in this current market environment, you can almost bet on the fact that the feeder cattle contracts are trading lower, and today they are. September feeders are down $2.52 at $323.32, October feeders are down $1.95 at $319.15 and November feeders are down $1.65 at $313.65. Although the board was supportive on Thursday, feeder cattle prices held mostly steady with the week's trend in the countryside.

LEAN HOGS:

The lean hog complex is back to trading lower, as the market is waving its white flag, seeming to say, "there's not enough stable support in the complex right now to justify taking the risk and challenging the market's resistance threshold." With that, the lean hog contracts are trading fully lower into Friday's noon hour. October lean hogs are down $1.07 at $82.37, December lean hogs are down $1.47 at $72.45 and February lean hogs are down $1.45 at $75.15. The projected lean hog index for 9/3/2026 is down $0.54 at $90.54, and the actual index for 9/2/2026 is up $0.23 at $91.08. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that there have been only 593 head traded and that the market's five-day rolling average now sits at $89.38. Pork cutouts total 148.31 loads, with 140.11 loads of pork cuts and 8.21 loads of trim. Pork cutout values: up $0.14, $91.26.

Friday Morning Livestock Market Update - Pork Bellies Plummet Lower

GENERAL COMMENTS:

Cattle had a great trading session on Thursday, bringing a little life back to a dreadful market as of late. Live cattle led the way with most contracts trading $2 to $4 higher on the day. Feeder cattle followed along with most contracts over $6 higher.

Hogs had a rough day Thursday with most futures contracts trading 30 to 40 cents lower on the day. Pork cutouts were down $4.50 at $91.12 but the major shock was a huge decline in pork bellies. Pork bellies were down $32.13 -- one of the biggest drops we've seen. Slaughter numbers were down Thursday.

	BULL SIDE		BEAR SIDE
1)	If beef product labeling is announced this week as U.S. Agriculture Secretary Rollins suggested, the market is hoping for country of origin to be on the label, giving way for consumers to demand American products.	1)	The news cycle has the greatest risk for the cattle markets. The government is trying everything they can to reduce the cost of beef in the grocery store but also regain some herd size. Both goals are difficult to use policy or government intervention to accomplish each at the same time.
2)	Momentum from a futures bounce could help with a technical rally after a disappointing last couple of weeks in the cattle complex.	2)	Sale barn values of feeder cattle are still lower in most locations except for lighter-weight cattle.
3)	Slaughter numbers on hogs were down by 19,000 head week-over-week and 20,000 head year-over-year. A lower day of slaughter could limit pork to hit the market, giving way to a small demand rally.	3)	A break in pork cutout values as well as hog index prices does not bode well for continued futures strength.
4)	Labor Day weekend can bring some end of the summer grilling to help both pork and beef prices.	4)	From a technical perspective, hogs have some resistance to break through on the chart to continue higher. Fundamentally it is going to be difficult to do so with lower cutout values.

Thursday Closing Livestock Market Update - Cattle Rally Aggressively Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts sharply higher, but the lean hog contracts lower again as consumer demand isn't shaping up as traders hoped it would. Bids of $219 to $220 were offered throughout the day in Kansas, but no sales were noted. October lean hogs are down $0.33 at $83.45, December corn is down 2 3/4 cents per bushel and December soybean meal is up $5.90. The Dow Jones Industrial Average is up 624.16 points and the NASDAQ is up 366.23 points.

LIVE CATTLE:

It was a rather impressive and unexpected day for the live cattle complex, as the contracts were granted ample technical support from traders, which allowed the contracts to end the day $2.00 to $4.00 higher. And it wasn't because of a surplus of fundamental support, but rather as a helpful push from traders who were willing to help the contracts mildly correct after having been pressured immensely over the last two months. October live cattle closed $4.12 higher at $214.30, December live cattle closed $4.10 higher at $216.12 and February live cattle closed $3.72 higher at $217.72. Throughout the day, bids of $219 to eventually $220 were offered in the South, but no new sales were noted. With feedlot managers seeing the board's rally today, they're hopeful to keep prices as close to steady as possible. There was some trade noted earlier in the week at $219 live ($3.00 lower than last week's weighted average) in the South and $344 to $345 in the North (steady to $1.00 lower than last week's weighted average). 

Thursday's slaughter is estimated at 105,000 head -- steady with a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.88 ($376.90) and select down $2.86 ($350.72) with a movement of 117 loads (87.24 loads of choice, 13.93 loads of select, zero loads of trim and 15.99 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to $1.00 lower. Given the market's current trend, it is likely that prices will keep with what's already been seen this week.

FEEDER CATTLE:

Upon traders seeing a bullish effort being pushed in the live cattle complex, they were more than willing to give the green light to the feeder cattle contracts to trade higher as well, and given that the contracts closed mostly $6.00 higher, today's rally was no small feat. September feeders closed $6.87 higher at $325.85, October feeders closed $6.72 higher at $321.10 and November feeders closed $6.95 higher at $315.30. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 600 to 900 pounds traded $4.00 to $12.00 lower; however, steers weighing 725 to 750 pounds sold close to steady. Steers under 600 pounds traded $6.00 to $10.00 higher. Not enough heifers under 425 pounds to 925 pounds traded for an accurate market test, but a lower trend was noted. Demand was called moderate, but for steers under 600 pounds, demand was strong. Slaughter cows and bulls sold steady to $3.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 9/2/2026: down $0.91.

LEAN HOGS:

Without stronger consumer support, again today the lean hog complex closed lower. October lean hogs closed $0.32 lower at $83.45, December lean hogs closed $0.40 lower at $73.92 and February lean hogs closed $0.27 lower at $76.60. And until there's enough fundamental support available in the market, it's unlikely that traders will challenge the current resistance. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.49 with a weighted average price of $88.03 on 3,185 head. Pork cutouts totaled 189.72 loads, with 174.45 loads of pork cuts and 15.28 loads of trim. Pork cutout values: down $4.50, $91.12. Thursday's slaughter is estimated at 467,000 head -- 19,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 9/1/2026: up $0.27, $90.85.

FRIDAY'S HOG CALL: Lower. With pork cutout values lower, it's likely that cash prices will be lower on Friday too.