Tuesday Closing Livestock Market Update - Trades Need to See Greater Fundamental Support in the Arena

GENERAL COMMENTS:

It was a mixed day for the livestock complex, as traders yearn to be supportive of the contracts but want to see greater fundamental support, and that support simply isn't developing at this point. No cash cattle trade developed throughout the day. December corn is down 1 1/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is down 184.13 points and the NASDAQ is down 159.91 points.

LIVE CATTLE:

Tuesday was a mixed day for the live cattle complex as some of the market's deferred contracts were able to end the day higher, but the nearby contracts remain leery, knowing that fundamental support may be hard to come by later this week. Initially at the week's start, traders were hopeful that this week's cash cattle trade would be bullish again, but on Monday, when news broke that packers were able to secure over 104,000 head last week in the cash market (the largest volume yet for 2026), that bullish sentiment began to fade. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. August live cattle closed $0.52 lower at $232.75, October live cattle closed $0.57 lower at $226.32 and December live cattle closed $0.25 lower at $225.70.

Tuesday's slaughter is estimated at 108,000 head -- 2,000 head less than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.11 ($371.31) and select down $1.04 ($349.80) with a movement of 124 loads (67.80 loads of choice, 25.90 loads of select, 7.32 loads of trim and 23.44 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Steady prices are most likely the market's best-case scenario this week as packers bought a large volume last week in the cash market. And lower prices could be seen as well.

FEEDER CATTLE:

The feeder cattle complex was able to hold a mostly stronger position through Tuesday's end with only the August contract ending the day slightly lower. But with technical pressure looming at the market's 40-day moving average, a sideways chop is most likely going to be the market's norm here for the immediate future. August feeder cattle closed $0.57 lower at $350.17, September feeder cattle closed $0.67 higher at $345.25 and October feeder cattle closed $0.82 higher at $336.70. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers sold steady to $8.00 lower, except four weights which traded $7.00 to $12.00 higher. Feeder heifers under 750 pounds sold $2.00 higher to $10.00 lower. But heifers over 750 pounds traded $5.00 to $7.00 higher. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 8/10/2026: down $1.76, $354.22.

LEAN HOGS:

Traders remained extremely cautious not to become overly supportive of the lean hog complex given the mixed consumer demand that the market is currently experiencing. And because of the back-and-forth nature of consumers right now, the contracts ended the day lower. October lean hogs closed $0.35 lower at $83.32, December lean hogs closed $1.00 lower at $74.12 and February lean hogs closed $1.20 lower at $77.27. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.36 with a weighted average price of $96.32 on 8,735 head. Pork cutouts totaled 271.78 loads with 237.17 loads of pork cuts and 34.61 loads of trim. Pork cutout values: down $0.33, $101.48. Tuesday's slaughter is estimated at 479,000 head -- 1,000 head more than a week ago and 2,000 head less than a year ago. The CME lean hog index 8/7/2026: down $0.21, $96.09.

WEDNESDAY'S HOG CALL: Lower. Given that packers have secured a sizeable volume already this week, and given the fact that pork cutout values are mixed, it's likely that cash prices could be softer throughout the remainder of the week.

Tuesday Midday Livestock Market Summary - Cattle Keep Climbing Higher While Hogs Remain Cautious

GENERAL COMMENTS:

The livestock complex is trading into Tuesday's noon hour with the cattle contracts seeing mild support while the lean hog contracts drift lower. No developments have surfaced in this week's fed cash cattle market yet. December corn is down 1 cent per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 87.07 points and NASDAQ is down 122.58 points.

LIVE CATTLE:

The live cattle complex is trading mildly higher into Tuesday's noon hour as the market continues to hope fundamental support will be greater later in the week. It's anyone's guess at this point what this week's fed cash cattle market will amount to; but with packers able to buy a plethora of cattle last week, I personally see steady prices as the best-case scenario for this week's cash market. August live cattle are up $0.02 at $233.30, October live cattle are up $0.20 at $227.10 and December live cattle are up $0.47 at $226.47. No bids or asking prices have surfaced yet in the cash market.

Boxed beef prices are lower: choice down $1.04 ($370.38) and select down $0.65 ($350.19) with a movement of 86 loads (49.86 loads of choice, 15.50 loads of select, 5.49 loads of trim and 15.61 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading mostly higher into Tuesday's noon hour, although the August 2026 feeder cattle contract is trading a tick lower. Again Tuesday, the feeder cattle complex is following in the live cattle market's wake, hoping it's upward trajectory continues as that's the biggest supportive factor the market possesses right now. August feeders are down $0.22 at $350.37, September feeders are up $1.00 at $345.60 and October feeders are up $1.35 at $337.22.

LEAN HOGS:

The lean hog complex is trading lower again as traders are leery about being overly supportive of the market. Yes, midday pork cutout values are higher, but traders are hoping that stability will shine through and give them greater confidence. October lean hogs are down $0.62 at $83.05, December lean hogs are down $1.05 at $74.07 and February lean hogs are down $1.07 at $77.40. The projected CME Lean Hog Index for 8/10/2026 is down $0.15 at $95.94, and the actual index for 8/7/2026 is down $0.21 at $96.09. Hog prices on the Daily Direct Morning Hog Report average $96.96, ranging from $92.00 to $97.00 on 5,830 head and a five-day rolling average of $97.80. Pork cutouts totaled 153.92 loads with 139.90 loads of pork cuts and 14.02 loads of trim. Pork cutout values: up $0.98, $102.79.

Tuesday Morning Livestcock Market Update - Livestock Futures May Extend Gains

GENERAL COMMENTS:

Live cattle futures closed higher across the board Monday, but the gains lacked conviction. Cash cattle traded higher last week, but traders may want to see another week of stronger cash before moving futures higher to be in line with cash. Buying interest in futures Tuesday might stem from the strength of choice boxed beef on Monday. Choice boxed beef jumped $7.06. However, select declined $1.53, keeping a little caution over price strength. Feeder cattle futures were mixed with the August and September contracts closing lower while later contracts posted moderate gains. The demand at auctions has tempered to some extent due to the extreme dry conditions being experienced in many parts of cattle country. Poor pasture conditions are limiting demand and prices.

Hog futures found the buying strength needed Monday to potentially turn the trend higher. Traders were aggressive from the start, resulting in chart gaps remaining in the December through May contracts. Traders may turn more optimistic at the lower prices, anticipating a price retracement and stronger cash. Slaughter continues to run higher than a year ago, indicating strong demand. Howver, packers have not had to be aggressive in their purchasing of hogs. The National Daily Direct Afternoon Hog report showed showd cash down $0.99. Pork cutout values increased $0.31. Neither of these may generate much excitement at the beginning of trading Tuesday.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may be building support both fundamentally and technically at the current levels.	1)	Packers were able to purchase a fair amount of cattle last week for deferred delivery. This may keep them less aggressive this week.
2)	The seasonal lull in beef demand may be near its end. Increasing demand should provide support to boxed beef prices.	2)	Cattle futures may develop a sideways trading pattern at best, moving through the rest of the month.
3)	Hog futures held support last week and rebounded. It is a technical bounce that may be fundamentally supported.	3)	The strong opening in hog futures on Monday left chart gaps in the December through May contracts. Chart gaps are generally filled.
4)	Packers should be more aggressive Tuesday as they step up purchases of hogs for the week.	4)	Packers have not had to bid aggressively for hogs. Cash has not been supportive.

Monday Closing Livestock Market Update - Traders Help Support the Complex at the Week's Start

GENERAL COMMENTS:

All in all, it was a good day for the livestock complex, as contracts mostly ended the day higher, thanks to continued trader support. New showlists for the week are lower in all major feeding regions. December corn is down 1/4 cent per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 60.95 points and the NASDAQ is down 85.26 points.

LIVE CATTLE:

The live cattle complex ended the day higher as traders remain hopeful that the market's fundamentals will prevail later this week and continue to lend ample support to the market. And while yes, the market did see an impressive $7.06 increase in the choice cut today, I personally believe that this week's fed cash cattle market may have an uphill battle ahead of it as packers were able to secure a large volume of cattle last week. August live cattle closed $1.57 higher at $233.27, October live cattle closed $1.62 higher at $226.90 and December live cattle closed $1.80 higher at $225.95. Monday's slaughter is estimated at 96,000 head -- 6,000 head more than a week ago and 6,000 head less than a year ago. New showlists for the week are lower in all major feeding regions.

Last 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. Last week's negotiated cash cattle trade totaled 104,609 head. Of that, 84% (87,876 head) were committed to the market's nearby delivery option, while the remaining 16% (16,733 head) were committed to the market's deferred delivery option. That is the largest weekly cash cattle trade thus far for 2026.

Boxed beef prices closed mixed: choice up $7.06 ($371.42) and select down $1.53 ($350.84) with a movement of 69 loads (41.68 loads of choice, 13.93 loads of select, 5.23 loads of trim and 8.06 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With packers able to secure that much inventory last week, it's likely that this week's trade will be lower.

FEEDER CATTLE:

The feeder cattle complex kept its mixed position throughout the day as the market's nearby contracts closed lower, but the deferred contracts were able to remain higher like the live cattle contracts through Monday's close. August feeders closed $0.90 lower at $350.75, September feeders closed $0.65 lower at $344.57 and October feeders closed $0.95 higher at $335.87. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded steady to $5.00 higher and feeder heifers sold mostly steady. The sale report did note that "high heat and extremely dry conditions is limiting the demand for calves, and especially for unweaned calves. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 8/7/2026: down $1.38, $355.98.

LEAN HOGS:

With the help of strong support in both the cash market and in regard to consumer demand, the lean hog contracts were able to rally through Monday's close. October lean hogs closed $1.45 higher at $83.67, December lean hogs closed $1.55 higher at $75.12 and February lean hogs closed $1.35 higher at $78.47. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.99 with a weighted average price of $96.68 on 7,845 head. Pork cutouts totaled 237.98 loads with 216.91 loads of pork cuts and 21.07 loads of trim. Pork cutout values: up $0.31, $101.81. Monday's slaughter is estimated at 483,000 head -- 65,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 8/6/2026: down $0.36, $96.30.

TUESDAY'S HOG CALL: Steady/somewhat higher. Packers are obviously short bought and will likely need more hogs.