Tuesday Midday Livestock Market Summary - Except for a Couple of Nearby Live Cattle Contracts, the Complex is Trending Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher as we head into Tuesday's noon hour. Aside from a couple of nearby live cattle contracts, the rest of the livestock complex is trending mostly higher. Still no cash cattle trade has developed and it's likely trade won't surface until Thursday or Friday. March corn is down 3/4 cent per bushel and May soybean meal is up $1.20. The Dow Jones Industrial Average is up 413.31 points and NASDAQ is up 251.57 points.

LIVE CATTLE:

The live cattle complex is continuing to trade mixed as it's unclear whether or not an agreement was reached at the JBS packing plant in Greeley, Colorado, to avoid a union plant strike. This uncertainty has the nearby contracts trading slightly lower, while the deferred contracts are currently trading mildly higher. Still no cash cattle trade has developed, and it's unlikely any trade will surface ahead of Thursday or Friday. April live cattle are down $0.25 at $239.00, June live cattle are down $0.17 at $235.32 and August live cattle are down $0.02 at $233.32.

Boxed beef prices are higher: choice up $6.65 ($375.87) and select up $1.79 ($366.10) with a movement of 58 loads (39.59 loads of choice, 4.96 loads of select, zero loads of trim and 13.79 loads of ground beef).

FEEDER CATTLE:

The live cattle complex may be trading mixed, but the feeder cattle contracts have found a little more support and are currently fully higher moving into Tuesday's noon hour. More than anything it seems the market is no longer up against immediate resistance pressure, which is why traders are comfortable to now allow the contracts to push slightly higher. March feeders are up $0.70 at $365.00, April feeders are up $0.87 at $362.15 and May feeders are up $0.90 at $358.87.

LEAN HOGS:

The lean hog complex is keeping with its recent trend and is trading higher into Tuesday's noon hour. April lean hogs are up $2.02 at $95.72, June lean hogs are up $1.75 at $110.10 and July lean hogs are up $1.50 at $111.85. This morning pork cutout values are down slightly, but prices were stronger Monday and the market remains far enough away from technical resistance pressure that traders are comfortable advancing the contracts at this point in time.

The projected CME Lean Hog Index for 2/23/2026 is up $0.18 at $88.35, and the actual index for 2/20/2026 is up $0.22 at $88.17. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see 6,271 head have traded this morning and that the market's five-day rolling average sits at $89.33. Pork cutouts total 175.93 loads with 158.00 loads of pork cuts and 17.93 loads of trim. Pork cutout values: down $0.20, $97.20.

Tuesday Morning Livestock Market Update - Uncertainty May Result in Further Liquidation

GENERAL COMMENTS:

Cattle futures were expected to trade higher in response to the Cattle on Feed report, but after spending some time in positive territory, the uncertainty of the impact of a potential strike at the JBS Greeley plant took center stage. This overrode any other bullishness present in the market. The strike has not yet taken place, but 99% of the workers voted for a strike and picket signs are being made. The plant in Greeley is a major packing plant and would disrupt a substantial supply of beef and tallow. It is uncertain whether that would cause cattle prices to decline, as other packing plants will continue to operate and need to increase chain speed to take up the slack. Boxed beef prices were higher on Monday, with choice up $2.53 and select up $3.57.

Hog futures posted steady gains on Monday with limited fanfare. Traders continue to support the market after the recent sell-off, anticipating increased demand from high beef prices. Futures have regained more than half of their losses with prices closing higher for five consecutive days. The National Dairy Direct Afternoon Hog report showed cash up $2.32, moving the weighted average price up to $91.28. It is very unusual for packers to be this aggressive at the beginning of the week. They may be more aggressive today and obtain the hogs they need earlier in the week. Pork cutout values increased by $1.79. This combination should provide further support to the market.

	BULL SIDE		BEAR SIDE
1)	Lower placements on the Cattle on Feed report should support the market as supplies will remain tight.	1)	The uncertainty of the impact of a potential strike at the JBS Greeley plant will keep traders uncertain and willing to liquidate long positions to preserve a profit.
2)	There has been no definite date set for a strike at the JBS Greeley plant. If it gets settled, the market will rebound quickly.	2)	The inability of cattle futures to close the chart gaps may signal that the market may be running out of steam, with further strength difficult to find.
3)	Packers being aggressive with hog purchases on a Monday is rare. Demand may be increasing significantly, and they need to get their hands on more hogs.	3)	Packers may purchase hogs early in the week and then step back, resulting in lower cash developing the rest of the week.
4)	Hog futures have regained more than half of the recent losses as traders are comfortable buying with the trend.	4)	Hog futures have regained more than half of the losses and may be in line with where they should be. This may limit further gains and may develop a sideways trading pattern.

Monday Closing Livestock Market Update - Cattle Close Lower While Hogs Inch Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle contracts closed lower in fear of what may develop with the potential union strike at the JBS plant in Greeley, but the lean hog contracts closed higher as demand remains strong. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. March corn is steady and May soybean meal is down $1.30. The Dow Jones Industrial Average is down 821.91 points and the NASDAQ is down 258.80 points.

LIVE CATTLE:

The live cattle complex ended the day lower, as traders are cautious not to be too supportive of the contracts without knowing what's going to develop with the looming potential of a strike at the JBS packing plant in Greeley, Colorado. April live cattle closed $2.75 lower at $239.25, June live cattle closed $2.07 lower at $235.45 and August live cattle closed $1.62 lower at $233.35. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. Monday's slaughter is estimated at 106,000 head, incomparable to last week but 10,000 head more than a year ago.

Last week's trade was truly a rallying force as the futures complex traded higher throughout the vast majority of the week, and the fed cash cattle complex scored higher prices once again late on Friday when trade finally began to develop. Last week, Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 74,704 head. Of that 86% (64,460 head) were committed to the market's nearby delivery, while the remaining 14% (10,244 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.52 ($369.22) and select up $3.57 ($364.31) with a movement of 75 loads (44.02 loads of choice, 7.54 loads of select, 9.84 loads of trim and 13.94 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat higher. Packers were able to get some cattle purchased and committed to the nearby delivery last week, but with supplies thin, they're going to need to remain engaged in the market to ensure they have enough supplies moving forward.

FEEDER CATTLE:

In keeping with the alignment of the live cattle market and its direction, the feeder cattle contracts closed lower as traders weren't willing to push the feeder cattle contracts higher at a time when the live cattle contracts were trading lower. March feeders closed $3.72 lower at $364.30, April feeders closed $3.70 lower at $361.35 and May feeders closed $3.02 lower at $357.97. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers were trading anywhere from $10.00 lower to $15.00 higher. Feeder heifers under 550 pounds were selling $5.00 to $10.00 lower, but the heavier-weighted heifers were traded steady to $10.00 higher. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 2/20/2026: down $1.57, $375.80.

LEAN HOGS:

With the slight uptick in pork demand and no fear of nearing resistance pressure in the futures complex, the lean hog complex closed higher Monday afternoon. April lean hogs closed $0.02 higher at $93.70, June lean hogs closed $0.50 higher at $108.32 and July lean hogs closed $0.50 higher at $110.35. Hog prices closed higher on the Daily Direct Morning Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 239.00 loads with 211.67 loads of pork cuts and 27.33 loads of trim. Pork cutout values: up $1.79, $97.40. Monday's slaughter is estimated at 489,000 head, incomparable to last week but 1,000 head more than a year ago. The CME lean hog index 2/19/2026: up $0.36, $87.95.

TUESDAY'S HOG CALL: Steady. Packers showed modest interest in the cash hog market on Monday, and they'll likely need more hogs, but prices may hold steady.

Monday Midday Livestock Market Summary - Cattle Sink Lower Amid External Pressure

GENERAL COMMENTS:

The cattle complex is seeing a lot of pressure Monday morning thus far as external factors are driving the futures lower. But with a slight uptick in pork demand, the lean hog complex continues to scale higher. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. The Down Jones Industrial Average is down 819.11 points and the NASDAQ is down 289.93 points.

LIVE CATTLE :

The live cattle complex is trading mostly lower as traders cautiously enter the new week, hoping fundamental support will again surface and help guide the contracts higher. But thus far throughout Monday's trade the complex has traded lower, as caution remains the underlying theme. April live cattle are down $2.45 at $239.55, June live cattle are down $2.10 at $235.52 and August live cattle are down $1.72 at $233.25. The pressure seems to stem from a number of different sources, as traders have noted the downturn in the equity markets, are aware of the uptick in the grain complex, and are also mulling around last Friday's Cattle on Feed report. Nevertheless, it seems as though the market will likely keep its mundane attitude through Monday's close. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado.

Last week Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.28 ($367.98) and select up $3.09 ($363.83) with a movement of 51 loads (26.85 loads of choice, 4.38 loads of select, 8.94 loads of trim and 10.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also lower as traders aren't willing to advance the feeder cattle market at a time live cattle contracts are lower and grain prices are seeing a modest jump. March feeders are down $4.15 at $363.87, April feeders are down $4.30 at $360.75 and May feeders are down $3.62 at $357.37. And at this point it's very unlikely the market will change its direction and turn higher ahead of the day's close as a doggish attitude is currently overwhelming the market.

LEAN HOGS:

The cattle contracts may be trading lower, but the lean hog complex is keeping with its current trend and continuing to trade higher as traders are pleased with the morning uptick in pork demand, and once again aren't up against immediate pressure of hitting technical resistance. April lean hogs are up $0.65 at $94.32, June lean hogs are up $0.95 at $108.77 and July lean hogs are up $0.90 at $110.72.

The projected CME Lean Hog Index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.65 with a weighted average price of $89.61, ranging from $87.00 to $92.00 on 1,776 head and a five-day rolling average of $89.33. Pork cutouts total 165.65 loads with 143.52 loads of pork cuts and 22.13 loads of trim. Pork cutout values: up $2.26, $97.87.