Thursday Closing Livestock Market Update - Cattle Complex Continues to Run Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle complex flush with support, but the lean hog contracts still struggling as consumer support has softened. With the week's cash cattle trade thin thus far, it's expected that more business will develop on Friday. December corn is down 3 1/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 613.92 points and the NASDAQ is up 679.24 points.

LIVE CATTLE:

The live cattle contracts were again able to end the day higher, continuing to thrive and prosper on strong trader support. August live cattle closed $3.32 higher at $231.22, October live cattle closed $3.47 higher at $227.45 and December live cattle closed $3.40 higher at $226.72. It will be interesting to see where this week's weighted average lands for cash cattle prices, because although there have been runs of trade here and there, cattle have been slow to trade, and prices have been scattered as feedlot managers are hoping to hold out for more money. So far this week Southern live cattle have traded at mostly $231 to $232, and Northern dressed cattle have traded at mostly $365. But there's no doubt, with feedlot managers seeing improvement on the board, and with there being hope that the Cargill plant in Fort Morgan, Colorado, may be processing again soon, as next week they'll hold their ratification vote, more cattle will likely be needed in the market. 

Thursday's slaughter is estimated at 102,000 head -- 6,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.93 ($360.50) and select down $1.08 ($341.33) with a movement of 130 loads (91.13 loads of choice, 15.37 loads of select, 13.53 loads of trim and 9.60 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. Given that the week's movement has been thin thus far, more trade will need to develop on Friday following last week's thin movement. And with the board's support, it's fully assumed that prices are going to be higher this week.

FEEDER CATTLE:

The feeder cattle complex also rallied through Thursday's end as it too is pleased by the increased support from traders, and it is going to continue to closely mirror the mannerisms of the live cattle market. August feeders closed $2.20 higher at $346.47, September feeders closed $3.80 higher at $342.45 and October feeders closed $4.40 higher at $334.02. The CME feeder cattle index 7/29/2026: down $0.22, $347.69.

LEAN HOGS:

With consumer support unstable in this week's market, traders have pulled away from the lean hog contracts and let the market drift mostly $2.00 lower through Thursday's end. August lean hogs closed $2.25 lower at $98.42, October lean hogs closed $2.35 lower at $83.35 and December lean hogs closed $2.67 lower at $74.52. And until demand improves, the market's trajectory will likely be lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $101.05 on 2,363 head. Pork cutouts totaled 250.41 loads with 233.28 loads of pork cuts and 17.13 loads of trim. Pork cutout values: down $0.14, $101.64. Thursday's slaughter is estimated at 485,000 head – 6,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/28/2026: up $0.10, $98.45.

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

Thursday Midday Livestock Market Update - Cattle Continue to Scale Higher; Hogs Under Pressure

GENERAL COMMENTS:

The livestock complex is mixed heading into Thursday's noon hour with the cattle contracts still seeing modest trader support while the lean hog contracts are trading lower. Bids are on the table in Nebraska, but no new sales have been reported yet Thursday morning. December corn is down 1 cent per bushel and December soybean meal is up $0.90. The Dow Jones Industrial Average is up 458.34 points and NASDAQ is up 599.19 points.

LIVE CATTLE:

The live cattle complex is continuing to move higher as traders are committed to advancing the complex following the massive erosion seen during the past month. The market's upward momentum is solely technically driven at this point as the cash market has yet to really break loose and trade cattle this week. Boxed beef prices have been mixed. August live cattle are up $1.95 at $229.85, October live cattle are up $1.75 at $225.72 and December live cattle are up $1.65 at $224.97. Bids are beginning to surface again in the fed cash cattle market. Currently packers are offering $235 live and $365 dressed. Asking prices remain at $234 to $235 in the South and at $370 in the North, and more trade is expected to develop throughout the day.

Boxed beef prices are lower: choice down $0.85 ($362.58) and select down $0.54 ($341.87) with a movement of 60 loads (38.45 loads of choice, 8.10 loads of select, 9.39 loads of trim and 3.89 loads of ground beef).

FEEDER CATTLE:

Again Thursday, with the support of live cattle futures higher trend, the feeder cattle contracts are higher. August feeders are down $0.37 at $343.90, September feeders are up $0.32 at $338.97 and October feeders are up $0.85 at $330.47. With the brutal heat that's spread this week across much of the U.S., feeder cattle sales have been mostly lower, even though the board is trading higher.

LEAN HOGS:

The lean hog contracts are continuing to break substantially lower as the market is heavily relying on consumer support and, although midday pork cutout values are slightly higher, they have shown some weakness in the recent trading sessions. August lean hogs are down $1.82 at $98.85, October lean hogs are down $2.62 at $83.05 and December lean hogs are down $3.10 at $74.10. Hopefully consumer support will strengthen and put an end to the pressure currently being seen.

The projected CME Lean Hog Index for 7/29/2026 is down $0.01 at $98.44 and the actual index for 7/28/2026 is up $0.10 at $98.45. Hog prices are lower on the Daily Direct Morning Hog report, down $1.13 with a weighted average of $100.52, ranging from $92.00 to $102.50 on 1,668 head and a five-day rolling average of $100.93. Pork cutouts total 124.53 loads with 116.64 loads of pork cuts and 7.89 loads of trim. Pork cutout values: up $0.61, $102.39.

Thursday Morning Livestock Market Update - Hog Futures May See Further Weakness

GENERAL COMMENTS:

Cattle futures extended their gains Wednesday as increased optimism over possible steady cash permeated the market. Light cash trade earlier this week was lower, but the feedlots have so far passed on those early bids as the week progressed. After some strength in boxed beef earlier in the week, prices fell back on Wednesday. Choice boxed beef declined $2.43, with select down $1.11. This weakness may shake the confidence of traders over a return to stronger demand. A tentative agreement has been reached between Cargill Meat Solutions and the union representing more than 1,700 employees who have been locked out of the Fort Morgan, Colorado, plant since May 20. It is one of the largest meat processing companies in the U.S. While the plant was closed, cattle were diverted to other Cargill plants.

Hog futures fell Wednesday, eliminating the gains since mid-July. The selling was not the result of cash weakness as the National Daily Direct Afternoon Hog report showed cash up $0.79. Packers should have sufficient hogs purchased and may not be aggressive the rest of the week. It seemed to be tied to liquidation of an overbought market. Once selling pressure moved prices low enough to trigger stops, the market gained momentum. Pork cutout values declined $2.13 and may keep some pressure on futures. Weekly average hog weight declined to 282.7 pounds.

	BULL SIDE		BEAR SIDE
1)	The bearishness may have been factored into the market. Further short-covering may continue to correct an oversold maket.	1)	Boxed beef prices may not have found solid support, continuing the weaker trend.
2)	There is optimism cash cattle trade will be no worse than steady this week.	2)	It is uncertain whether the lower early cash cattle trade this week will dictate further weakness. It generally sets the stage for the week.
3)	Packers remained aggressive in the market on Wednesday, indicating they need hogs to meet demand.	3)	Weekly hog weights remain 1.6 pounds higher than a year ago. This provides sufficient pork to the market.
4)	Weekly hog weights decreased 0.5 pounds to average 282.7 pounds.	4)	There may be follow-through selling in hog futures as liquidation generally follows a two- to three-day pattern.

Wednesday Closing Livestock Market Update - Cattle Inched Higher While Hogs Dropped $1.00 to $2.00 Lower

GENERAL COMMENTS:

The livestock complex again ended the day mixed as cattle contracts continue to see ample support from traders, but the lean hog complex ended the day weaker as traders aren't willing to support its contracts without stronger consumer demand. Bids were offered throughout the day in Kansas and Nebraska, but the day's cash movement was extremely thin. December corn is down 8 3/4 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is down 1,153.18 points and NASDAQ is down 433.97 points.

LIVE CATTLE:

The live cattle contracts ended the day higher as the bulls continue to have their way with the market, and they are pleased to have enough support to continue to work the contracts higher. August live cattle closed $0.42 higher at $227.90, October live cattle closed $1.80 higher at $223.97 and December live cattle closed $2.02 higher at $223.32. Throughout the day, bids were offered in Nebraska and Kansas, but the day's trade was again minimal. So far this week, Southern live cattle have traded at $228 to $228, and dressed cattle have traded at $360, but there haven't been enough cattle traded to say that any sort of a market trend has been established. Asking prices in the South are noted at $234 to $235. 

Wednesday's slaughter is estimated at 107,000 head -- 9,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.43 ($363.43) and select down $1.11 ($342.41) with a movement of 137 loads (77.89 loads of choice, 24.05 loads of select, 11.49 loads of trim and 23.87 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers continue to offer bids but feedlot managers are letting them sit on the table, it leads one to believe that feedlot managers are holding out for higher prices later this week.

FEEDER CATTLE:

The feeder cattle contracts were also able to rally throughout the day as the market continues to closely align with the live cattle contracts and follow its lead. August feeder cattle closed $1.20 higher at $344.27, September feeder cattle closed $1.42 higher at $338.65 and October feeder cattle closed $2.80 higher at $329.62. At the Knoxville Livestock Center in Knoxville, Tennessee, compared to last week, feeder steers traded unevenly steady, while feeder heifers traded $4.00 to $5.00 lower and feeder bulls sold $4.00 higher. Feeder cattle supply over 600 pounds was 34%. The CME feeder cattle index 7/29/2026: down $0.56, $347.91.

LEAN HOGS:

It was a lousy day for the lean hog complex as the market saw most of its contracts close anywhere from $1.00 to $2.00 lower. More than anything, I think the lack of consumer support this week has the contracts on edge as they simply don't possess enough support without strong and unwavering consumer demand. August lean hogs closed $2.42 lower at $100.67, October lean hogs closed $2.57 lower at $85.70 and December lean hogs closed $2.47 lower at $77.20. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.79 with a weighted average price of $101.79 on 8,600 head. Pork cutouts totaled 294.23 loads with 251.53 loads of pork cuts and 42.70 loads of trim. Pork cutout values: down $2.13, $101.78. Wednesday's slaughter is estimated at 471,000 head -- 8,000 head less than a week ago and 1,000 head more than a year ago. The CME lean hog index 7/27/2026: up $0.12, $98.35.

THURSDAY'S HOG CALL: Lower. If consumer demand is soft, it's unlikely that packers are going to push cash prices higher.