Thursday Closing Livestock Market Update - Cattle Sink Sharply Lower

GENERAL COMMENTS:

The cattle contracts plummeted lower through Thursday's end as the market remains unable to gain strong footing. Some light cash cattle trade was noted in the North at $350 which is steady with last week's weighted average. Do note that on Friday the monthly Cattle on Feed report is set to be released. December corn is down 3 3/4 cents per bushel and December soybean meal is up $5.70. The Dow Jones Industrial Average is up 316.14 points and NASDAQ is up 439.88 points.

LIVE CATTLE:

Thursday ended up being an utter and sheer disappointment for the live cattle complex as the contracts sank $3.00 lower before closing, and the momentum that was expected to push the fed cash cattle market higher quickly dissipated. October live cattle closed $2.80 lower at $215.65, December live cattle closed $3.95 lower at $216.25 and February live cattle closed $3.62 lower at $217.27. Today's close did push the spot December contract back below its 40-day moving average. Throughout the day trade at $350 was noted in the North, but otherwise the cash market was rather uneventful. Dressed trade at $350 is steady with last week's weighted average, and most of the cattle traded today were marked for delivery for the weeks of September 21st or September 28th. Bids of $220 were offered throughout the day in the South, but no Southern live deals were noted. More than anything the board's sharp deterioration on Thursday kept the cash market from trading higher, and whenever it's a Cattle on Feed report week, the cash market typically sees some more cautiousness than normal ahead of the reports unveiling. 

Thursday's slaughter is estimated at 107,000 head -- 2,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.66 ($372.15) and select down $2.69 ($351.88) with a movement of 101 loads (68.32 loads of choice, 9.17 loads of select, 3.80 loads of trim and 19.74 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that there's already been some trade at steady prices, that will likely be the market's trend this week.

FEEDER CATTLE:

And to be expected, with the sharp decline in the live cattle complex, the feeder cattle contracts also fell lower through Thursday's close. September feeders closed $3.65 lower at $334.82, October feeders closed $5.27 lower at $324.37 and November feeders closed $4.45 lower at $318.65. At Winter Livestock Auction in Pratt, Kansas, compared to last week feeder steers weighing 750 to 975 pounds sold $3.00 higher to $3.00 lower. Steers weighing 400 pounds to 750 pounds sold lower on lighter receipts. Feeder heifers weighing 800 to 925 pounds traded steady, Heifers weighing 400 to 800 pounds sold $6.00 to $8.00 higher. Slaughter cows and bulls traded $2.00 to $4.00 lower. Feeder cattle supply over 600 pounds was 87%. The CME feeder cattle index 9/16/2026: up $0.43, $343.17.

LEAN HOGS:

Although pork cutout values were supportive through the day's end, traders didn't pay the slight uptick in fundamental support much attention as demand was weak earlier this week. October lean hogs closed $0.22 higher at $78.90, December lean hogs closed $0.35 lower at $69.60 and February lean hogs closed $0.62 lower at $71.12. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 45 head traded throughout the day and that the market's five-day rolling average now sits at $83.70. Pork cutouts totaled 277.97 loads with 253.44 loads of pork cuts and 24.53 loads of trim. Pork cutout values: up $1.19, $87.54. Thursday's slaughter is estimated at 493,000 head -- steady with a week ago and 19,000 head more than a year ago. The CME lean hog index 9/16/2026: down $0.79, $86.60.

FRIDAY'S HOG CALL: Lower. Given that demand has mostly been soft this week, it's highly unlikely that packers will show the market much attention on Friday.

Thursday Midday Livestock Market Summary - Early Dressed Sales are Marked at $350

GENERAL COMMENTS:

The livestock complex is trading mixed again into the day's noon hour as the cattle contracts can't seem to find the fundamental support that traders desire, but the lean hog contracts are trading mildly higher. Some light cash cattle trade has developed in the North at $350 which is steady with last week's weighted average. December corn is down 5 1/4 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is up 374.04 points and NASDAQ is up 424.92 points.

LIVE CATTLE:

The live cattle complex continues to trade lower as traders simply aren't seeing the fundamental support they had hoped would develop this week surface. October live cattle are down $0.60 at $217.85, December live cattle are down $1.37 at $218.77 and February live cattle are down $1.47 at $219.42. Unfortunately, today's decline does put the spot December live cattle contract back below it's 40-day moving average. There's been some light developments this morning in the fed cash cattle market where dressed cattle in the North have been traded at $350 -- which is fully steady with last week's weighted average. Most of those cattle have been marked for delivery for the week's of Sept. 21 and Sept. 29. Bids of $220 are on the table in Kansas, but otherwise there hasn't been any more trade.

Boxed beef prices are lower: choice down $3.68 ($372.13) and select down $2.30 ($352.27) with a movement of 71 loads (47.43 loads of choice, 7.06 loads of select, zero loads of trim and 16.98 loads of ground beef).

FEEDER CATTLE:

And again today, keeping in alignment with the live cattle complex, the feeder cattle contracts are also trading lower. September feeders are down $2.22 at $336.25, October feeders are down $2.82 at $326.80 and November feeders are down $1.87 at $321.22. The spot October feeder cattle contract is now trading below its 40-day moving average as well.

LEAN HOGS :

The lan hog complex is also trading lower even though pork cutout values are higher today. October lean hogs are up $0.27 at $78.95, December lean hogs are down $0.05 at $69.90 and February lean hogs are down $0.37 at $71.37. If demand holds strong over the next couple of days, then there is a chance that maybe next week the market could see the contracts gradually trade higher. The projected lean hog index for 9/16/2026 is down $0.79 at $85.02, and the actual index for 9/15/2026 is down $0.79 at $85.81. Hog prices are unavailable on the Daily Direct Morning Hog Report, however we can see that only 25 head have traded and that the market's five-day rolling average now sits at $84.24. Pork cutouts total 134.02 loads with 119.96 loads of pork cuts and 14.06 loads of trim. Pork cutout values: up $1.93, $88.28.

Thursday Morning Livestock Market Update - Choppy Trading Activity Expected

GENERAL COMMENTS:

Cattle futures fell below the uptrend on Wednesday as traders liquidated some long positions, concerned about whether cash will advance this week. The packers have some cattle already purchased ahead and may not be very aggressive as boxed beef prices remain variable. Some positioning may already have taken place ahead of next week's Cattle on Feed report. In other news, the port at Santa Teresa, New Mexico, prepares to reopen for the importation of cattle from Mexico on Sept. 24. The Cattle on Feed report will be released on Friday, Sept. 18. Estimates are for cattle on feed on Sept. 1 at 101.89% of a year ago. Placements in August are at 96.8%. Cattle marketed is estimated at 96.1%. Boxed beef prices were lower on Wednesday, with choice down $0.27 and select down $1.79. Some grocery stores in Wisconsin are reportedly not accepting the foreign tariff-free beef coming in under the recent federal import initiative.

The liquidation phase ran its course Wednesday after a lower open. This does not indicate that a bottom has been reached. Market fundamentals are not supportive, as both cash and cutouts remain weak. The National Daily Direct Afternoon Hog report showed cash down $1.98 to $82.60, with a moderate movement of hogs. Pork cutout values declined $1.15. The chart gap above the market may take some time to fill given the fundamental weakness. Hog weights increased last week, averaging 285.9 pounds.

	BULL SIDE		BEAR SIDE
1)	It remains uncertain when tariff-free beef will make it to the grocery stores and how much actually will be imported over the 90-day period.	1)	The weakness of boxed beef prices will leave packers unwilling to increase bids for cattle as they try to protect their margins.
2)	The weakness on Wednesday may have been a reaction to the resumption of imports through the port in New Mexico and traders positioning ahead of the Cattle on Feed report.	2)	The recent uptrend in cattle futures may be in jeopardy due to contracts closing below the uptrend line.
3)	The liquidation phase has run its course. Traders may be more confident to buy into the market anticipating a price retracement.	3)	Weekly hog weights increased 2.5 pounds to average 285.9 pounds. Although weights are 0.7 pounds below a year ago, it was a large increase.
4)	A chart gap remains above the market from earlier in the week that will be filled at some point.	4)	Liquidation of hog futures may have run its course, but that does not indicate support has been found.

Wednesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contract falling lower on a lack of fundamental support in this week's market and upon hearing news that the Santa Teresa, New Mexico, port is scheduled to reopen to Mexican cattle imports Sept. 24. Meanwhile, the lean hog complex was lent some technical support from traders. December corn is down 1 1/2 cents per bushel and December soybean meal is up $0.20. The Dow Jones Industrial Average is down 631.21 points and the NASDAQ is down 3.15 points.

LIVE CATTLE:

Between not seeing immediate fundamental support in today's market, mixed with the news that spread that the Santa Teresa, New Mexico, port is scheduled to reopen Sept. 24, the live cattle complex drifted lower. Unfortunately, today's descent did at times have the market trading below its 40-day moving average, but thankfully the market didn't close below that threshold. October live cattle closed $2.25 lower at $218.45, December live cattle closed $3.15 lower at $220.20 and February live cattle closed $3.77 lower at $220.90. Some light (very light) cash cattle trade was noted in the North at $350, but not enough cattle traded to say that any sort of an accurate test has been established yet for the week. And with the board's recent pressure, it's anyone's guess at this point whether or not the market will be able to achieve higher prices as initially hoped. 

Wednesday's slaughter is estimated at 102,000 head -- 7,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.27 ($375.81) and select down $1.79 ($354.57) with a movement of 119 loads (73.06 loads of choice, 14.38 loads of select, 16.01 loads of trim and 15.75 loads of trim).

THURSDAY'S CATTLE CALL: Steady. Given the board is trading lower and that on Friday there's another Cattle on Feed report set to be released, this week's market may simply trade steady.

FEEDER CATTLE:

The feeder cattle complex also followed the direction of the live cattle complex, trading lower thanks to yet another scheduled date of a port reopening to Mexican cattle imports. The onset of the news pushed the market lower as increasing imports could have a negative effect on domestic feeder cattle prices. September feeders closed $1.80 lower at $338.47, October feeders closed $4.20 lower at $329.65 and November feeders closed $5.80 lower at $323.10. At the Philip Livestock Auction in Philip, South Dakota, compared to last week, feeder steers weighing 500 to 550 pounds sold $10.00 higher, but other classes of feeder steers weren't well tested. Feeder heifers weighing 900 to 950 pounds traded $10.00 to $12.00 stronger, heifers weighing 900 to 1,000 pounds sold $8.00 to $10.00 higher, and heifers weighing 1,000 to 1,050 pounds sold $10.00 to $12.00 higher. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index 9/15/2026: up $1.16, $342.74.

LEAN HOGS:

The lean hog complex ended the day mostly higher, as traders did find some technical support in today's market. October lean hogs closed $0.40 lower at $78.67, December lean hogs closed $0.30 higher at $69.95 and February lean hogs closed $0.15 lower at $71.75. Today's slight support was extended to the market by traders, but if there's no improvement in fundamental support in the coming days, then the market could be subject to trading lower once again. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.98 with a weighted average price of $82.60, ranging from $81.00 to $84.00 on 6,699 head and a five-day rolling average of $84.19. Pork cutouts totaled 329.13 loads, with 289.10 loads of pork cuts and 40.03 loads of trim. Pork cutout values: down $1.15, $86.35. Wednesday's slaughter is estimated at 488,000 head -- 2,000 head more than a week ago and 4,000 head less than a year ago. The CME lean hog index 9/14/2026: down $0.61, $86.60.

THURSDAY'S HOG CALL: Lower. Given that pork cutout values are lower again, it's unlikely that the cash market will see much more support this week.