Wednesday Closing Livestock Market Update - Cautious Tones Continue to Dominate

GENERAL COMMENTS:

The livestock complex ended the day mixed, with most of the cattle contracts closing lower, but the lean hog complex ended the day higher. Some light cash cattle trade developed at $345 dressed in the North, but no Southern sales were noted. December corn is down 2 1/2 cents per bushel and December soybean meal is down $3.00. The Dow Jones Industrial Average is up 295.07 points and the NASDAQ is up 118.06 points.

LIVE CATTLE:

It was another disheartening day for the live cattle complex. Some dressed cattle sold at mostly steady prices in the North throughout the day. However, the futures market was reluctant to count that as enough fundamental support. As a result, contracts were still pushed lower through the day's end. October live cattle closed $1.90 lower at $210.17, December live cattle closed $1.35 lower at $212.02 and February live cattle closed $0.92 lower at $214.00. Some light cash cattle trade was noted in parts of Nebraska and Iowa at $345, which is steady with last week's weighted average. Bids of $219 were offered throughout the afternoon in Kansas, but no Southern trade was noted. Unfortunately, traders are likely going to keep the market chopping sideways, as there are bigger underlying issues negatively impacting the market right now: the knowledge that fed cattle supplies are going to increase through the fourth quarter, and the utter lack of confidence and stability in the greater cattle complex. 

Wednesday's slaughter is estimated at 100,000 head -- 5,000 head less than a week ago and 17,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.97 ($378.78) and select down $6.87 ($353.58) with a movement of 95 loads (56.05 loads of choice, 11.67 loads of select, 6.65 loads of trim and 20.20 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. Given that the market has seen a moderate test at steady prices, there's a chance that Southern trade may follow suit and do the same.

FEEDER CATTLE:

Although feeder cattle demand was slightly stronger this afternoon, that wasn't enough support to allow the nearby feeder cattle contracts to close higher. The deferred contracts were able to keep their contracts mildly higher through the day's end, but the nearby contracts weren't willing to move the contracts in the opposite direction of the live cattle contracts. September feeders closed $1.37 lower at $318.97, October feeders closed $1.02 lower at $314.37 and November feeders closed $0.17 lower at $308.35. At the Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, the best test was on steers weighing 950 to 999 pounds and those weighing 1,050 to 1,099 pounds, which traded $2.00 to $3.00 higher. The best test on heifers was on those weighing 900 to 949 pounds, which traded $4.00 higher. Feeder cattle supply over 600 pounds was 100%. The CME feeder cattle index 9/1/2025: up $0.04, $329.18.

LEAN HOGS:

Even though afternoon pork cutout values closed lower, the lean hog contracts were still able to end the day higher. October lean hogs closed $0.12 higher at $83.77, December lean hogs closed $0.32 higher at $74.32 and February lean hogs closed $0.60 higher at $76.87. Pork cutouts totaled 227.52 loads, with 198.86 loads of pork cuts and 28.67 loads of trim. Pork cutout values: down $2.28, $95.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.11 with a weighted average price of $89.52 on 4,280 head. Wednesday's slaughter is estimated at 476,000 head -- steady with a week ago and 13,000 head less than a year ago. The CME lean hog index 8/31/2026: down $0.28, $90.58.

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

Wednesday Midday Livestock Market Summary - Early Dressed Sales are Noted at $345

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as fundamental support remains in question. Some light cash cattle trade has been noted in parts of Nebraska and Iowa at $345. December corn is up 1 cent per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is up 252.65 points and NASDAQ is up 136.15 points.

LIVE CATTLE:

The live cattle complex has traded back and forth throughout this morning's trade but is now trading fully lower into Wednesday's noon hour as the market lacks confidence and enough fundamental support to turn the market's direction around. October live cattle are down $1.57 at $210.50, December live cattle are down $1.02 at $212.35 and February live cattle are down $0.72 at $214.20. Starting this morning, some light cash cattle trade has developed in Iowa and Nebraska at mostly $345, which is steady with last week's weighted average. There's yet to be any trade in the South, but the North has kicked the week off selling cattle at steady prices which is better than what I assumed the week's trend may be. It is worth noting that most of the cattle that have sold this morning have been committed for delivery for the week of September 14th.

Boxed beef prices are mixed: choice up $2.30 ($382.05) and select down $2.81 ($357.64) with a movement of 53 loads (30.82 loads of choice, 6.44 loads of select, 3.26 loads of trim and 12.94 loads of ground beef.)

FEEDER CATTLE:

The feeder cattle complex, on the other hand, is trading mixed as its nearby contracts have continued to follow the live cattle contracts and are trading lower, but the market's deferred contracts are trading higher. September feeders are down $0.70 at $319.65, October feeders are down $0.15 at $315.27 and November feeders are up $0.55 at $309.10. If the fed cash cattle market can hold its trend steady this week -- there may be a chance that feeder cattle prices find a little support as well, but time will tell.

LEAN HOGS :

The lean hog complex is trading mostly higher into Wednesday's noon hour as traders hope that fundamental support will strengthen and allow the contracts to maintain their elevated position. But if pork demand doesn't see constant, steady and stable support from consumers, it's unlikely that traders will push the contracts above the market's current resistance plane at $84 in the spot October contract. October lean hogs are steady at $83.60, December lean hogs are up $0.10 at $74.10 and February lean hogs are up $0.27 at $76.55. The projected lean hog index for 9/1/2026 is up $0.27 at $90.85, and the actual index for 8/31/2026 is down $0.29 at $90.58. Hog prices are higher on the Daily Direct Morning Hog report, up $0.75 with a weighted average price of $90.39, ranging from $84.00 to $96.00 on 1,840 head and a five-day rolling average of $89.67. Pork cutouts total 147.66 loads with 131.36 loads of pork cuts and 16.29 loads of trim. Pork cutout values: down $1.79, $96.11.

Wednesday Morning Livestock Market Update - Feed Costs Are More Than Concerning

GENERAL COMMENTS:

September was the start of the new initiative to import foreign ground beef at discounted rates for the American consumer. The impact of up to 300,000 metric tons hitting our market is still yet to be seen, but the initial shock and selloff seem to have worn off now that September is here. Mexican cattle are now slowly crossing the border, which has also weighed on the market, as we've seen with the weakness in the cash trade. The biggest concern in the market Wednesday is the sharp spike in the cost of feed. Soybean meal and corn have taken off like a rocket, giving way for concern over ration mixes and costs.

Hog futures were mixed Tuesday with deferred months higher than the nearby. The short rally we saw to end August is hitting some headwinds as we kick off September. Slaughter numbers are steady and cash values are higher, but futures need a little boost to continue any upward momentum.

	BULL SIDE		BEAR SIDE
1)	Feed costs will limit finish weights, lowering the overall pounds of product on the market with already tiny herd sizes.	1)	Government programs are being announced with little to no details, such as the heifer retention program U.S. Agriculture Secretary Rollins alluded to Monday. They serve to grow the cattle herd or at least suppress prices with short-term fear.
2)	Cattle futures appear like they have found support regardless of the endless amount of bearish news hitting headlines.	2)	The Mexican border has been open since late August, with more ports expected to open soon, allowing more cattle into the country.
3)	Pork cutout values are bringing strength to futures.	3)	Futures excitement in hogs seem to be short lived despite supportive pork cutout values. Futures still want the market to prove a need for a rally.
4)	Cash values for hogs continue to firm.	4)	The Lean Hog Index was lower at the end of last week.

Tuesday Closing Livestock Market Update - Traders Remain Cautious About Being Overly Supportive

GENERAL COMMENTS:

All in all it was a quiet day throughout the livestock complex with not much developing to push the contracts one way or another. No cash cattle trade developed throughout the day, but asking prices are noted at $225 in the South. December corn is up 8 1/4 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 419.02 points and NASDAQ is down 271.12 points.

LIVE CATTLE:

Throughout the day the live cattle complex traded lower as the market simply didn't have enough support available to it to safely and confidently trade higher. October live cattle closed $0.60 lower at $212.07, December live cattle closed $1.20 lower at $213.37 and February live cattle closed $1.55 lower at $214.92. No cash cattle trade developed throughout the day, but asking prices were noted in the South at $225. It's likely that trade will be delayed until later in the week and given that packers have secured inventory in recent weeks, it's likely that prices will be steady at absolute best. 

Tuesday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.93 ($379.75) and select up $1.96 ($360.45) with a movement of 110 loads (78.57 loads of choice, 9.08 loads of select, 10.81 loads of trim and 11.07 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. With packers sitting on plenty of inventory and supplies growing by the week, it's likely that prices will be lower again this week.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders didn't feel comfortable with the amount of support available in the complex and surely weren't going to advance the feeder cattle contracts when the live cattle contracts were trading lower. September feeders closed $1.10 lower at $320.35; October feeders closed $1.62 lower at $315.40 and November feeders closed $1.90 lower at $308.52. At OKC West Livestock Auction in El Reno, Oklahoma compared to last week and at their midsession point, steer calves over 500 pounds traded $5.00 to $10.00 higher, but under 500 pounds traded steady. Heifer calves weren't well comparable to last week's test, but a firm undertone was noted. Feeder cattle supply over 600 pounds was 21%. The CME feeder cattle index 8/31/2026: down $0.17, $329.14.

LEAN HOGS:

The lean hog contracts ended the day mixed with the market's nearby contracts still closing lower, while the deferred months managed to close slightly higher. More than anything it's the market's technical resistance that's become a barrier, and if trades are going to surpass that level, they'll need to see continued fundamental support. Thankfully pork cutout values did end the day higher, but traders still want more support. October lean hogs closed $0.02 lower at $83.65, December lean hogs closed $0.15 lower at $74.00 and February lean hogs closed $0.25 lower at $76.27. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.90 with a weighted average price of $91.63 on 8,385 head. Pork cutouts total 269.34 loads with 235.38 loads of pork cuts and 33.96 loads of trim. Pork cutout values: up $0.23, $97.90. Tuesday's slaughter is estimated at 472,000 head -- 2,000 head more than a week ago and 11,000 head less than a year ago. The CME lean hog index 8/28/2026: down $0.66, $90.86.

WEDENSDAY'S HOG CALL: Steady. There's a chance that prices could hold steady if not potentially trade even a little higher as pork demand is strong.