Wednesday Midday Livestock Market Update - Cattle Trade Mixed While Hogs Head Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Wednesday as the market is trading cautiously in the cattle sector but has stumbled into some technical support in the hog complex. Still no cash cattle trade has developed. March corn is steady and March soybean meal is down $2.20. The Dow Jones Industrial Average is up 309.55 points and the NASDAQ is up 282.78 points.

LIVE CATTLE:

After rallying to highs not seen since October, the live cattle complex is now trading mostly lower as traders look for reassurance from the market's fundamentals. February live cattle are down $0.37 at $246.17, April live cattle are down $0.30 at $242.50 and June live cattle are down $0.05 at $238.40. The cash cattle market remains absolutely silent, with no bids or asking prices having been noted yet. It's most likely that trade will be delayed until Friday again this week, and it is assumed that fed cash cattle prices will be higher again this week.

Boxed beef prices are mixed: choice down $1.26 ($363.50) and select up $0.99 ($361.21) with a movement of 58 loads (43.87 loads of choice, 6.35 loads of select, zero loads of trim and 8.12 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading slightly more optimistically into midday Wednesday than the live cattle complex, as its contracts are trading mixed. Helping keep the feeder cattle contracts elevated is the strong demand in the countryside, as buyers know that supplies are going to remain thin and that if they want to fill their orders, they have to buy aggressively. March feeders are down $0.20 at $370.77, April feeders are up $0.02 at $367.85 and May feeders are up $0.35 at $364.15.

LEAN HOGS:

The lean hog complex is trading fully higher into Wednesday's noon hour as the market is pleased to have found some technical support after its straining downturn over the last week. April lean hogs are up $0.20 at $92.50, June lean hogs are up $0.72 at $106.57 and July lean hogs are up $0.72 at $108.45. Fundamental support remains lagging, and traders will eventually desire to see more support in pork demand.

The projected lean hog index for 2/17/2026 is up $0.05 at $87.19 and the actual index for 2/16/2026 is up $0.08 at $87.13. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 855 head have traded and that the market's five-day rolling average now sits at $87.00. Pork cutouts totaled 174.46 loads with 155.43 loads of pork cuts and 19.03 loads of trim. Pork cutout values: down $0.25, $95.63.

Wednesday Morning Livestock Market Update - Futures Find Support

GENERAL COMMENTS:

Traders stepped into the cattle market aggressively after the three-day weekend. Cash cattle traded higher on Friday after the close. Traders reacted to the higher cash prices, moving futures closer in line with cash. Live cattle futures gapped open but were unable to hold the day's highs. This does not mitigate the potential for further strength as futures remain below the level of the cash trade last week. The higher beef prices have not reduced demand as consumers prefer beef and are willing to pay for it. Tight cattle supplies may tighten further as there is little indication of the cattle herd rebuilding. The potential for increased beef imports may have little impact on the market. Boxed beef prices closed lower, with choice down $3.01 and select down $1.01. Feeder cattle futures did not gap open but moved higher in response to the strength of live cattle.

Hog futures moved moderately higher as the liquidation phase seemed to have run its course. Futures have corrected from being overbought, which generated some buying interest. The fact that futures were not able to hold the highs may indicate it might be difficult for the market to regain the losses anytime soon. The National Daily Direct Afternoon Hog report showed a gain of $2.99. Packers may be somewhat aggressive with purchases today but may not pay higher prices the rest of the week. Pork cutouts declined $0.97 to $95.88.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are lower than cash and may move higher to reduce the spread. Cash cattle are expected to be higher again this week.	1)	Live cattle gapped higher on the open after the extended weekend. This gap may be filled in the near term.
2)	Packers have not been able to purchase many cattle for deferred delivery, reducing any leverage they may have in the cash market.	2)	Boxed beef prices continue to struggle to trend higher. Consumers may be near a threshold of prices they are willing to pay for beef.
3)	Hog futures seem to have completed the liquidation phase, increasing the interest of traders to buy into the market on the potential for a price retracement.	3)	The inability of hog futures to hold the highs on Tuesday may indicate it might be difficult to regain the losses.
4)	There is potential for increased pork demand over time. Pork cutout values are trending higher despite increased slaughter.	4)	Packers may have a good volume of hogs purchased for the week and remain less aggressive and pay lower prices.

Tuesday Closing Livestock Market Update - Strong Trader Support Helped Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex had a rather successful day as all three of the markets closed higher as traders eagerly jumped into the new week. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. March corn is down 5 1/2 cents per bushel and March soybean meal is down $3.40. The Dow Jones Industrial Average is up 32.26 points and the NASDAQ is up 31.71 points.

LIVE CATTLE:

What a day, what a day, what a day it was for the live cattle complex as support poured into the sector from both the market's fundamental and technical facets. With last week's strong performance in the fed cash cattle market, where prices traded $4.00 higher in both regions and the five-area weighted average was pushed to $245.62 (a new all time high for the fed cash cattle market) traders saw all the fundamental support they needed to push the contracts sharply higher from the day's get go and keep the market trading higher through the day's close. February live cattle closed $3.47 higher at $246.55, April live cattle closed $2.17 higher at $242.80 and June live cattle closed $2.30 higher at $238.45. And while someone may want to point to today's weaker close in boxed beef prices, do remember that February has historically been a tough month to sell beef, and by and large, even with prices as high as they are, consumers haven't weakened in their quest for more beef. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas.

Tuesday's slaughter is estimated at 115,000 head, 1,000 head less than a week ago and 3,000 head less than a year ago.

Last week, Southern live cattle were marked at mostly $248, which is $4.00 higher than the previous week's weighted average and Northern dressed cattle traded at mostly $382, which is also $4.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,651 head. Of that 95% (56,657 head) were committed to the market's nearby delivery, while the remaining 5% (2,994 head) were committed to the market's deferred delivery option.

Boxed beef prices closed lower: choice down $3.01 ($364.76) and select down $1.01 ($360.22) with a movement of 119 loads (94.68 loads of choice, 9.85 loads of select, 7.45 loads of trim and 7.49 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. With fed cash cattle supplies so thin, prices will likely be even higher this week.

FEEDER CATTLE:

The feeder cattle complex had all the support it could hope for throughout the day as the market was pleased to note the uptick in the fed cash cattle complex, along with seeing the live cattle contracts trading higher, all of which collectively made it relatively easy for traders to push the contracts through the day's end. March feeders closed $4.82 higher at $370.97, April feeders closed $4.37 higher at $367.82 and May feeders closed $4.37 higher at $363.80. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded steady to $4.00 higher, and feeder heifers traded $5.00 to $10.00 higher. Steer calves sold mostly steady and heifer calves traded steady to $5.00 higher. It was noted in the sale report that buyers were a little more selective for type and kind, which logically makes sense when they are paying these types of prices. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 2/16/2026: up $0.99, $376.07.

LEAN HOGS:

The lean hog complex didn't receive unwavering, fundamental support throughout the day, as cash prices were a tick higher, but pork cutout values closed lower, which means that today's higher close in the futures complex stems from the fact that traders simply believe that the market has endured enough downward pressure for the time being. April lean hogs closed $1.02 higher at $92.30, June lean hogs closed $1.30 higher at $105.85 and July lean hogs closed $1.47 higher at $107.72. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.99 with a weighted average price of $88.23 on 2,460 head. Pork cutouts totaled 267.85 loads with 241.89 loads of pork cuts and 25.96 loads of trim. Pork cutout values: down $0.97, $95.88. Tuesday's slaughter is estimated at 493,000 head, 1,000 head less than a week ago and 15,000 head more than a year ago. The CME lean hog index 2/13/2026: $0.13, $87.06.

WEDNESDAY'S HOG CALL: Lower. Given that prices were slightly higher today, there's a chance that prices may scale slightly lower on Wednesday as packers haven't been overly aggressive in the cash market lately.

Tuesday Midday Livestock Market Update - Traders Happily Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading higher into midday Tuesday as the cattle complex is delighted to note the $4.00 advancement in last week's cash market, and the lean hog contracts have finally found some technical support. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. March corn is down 4 1/4 cents per bushel and March soybean meal is down $2.70. The Dow Jones Industrial Average is down 40.63 points and the NASDAQ is down 69.81 points.

LIVE CATTLE:

It's been a wildly successful day thus far for the live cattle complex as the market is seeing immense support from traders, which is helping the contracts scale well over $1.00 higher into midday Tuesday. More than anything, the robust fundamental support from last week's cash cattle market, mixed with the bullish long-term trajectory, seems to have traders' full attention this morning. February live cattle are up $3.07 at $246.15, April live cattle are up $1.90 at $242.52 and June live cattle are up $1.95 at $238.10. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas.

Last week, Southern live cattle were marked at mostly $248, which is $4.00 higher than the previous week's weighted average and Northern dressed cattle traded at mostly $382, which is also $4.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,651 head. Of that 95% (56,657 head) were committed to the market's nearby delivery, while the remaining 5% (2,994 head) were committed to the market's deferred delivery option.

Boxed beef prices are mixed: choice up $0.86 ($366.91) and select up $0.14 ($361.37) with a movement of 62 loads (45.85 loads of choice, 5.50 loads of select, 3.48 loads of trim and 6.86 loads of ground beef).

FEEDER CATTLE:

Upon noting the strength of last week's fed cash cattle trade and seeing how traders are energetically supporting the live cattle contracts, it's been an easy decision for traders to push the feeder cattle contracts higher. March feeders are up $4.15 at $370.30, April feeders are up $3.97 at $367.42 and May feeders are up $3.97 at $363.40. So long as the live cattle complex continues to trade higher through the day's close, the feeder cattle contracts will likely follow in the same direction.

LEAN HOGS:

After a tumultuous downturn over the last seven trading days, the lean hog complex has finally found some technical support as traders potentially believe that the contracts have created enough space from the contract highs scored in early February. April lean hogs are up $0.95 at $92.22, June lean hogs are up $1.35 at $105.90 and July lean hogs are up $1.55 at $107.80. Pork cutout values are a tick lower this morning, but that doesn't seem to be affecting traders at this point.

The projected lean hog index for 2/16/2026 is up $0.08 at $87.13 and the actual index for 2/13/2026 is up $0.13 at $87.06. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 205 head have traded this morning and that the market's five-day rolling average now sits at $87.58. Pork cutouts total 141.07 loads with 127.40 loads of pork cuts and 13.67 loads of trim. Pork cutout values: down $1.43, $95.42.