Thursday Midday Livestock Market Summary - Traders Let Contracts Chop Sideways

GENERAL COMMENTS:

The livestock complex continues to chop sideways as traders are desperate for greater fundamental support but aren't seeing it surface in the market consistently. Some bids are on the table currently in the cash market and packer interest will likely improve as the day trades on. December corn is up 5 3/4 cents per bushel and December soybean meal is up $0.40. The Dow Jones Industrial Average is down 420.28 points and NASDAQ is down 194.36 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite fed cash cattle prices that are thus far trading lower this week and midday boxed beef prices that are lower too, traders are mildly supporting the live cattle contracts into Thursday's noon hour. More than anything this seems to be a sideways chop following Wednesday's weaker close. August live cattle are up $0.97 at $224.40, October live cattle are up $1.60 at $218.82 and December live cattle are up $2.07 at $219.22. Bids are starting to surface again in the fed cash cattle market as currently packers are offering $355 to $356 dressed and $225 live in Nebraska, and $225 live in Kansas. Some moderate trade developed Wednesday at $355 to $356 in Iowa and Nebraska but otherwise the cash market has yet to trade any cattle in the South.

Boxed beef prices are lower: choice down $2.85 ($392.14) and select down $0.61 ($363.56) with a movement of 51 loads (35.93 loads of choice, 11.05 loads of select, zero loads of trim and 3.69 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also higher as traders continue to work both the live cattle and feeder cattle contracts in the same direction. August feeders are up $0.25 at $337.10, September feeders are up $0.80 at $329.92 and October feeders are up $1.55 at $323.60. Even with the board's slight improvement, it's unlikely buyers will be much more aggressive in the countryside as there are a lot of unweaned calves working their way into the market and they come with high risk.

LEAN HOGS:

The sideways chop is continuing in the lean hog complex as traders frankly aren't confident with what to do with this market. Fundamental support is too wishy washy to count on, so at this point the back and forth of higher one day and lower the next is likely to continue in the hog sector. October lean hogs are down $1.12 at $80.37, December lean hogs are down $0.50 at $70.92 and February lean hogs are down $0.17 at $74.07. The projected CME Lean Hog Index for 8/19/2026 is down $0.24 at $93.72 and the actual index for 8/18/2026 is down $0.82 at $93.96. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.51 with a weighted average price of $92.75, ranging from $91.00 to $96.50 on 1,036 head and a five-day rolling average of $92.90. Pork cutouts total 137.22 loads with 123.97 loads of pork cuts and 13.24 loads of trim. Pork cutout values: up $0.38, $97.96.

Thursday Morning Livestock Market Update - Weakness Continues to Dominate

GENERAL COMMENTS:

Cattle futures are struggling to find support. Packers have been able to purchase cattle at lower prices over the past few weeks, and it appears they may be able to do so again this week. Some light trade took place on Wednesday at lower prices, with Northern dressed at $355 and Southern live at $225, and were purchased for deferred delivery. Packers have finally seen their margins move into positive territory due to lower cash prices and higher boxed beef prices. Boxed beef prices closed mixed, with choice up $3.84 and select down $2.21. The Cattle on Feed report will be released on Friday after the market closes.

Hog futures closed in positive territory, but that provides little consolation that support has been found. The National Daily Direct Afternoon hog report showed a decline of $2.27, with the weighted average price down to $92.10. Packers have been able to purchase hogs without having to be aggressive. This does not bode well for the market and will make it difficult for futures to find support. The volume of hogs purchased on Wednesday was moderate, which may leave them less aggressive Thursday. Pork cutout values declined $1.54, adding to the bearishness.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices have increased significantly so far this week and should provide support to the market.	1)	Lower cash cattle trade on Wednesday may have set the stage for lower prices for the week.
2)	The Cattle on Feed report will be released on Friday. Traders may not press the market lower ahead of the report, but may cover short positions.	2)	Support will need to hold in cattle futures, or further liquidation may take place.
3)	Hog futures are oversold and may bounce as traders may not be willing to press the market much lower.	3)	Weekly hog weight increased 0.4 pounds to average 282.6 pounds. This is 1.5 pounds higher than a year ago.
4)	Lower pork prices should improve demand as it is less expensive than beef, as consumers are struggling with high food and fuel prices.	4)	Lower pork prices keep packers less aggressive in the cash market.

Wednesday Closing Livestock Market Update - Cattle Close Lower While Hogs Rallied Slightly

GENERAL COMMENTS:

The livestock complex ended the day mixed again with the cattle contracts now concerned that not enough fundamental support is going to develop in this week's market, but the lean hog contracts closed mildly higher. Some light cash cattle trade developed in Nebraska at $355 to $356 dressed. December corn is up 10 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is up 119.65 points and the NASDAQ is up 41.38 points.

LIVE CATTLE:

With very little support developing from the market's fundamentals, the live cattle contracts ended the day lower. August live cattle closed $1.47 lower at $223.42, October live cattle closed $1.70 lower at $217.22 and December live cattle closed $2.05 lower at $217.15. Some cash cattle trade was noted throughout the afternoon in mostly Nebraska, where dressed cattle traded at mostly $355, but some sales were also marked at $356, and a handful of live cattle traded in Nebraska at $255. Most of the cattle were noted for delivery on the week of September 9. Otherwise, the cash cattle market was quiet throughout the day, with bids being offered in other regions but no sales noted. Asking prices are noted at $230 in Texas but not established in other regions. 

Wednesday's slaughter is estimated at 106,000 head -- steady with a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.84 ($394.99) and select down $2.12 ($364.17) with a movement of 87 loads (52.42 loads of choice, 17.94 loads of select, 4.13 loads of trim and 12.49 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board softer, and with packers able to secure more inventory in recent weeks, it's likely that this week's trade will be lower.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower as traders simply didn't have enough support in the complex to justify soundly trading the contracts higher. August feeder cattle closed $2.37 lower at $336.85, September feeders closed $4.22 lower at $329.12 and October feeders closed $4.27 lower at $322.05. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, heifers weighing 650 pounds or more sold $5.00 to $9.00 lower. Stocker steers and heifers weighing 300 to 550 pounds traded $10.00 to $20.00 higher. Feeder steers weren't well tested, but a weaker undertone was true. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/18/2026: down $1.19, $342.36.

LEAN HOGS:

It was another day where technical support carried the lean hog contracts higher through the day's close, as both cash prices and pork cutout values were disappointing. October lean hogs closed $0.77 higher at $81.50, December lean hogs closed $0.50 higher at $71.42 and February lean hogs closed $0.25 higher at $74.25. Until core fundamental support improves, and mainly in the for of stronger consumer demand, it's likely the contracts won't find tremendous upward range. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.27 with a weighted average price of $92.10 on 4,752 head. Pork cutouts totaled 295.29 loads with 252.30 loads of pork cuts and 43.00 loads of trim. Pork cutout values: down $1.54, $97.58. Wednesday's slaughter is estimated at 476,000 head -- 8,000 head less than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/17/2026: down $0.69, $94.78.

THURSDAY'S HOG CALL: Lower. With pork cutout values being lower, it's unlikely that packers will eagerly support the cash market on Thursday.

Wednesday Midday Livestock Market Update - Traders Remain Leery of Overly Supporting Cattle Contracts

GENERAL COMMENTS:

The livestock complex continues to trade mixed but now it's the cattle contracts that are lower while the lean hog contracts are higher. Some bids have surfaced in the fed cash cattle market, but no trade has developed yet. December corn is up 7 3/4 cents per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is up 215.92 points and NASDAQ is up 164.73 points.

LIVE CATTLE:

The live cattle contracts are mostly lower into Wednesday's noon hour as traders are reluctant to believe enough fundamental support is going to develop this week to help move the contracts much higher. No cash cattle trade has developed yet in the fed cash cattle market, but packers are beginning to offer up bids. Bids of $225 live and $355 dressed are currently being offered in Nebraska and Iowa and bids of $225 live are on the table in Texas as well. Asking prices of $230 are noted in Texas, but are not well established for the other regions. August live cattle are down $0.92 at $223.97, October live cattle are down $1.00 at $217.92 and December live cattle are down $1.12 at $218.07.

Boxed beef prices are mixed: choice up $4.13 ($395.28) and select down $1.50 ($364.79) with a movement of 49 loads (28.92 loads of choice, 9.17 loads of select, zero loads of trim and 10.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading lower into Wednesday's noon hour as well as the market not only desires to trade in alignment with the live cattle contracts, but it's also not seeing grandiose support in the countryside as feeder cattle prices have been softer in recent weeks. August feeders are down $2.07 at $337.15, September feeders are down $3.35 at $330.00 and October feeders are down $3.55 at $322.77. But with the live cattle contracts trading lower and the cash market not expected to trade higher it is likely this sideways to somewhat lower chop will continue in the feeder cattle market.

LEAN HOGS:

Following Tuesday's dive lower, the lean hog contracts have found some technical support in Wednesday's market. Unfortunately it's likely the support won't go that far as both cash prices and pork cutout values are lower -- but at this point any support is support. October lean hogs are up $0.62 at $81.35, December lean hogs are up $0.52 at $71.45 and February lean hogs are up $0.30 at $74.30. The projected CME Lean Hog Index for 8/18/2026 is down $0.82 at $93.96 and the actual index for 8/17/2026 is down $0.69 at $94.78. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.13 with a weighted average price of $92.24, ranging from $90.00 to $94.00 on 3,510 head and a five-day rolling average of $93.07. Pork cutouts total 190.93 loads with 168.48 loads of pork cuts and 22.44 loads of trim. Pork cutout values: down $0.76, $98.36.