Wednesday Closing Livestock Market Update - A Dull and Uneventful Day Led Contracts Lower

GENERAL COMMENTS:

Wednesday ended up being a dull and dismal day for the livestock complex with little to no fundamental support surfacing, which led all three of the markets to end the day lower. No cash cattle trade developed throughout the day. December corn is down 6 cents per bushel and December soybean meal is up $11.00. The Dow Jones Industrial Average is down 341.41 points and the NASDAQ is down 61.20 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders didn't see enough immediate support in today's market to justifiably push the market higher. October live cattle closed $0.37 higher at $221.60, December live cattle closed $0.32 lower at $223.77 and February live cattle closed $0.62 lower at $226.55. No cash cattle trade developed throughout Wednesday's hours, and no bids were offered. Trade could begin to develop on Thursday but will likely be delayed until Friday. 

Wednesday's slaughter is estimated at 108,000 head -- 10,000 head more than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.31 ($375.62) and select down $2.13 ($354.21) with a movement of 114 loads (75.99 loads of choice, 15.22 loads of select, 6.78 loads of trim and 15.73 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. Given that packers were able to buy over 88,000 head in last week's market, they won't likely participate much in this week's trade.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower, as traders were not willing to move the feeder cattle contracts higher without the support of the live cattle complex. October feeders closed $2.35 lower at $338.15, November feeders closed $2.47 lower at $335.80 and January feeders closed $1.42 lower at $330.40. At the Winter Livestock Auction in La Junta, Colorado, compared to last week, feeder steers under 450 pounds sold sharply lower, while feeder steers over 450 pounds sold sharply higher. Feeder heifers under 550 pounds sold evenly steady, while heifers over 550 pounds sold sharply higher. Feeder cattle supply over 600 pounds was 32%. The CME feeder cattle index 10/6/2026: up $0.65, $337.87.

LEAN HOGS:

The lean hog complex ended the day lower as well, as traders were left with no other sound option but to send the contracts lower upon seeing afternoon pork cutout values lower. October lean hogs closed $1.00 lower at $76.92, December lean hogs closed $1.27 lower at $69.10 and February lean hogs closed $1.40 lower at $69.92. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.30 with a weighted average price of $72.44 on 1,801 head. Pork cutouts totaled 309.25 loads, with 267.54 loads of pork cuts and 41.71 loads of trim. Pork cutout values: down $2.13, $81.71. Wednesday's slaughter is estimated at 495,000 head -- 16,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 10/5/2026: down $0.41, $79.22.

THURSDAY'S HOG CALL: Lower. With pork cutout values weaker, it's unlikely packers are going to get more aggressive in this week's market at this point.

Wednesday Midday Livestock Market Summary - Weaker Trends Summarize the Complex

GENERAL COMMENTS:

The livestock complex is back to trading lower as traders once again long for fundamental support to guide the contract's direction. No cash cattle trade has developed yet, and it's most likely that trade will be delayed for at least another day or two. December corn is down 5 1/2 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 400.26 points and the NASDAQ is down 126.75 points.

LIVE CATTLE:

The live cattle complex is trading mostly lower into Wednesday's noon hour as the market longs to see an uptick in fundamental support to guide its direction. And at this point, no cash cattle trade has developed, so traders are merely letting the contracts drift back into their sideways trading range. October live cattle are up $0.20 at $221.42, December live cattle are down $0.70 at $223.40 and February live cattle are down $0.92 at $226.25. Asking prices are noted in Nebraska at $228 to $230 live and $350 dressed. But otherwise the fed cash cattle market still hasn't seen any trade developed and bids have surfaced at this point. Trade will likely be delayed until Thursday, if not until Friday.

Boxed beef prices are lower: choice down $3.28 ($375.65) and select down $0.21 ($356.13) with a movement of 64 loads (44.11 loads of choice, 10.13 loads of select, 3.92 loads of trim and 5.79 loads of ground beef).

FEEDER CATTLE:

Following Tuesday's sharp gains, the feeder cattle complex is back to trading lower as the market hopes to see greater fundamental support arise. And with the live cattle complex trading lower, it's not likely that the feeder cattle complex will break out on its own and trade higher until it sees the live cattle market do so. October feeders are down $1.47 at $339.02, November feeders are down $1.45 at $336.82 and January feeders are down $0.62 at $331.20.

LEAN HOGS:

And again, without better fundamental support, the lean hog contracts are scaling lower. More than anything, for the hog complex it's the decline in pork demand which is a sore subject for the market and makes it difficult to gain any substantial ground from a technical standpoint. October lean hogs are down $0.92 at $77.00, December lean hogs are down $1.47 at $68.90 and February lean hogs are down $1.60 at $69.72. The projected lean hog index for 10/6/2026 is down $0.31 at $78.91 and the actual index for 10/5/2026 is down $0.41 at $79.22. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.97 with a weighted average price of $72.12, ranging from $69.00 to $75.50 on 1,067 head and a five-day rolling average of $75.67. Pork cutouts total 155.28 loads, with 144.49 loads of pork cuts and 10.78 loads of trim. Pork cutout values: down $1.02, $82.82.

Wednesday Morning Livestock Market Update - Renewed Buying Should Begin This Week

GENERAL COMMENTS:

Commodities had a big day Tuesday, with livestock and grains both seeming to find a lot of buying interest. Traders believe the rally is due purely to money flow, as there was no fundamental reason for live cattle to be $4 to $5 higher, feeders to climb $7 to $9, and corn to also be up over 10 cents. Daily slaughter levels continue to be strong as the threat of ICE raids subsides. Mexican feeder crossings are at 25,450 head through Oct. 5.

Hogs had a bit of a setback on the nearby futures contracts Tuesday despite most other commodities rallying. Pork cut-out values fell $2.17, with the deepest price cuts found in Picnic cuts, falling $9.05 per 100 pounds. Slaughter numbers are strong, with slight gains versus last week and already 16,000 head more than a year ago this week.

	BULL SIDE		BEAR SIDE
1)	An influx of money into the agricultural sector brings hope for continued buying.	1)	Higher slaughter gives packers more cattle to work with and can reduce their urgency to bid aggressively.
2)	Tax relief from red-dye diesel fuel losing on-road restrictions until the end of the year brings relief to wallets as cattle producers stretch budgets with growing feed costs and gives confidence for continued buying.	2)	Between live cattle now crossing the border from Mexico and beef being imported, the administration is doing what it can to lower beef prices.
3)	The funds are holding a record short position in hog futures. Any supportive fundamental news could trigger significant short covering.	3)	Recent hog strength in futures lacks fundamental news to continue much higher.
4)	Mexico has been an important source of demand for U.S. pork, giving some fundamental support to futures.	4)	Pork cutout values are weaker, Hog prices on the Daily Direct Afternoon Hog Report are down, and the CME Index is also lower, giving a lot of indication that the futures rally may be hitting headwinds.

Tuesday Closing Livestock Market Update - Cattle Rally Aggressively Upon Hearing of Red-Dyed Diesel Executive Order

GENERAL COMMENTS:

The livestock complex again ended the day mixed, with the cattle contracts rallying upon hearing of the executive order for red-dyed diesel, but the lean hog contracts still saw their nearby contracts end the day lower. No cash cattle trade has developed yet. December corn is up 10 3/4 cents per bushel and December soybean meal is up $7.70. The Dow Jones Industrial Average is up 253.38 points and NASDAQ is up 122.48 points.

LIVE CATTLE:

Tuesday came as a bullish surprise to the cattle complex, which seemed to be mostly fueled by the announcement from President Trump that he intends to sign an executive order to waive the off-road requirement and allow anyone to purchase tax-free, red-dyed diesel. The bullishness helped rally the complex to the upper end of its current trading range. October live cattle closed $3.97 higher at $221.22, December live cattle closed $4.12 higher at $224.10 and February live cattle closed $5.12 higher at $227.17. No cash cattle trade developed throughout the day. Both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.67 ($378.93) and select down $2.23 ($356.34) with a movement of 125 loads (84.05 loads of choice, 19.25 loads of select, 6.86 loads of trim and 14.35 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers were able to buy a sizeable volume of cattle last week, it's unlikely thatthey'll have to be as aggressive in the market this week.

FEEDER CATTLE:

The excitement seen in the live cattle complex was only amplified throughout the feeder cattle market as its contracts closed anywhere from $6.00 to $9.00 higher. Seeing the bullishness in the live cattle market only made traders all that more eager to drive the feeder cattle contracts higher, and depending on the specifics of the executive order dealing with dyed diesel, it could help support sale barn prices too in time. October feeders closed $$6.65 higher at $340.50, November feeders closed $8.15 higher at $338.27 and January feeders closed $9.22 higher at $331.82. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers over 800 pounds traded steady to $2.00 lower; those under 800 pounds sold $3.00 to $8.00 lower. Feeder heifers sold mostly steady; those weighing 600 to 700 pounds traded $5.00 higher. Heifer calves traded $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 66%. The CME feeder cattle index 10/5/2026: down $0.54, $337.22.

LEAN HOGS:

The lean hog complex ended the day mixed, with most of the nearby contracts ending the day lower, while the deferred contracts were able to maintain a slightly higher position through the day's end. Pork cutout values were weaker this afternoon, which could have added to the pressure that the nearby contracts felt. October lean hogs closed $0.07 higher at $77.92, December lean hogs closed $0.57 lower at $70.37 and February lean hogs closed $1.37 lower at $71.32. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $1.07 with a weighted average price of $75.74, on 6,700 head. Pork cutouts total 305.33 loads, with 264.65 loads of pork cuts and 40.69 loads of trim. Pork cutout values: down $2.17, $83.84. Tuesday's slaughter is estimated at 494,000 head -- 1,000 head more than a week ago and 16,000 head more than a year ago. The CME lean hog index 10/2/2026: down $0.57, $79.63.

WEDNESDAY'S HOG CALL: Lower. With pork cutout values a tick lower on Wednesday, cash prices could be lower.